China Inflation July 2017


China: Inflation inches down in July

August 9, 2017

In July, consumer prices rose 0.1% from the previous month, contrasting June’s 0.2% decrease. The reading mainly reflected increases in prices for health care and household devices.

Inflation declined slightly from June’s 1.5% to 1.4% in July, matching what market analysts had expected. Annual average inflation edged down from June’s 1.7% to 1.6% in July.

Meanwhile, producer inflation was 5.5% for the third consecutive month in July, undershooting market expectations of 5.6%. The annual average producer inflation rose from June’s 3.9% to 4.5% in July, the highest reading since March 2012.

The government set an inflation target of 3.0% for 2017. FocusEconomics Consensus Forecast participants expect that consumer inflation will average 2.0% in 2017, which is down 0.1 percentage points from last month’s estimate. In 2018, the panel sees consumer inflation at 2.3%. Meanwhile, the panel expects producer inflation to be 4.9% in 2017, which is down 1.5 percentage points from last month’s projection. In 2018, panelists see producer inflation at 1.2%.

Author: Ricard Torné, Lead Economist

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China Inflation Chart

China Inflation July 2017

Note: Year-on-year and annual average variation of consumer price index in %.
Source: National Bureau of Statistics of China (NBS).

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