China Inflation June 2017

China

China: Inflation steady in June

July 10, 2017

In June, consumer prices fell 0.2% from the previous month, following May’s 0.1% decrease. The reading mainly reflected a sharp drop in prices for food due to seasonal factors.

Inflation was unchanged at May’s 1.5% in June, slightly lower than the 1.6% that market analysts had expected. Annual average inflation was stable at May’s 1.7% in June.

Meanwhile, producer inflation was unchanged at May’s 5.5% in June, matching market expectations. The annual average variation of the producer price index rose from May’s 3.3% to 3.9% in June, the highest reading since April 2012.

The government set an inflation target of 3.0% for 2017. FocusEconomics Consensus Forecast participants expect that consumer inflation will average 2.0% in 2017, which is down 0.1 percentage points from last month’s estimate. In 2018, the panel sees consumer inflation at 2.3%. Meanwhile, the panel expects producer inflation to be 4.9% in 2017, which is down 1.5 percentage points from last month’s projection. In 2018, panelists see producer inflation at 1.2%.


Author: Ricard Torné, Head of Economic Research

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China Inflation June 2017

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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