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China Inflation

China Inflation

Inflation in China

Throughout 2013 to 2022, China experienced moderate inflation, typically ranging between 1% and 3%. This stability was a result of China's managed economic growth, vast manufacturing capacity and targeted government interventions. Despite global economic uncertainties, including trade tensions and the pandemic, China's inflation remained controlled, reflecting the government's ability to balance growth with price stability.

Consumer price inflation in China averaged 2.0% in the ten years to 2022. The 2022 average figure was 2.0%. For more inflation information, visit our dedicated page.

China Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for China from 2014 to 2023.
Source: National Bureau of Statistics China.

China Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 2.1 2.9 2.5 0.9 2.0
Inflation (CPI, ann. var. %, eop) 1.9 4.5 0.2 1.5 1.8
Inflation (PPI, ann. var. %, eop) 0.9 -0.5 -0.4 10.3 -0.7
Inflation (PPI, ann. var. %, aop) 3.5 -0.3 -1.8 8.1 4.2

Consumer inflation remains stable in May; producer prices fall

Consumer inflation was stable at April's 0.3% in May, undershooting market expectations. Higher non-food prices were largely offset by lower food prices. Consumer prices fell 0.10% in May over the previous month, contrasting April's 0.10% rise. Finally, the annual average variation of consumer prices was unchanged at April's minus 0.1% in May. Meanwhile, producer prices fell 1.4% on an annual basis in May, which was a more modest fall compared to April's 2.5% decrease.

Soft domestic demand, huge industrial capacity and the weak housing sector have capped consumer price pressures so far this year, and should continue to do so later in 2024. Over 2024 as a whole, consumer inflation is seen among the lowest levels in Asia.

On the near-term outlook, Nomura analysts said: “In view of the jump in wholesale pork prices (20.5% y-o-y during 1-11 June), softening leisure services activity during the Dragon Boast Festival, and ongoing auto price cuts, we expect CPI inflation to pick up modestly to 0.4% y-o-y in June. PPI inflation may rise further to -0.7% y-o-y in June, due mainly to a still-low base (June 2023: -0.8% m-o-m). The recent sequential increase in prices of construction materials, such as cement, may also indicate higher PPI inflation. Overall, we expect CPI inflation to stay positive over the remainder of the year, although it may remain below 1% until Q4, due to the sluggish state of the economy.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chinese inflation projections for the next ten years from a panel of 52 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Chinese inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Chinese inflation projections.

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