China Inflation June 2018


China: Inflation inches up in June

July 10, 2018

Consumer prices fell 0.1% from the previous month in June, continuing the downward trend seen since March. June’s print followed the 0.2% decrease registered in May. The drop was driven by lower prices for food, tobacco and liquors; it was notably impacted by lower fresh fruits and vegetables prices.

Inflation edged up to 1.9% in June from 1.8% in May, in line with market expectations. Similarly, annual average inflation also rose to 1.9% in June (May: 1.8%), an over one-year high.

Producer price inflation accelerated for the third consecutive month and rose to 4.7% in June, from 4.1% in May, overshooting market analysts’ expectations of 4.5%. The jump was mainly due to a base effect and higher commodity prices, especially for oil.

FocusEconomics Consensus Forecast participants expect that consumer inflation will average 2.2% in 2018, which is down 0.1 percentage points from last month’s estimate. For 2019, the panel sees consumer inflation at 2.3%. Meanwhile, the panel expects producer inflation of 3.1% in 2018, which is down 0.1 percentage points from last month’s projection. For 2019, panelists see producer inflation at 2.0%.


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China Inflation Chart

China Inflation June 2018

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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