China Inflation November 2016


China: Upward trend in inflation continues in November

December 9, 2016

In November, Chinese consumer prices rose 0.1% from the previous month, contrasting October’s 0.1% decrease. The reading mainly reflected an increase in prices for clothing and footwear as well as for health.

Inflation rose from October’s 2.1% to 2.3% in November, which marked a seven-month high. The print slightly exceeded the 2.2% that market analysts had expected. Annual average growth in consumer prices inched up from October’s 1.9% to 2.0%, which marked a nearly two-year high. Nevertheless, inflation is well below the government’s 3.0% target for the year.

Meanwhile, the producer price index rose 3.3% annually in November, which represented an acceleration from October’s 1.2% increase. The print hit an over five-year high and was above the 2.3% expansion that the markets had expected. The annual average variation of the producer price index rose from October’s minus 3.0% to minus 2.3% in November, which represented the highest reading since January 2015.

FocusEconomics Consensus Forecast participants expect that consumer inflation will average 2.0% in 2017, which is unchanged from last month’s estimate. In 2018, the panel sees consumer inflation inching up to 2.2%. Meanwhile, the panel expects producer inflation to be 0.5% in 2017, which is up 0.2 percentage points from last month’s projection. In 2018, panelists see producer inflation rising to 1.0%.

Author:, Economist

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China Inflation Chart

China Inflation November 2016

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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