China Inflation

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China: Inflation slows in August

September 11, 2014

In August, consumer prices rose 0.2% over the previous month, which followed the 0.1% increase recorded in July. The monthly increase mainly reflected higher prices for food, residence and household facilities.

Annual inflation fell from July’s 2.3% to 2.0% in August, which undershot the 2.2% that market analysts had expected. Nevertheless, the trend remained stable in August, with annual average inflation coming in at the previous month’s 2.5%.

Meanwhile, the producer price index fell 1.2% in August over the same month last year (July: -0.9% year-on-year), which marked the lowest rate in three months. Moreover, the print exceeded the 1.1% decline that market analysts had expected. As a result, the annual average variation of the producer price index stabilized in August, remaining at the previous month’s minus 1.5%.

At China’s annual National People’s Congress that was held in early March, Prime Minister Li Keqiang set a target rate of 3.5% for 2014 consumer price inflation, which is the same goal that was set in 2013. FocusEconomics Consensus Forecast participants expect that inflation will average 2.5% in 2014, which is down 0.1 percentage points from last month’s estimate. In 2015, the panel sees inflation inching up to 2.9%.


Author: Ricard Torné, Lead Economist

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China Inflation Chart


China Inflation August 2014

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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