China Inflation June 2020

China

China: Inflation rises in June due to higher food prices

July 9, 2020

Consumer prices fell 0.1% over the previous month in June, following May’s 0.8 % decrease. The decline reflected lower prices for most of the groups, with the exception of the all-important food, tobacco and alcohol category.

Inflation rose from May’s 14-month low of 2.4% to 2.7% in June. The print was in line with the result that market analysts had expected. Annual average inflation stabilized at May’s 3.7% in June.

Annual producer prices (PPI), meanwhile, fell 3.0% year-on-year in June. The print was above the 3.7% drop in May and the 3.2% decrease that market analysts had expected.

FocusEconomics panelists forecast that inflation will average 3.3% in 2020, which is unchanged from last month’s estimate, and 2.1% in 2021. Meanwhile, the panel expects producer prices to decline 1.7% in 2020, which is down 1.2 percentage points from last month’s projection, before rebounding to a 0.9% rise in 2021.


Author: Ricard Torné, Head of Data Analysis

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China Inflation June 20 20

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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