China Inflation July 2019


China: Inflation inches up in July; PPI falls for first time in nearly three years

August 9, 2019

Consumer prices rose 0.4% from the previous month in July, following June’s 0.1% drop. The print mostly reflected higher prices for food and services.

Inflation edged up to 2.8% in July from 2.7% in June. The print was slightly above market analysts’ expectations. Annual average inflation inched up to 2.3% in July from 2.2% in June.

Annual producer prices (PPI), meanwhile, fell 0.3% following June’s flat reading and marked the first drop in prices in nearly three years. The result overshot market expectations of a 0.1% drop.

FocusEconomics Consensus Forecast participants expect that consumer inflation will average 2.2% in 2019, which is unchanged from last month’s estimate. In 2020, the panel also sees consumer inflation at 2.2%. Meanwhile, the panel expects producer inflation to be 1.7% in 2019, which is down 0.4 percentage points from last month’s projection. In 2020, panelists also see producer inflation at 1.7%.

Author: Ricard Torné, Lead Economist

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China Inflation Chart

China Inflation July 2019

Note: Annual and monthly variation of consumer price index and annual variation of producer price index in %.
Source: National Bureau of Statistics of China (NBS).

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