China Inflation

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China: Inflation inches up in April

May 9, 2015

In April, consumer prices fell 0.2% over the previous month, which followed the 0.5% drop tallied in March. The monthly reading mainly reflected a sharp decline in prices for food.

Annual inflation inched up from 1.4% in March to 1.5% in April. The print slightly undershot the 1.6% that market analysts had expected and represented a four-month high. As a result of the annual reading, the trend stabilized in April, with annual average inflation remaining at the previous month’s 1.7%.

Meanwhile, the producer price index fell 4.6% in April over the same month last year (March: -4.6 year-on-year), which exceeded the 4.4% decline that market analysts had expected. The annual average variation of the producer price index inched down from minus 2.5% in March to minus 2.7% in April, which represented the lowest value since March 2010.

The government set an inflation target of 3.0% for 2015. FocusEconomics Consensus Forecast participants expect that inflation will average 1.9% in 2015, which is down 0.1 percentage points from last month’s estimate. In 2016, the panel sees inflation edging up to 2.2%. Meanwhile, the panel expects producer prices to decline 2.0% in 2015, which is down 0.2 percentage points from last month’s projection. In 2016, panelists see producer prices falling 0.1%.


Author: Ricard Torné, Lead Economist

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China Inflation Chart


China Inflation April 2015

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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