China's annual inflation rate rose to 2.8 percent in July 2019 from 2.7 percent in the previous month and above market estimates of 2.7 percent. That was the highest rate since February 2018 boosted by the fastest increase in food prices since January 2012, as pork prices were persistently high in the wake of an outbreak of African swine fever. Inflation Rate in China averaged 5.14 percent from 1986 until 2019, reaching an all time high of 28.40 percent in February of 1989 and a record low of -2.20 percent in April of 1999.

Inflation Rate in China is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in China to stand at 2.00 in 12 months time. In the long-term, the China Inflation Rate is projected to trend around 1.90 percent in 2020, according to our econometric models.

China Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-09 01:30 AM Inflation Rate YoY Apr 2.5% 2.3% 2.5% 2.1%
2019-06-12 01:30 AM Inflation Rate YoY May 2.7% 2.5% 2.7% 2.5%
2019-07-10 01:30 AM Inflation Rate YoY Jun 2.7% 2.7% 2.7% 2.6%
2019-08-09 01:30 AM Inflation Rate YoY Jul 2.8% 2.7% 2.7% 2.7%
2019-09-10 01:30 AM Inflation Rate YoY Aug 2.8% 2.8%
2019-10-15 01:30 AM Inflation Rate YoY Sep 2.9%
2019-11-09 01:30 AM Inflation Rate YoY Oct 2.4%



China Inflation Rate Hits 17-Month High

China's annual inflation rate rose to 2.8 percent in July 2019 from 2.7 percent in the previous month and above market estimates of 2.7 percent. That was the highest rate since February 2018 boosted by the fastest increase in food prices since January 2012, as pork prices were persistently high in the wake of an outbreak of African swine fever.

The politically sensitive food inflation surged to 9.1 percent in July, its highest since January 2012, as pork prices jumped 27 percent after a 21.1 percent climb in June. In addition, prices rose faster for fresh fruits (39.1 percent vs 42.7 percent), fresh vegetables (5.2 percent vs 4.2 percent) and eggs (10.5 percent vs 6.2 percent), and edible oil (0.4 percent vs 0.1 percent).

Non-food price inflation inched lower to 1.3 percent in July from 1.4 in the previous month, as prices rose at softer pace for: rent, fuel & utilities (1.5 percent vs 1.6 percent); education, culture & recreation (2.3 percent vs 2.4 percent). Meanwhile, inflation was steady for both clothing (at 1.8 percent), and household goods & services (at 0.8 percent), while cost went up slightly faster for healthcare (2.6 percent vs 2.5 percent) and other goods and services (3.4 percent vs 2.7 percent). Transport and communication prices continued to fall (-2.1 percent vs -1.9 percent).

Annual core inflation, which strips out volatile food and energy prices, came in at 1.6 percent in July, unchanged from the previous month.

On a monthly basis, consumer prices rose 0.4 percent in July, the most since February, following a 0.1 percent decline in June while markets had expected a 0.2 percent gain. 

Meanwhile, China's producer price index declined 0.3 percent year-on-year in July, after being unchanged in June and compared to market expectations of a 0.1 percent drop. This was the first yearly fall in producer prices since August 2016. Cost of means of production fell for the second straight month (-0.7 percent vs -0.3 percent), due to raw materials (-2.9 percent vs -2.1 percent) and processing (-0.2 percent vs flat reading) while extraction prices rose at slower rate (3.2 percent vs 4.5 percent). Meantime, consumer goods inflation hit its lowest in four months (0.8 percent vs 0.9 percent), of which food production (2 percent vs 2.2 percent), clothing (1.3 percent vs 1.6 percent), daily use goods (0.8 percent vs 0.5 percent), and durable goods (-1.2 percent vs -0.9 percent). On a monthly basis, producer prices fell 0.2 percent in July, after a 0.3 percent drop in June.


Statistics China | Rida Husna | rida@tradingeconomics.com
8/9/2019 11:55:50 AM



China Prices Last Previous Highest Lowest Unit
Inflation Rate 2.80 2.70 28.40 -2.20 percent [+]
Inflation Rate Mom 0.40 -0.10 2.60 -1.80 percent [+]
Consumer Price Index CPI 102.80 102.70 128.40 97.80 Index Points [+]
Core Consumer Prices 101.60 101.60 102.50 98.40 Index Points [+]
Core Inflation Rate 1.60 1.60 2.50 -1.60 percent [+]
GDP Deflator 646.30 627.76 646.30 100.78 Index Points [+]
Producer Prices 99.70 100.00 113.47 91.80 Index Points [+]
Producer Prices Change -0.30 0.00 13.47 -8.20 percent [+]
Export Prices 103.40 103.90 116.50 90.20 Index Points [+]
Import Prices 107.90 102.00 122.70 79.60 Index Points [+]
Food Inflation 9.10 8.30 40.20 -5.50 percent [+]


China Inflation Rate

In China, the most important components of the CPI basket are Food (31.8 percent of total weight) and Residence (17.2 percent). Recreation, Education and Culture Articles account for 13.8 percent; Transportation and Communication for 10 percent, Healthcare and Personal Articles for 9.6 percent, Clothing for 8.5 percent; Households Facilities, Articles and Services for 5.6 percent; Tobacco, Liquor and Articles for the remaining 3.5 percent. The CPI basket is reviewed every five years on the basis of household surveys. Revisions reflect new spending patterns and economic development, according to the National Bureau of Statistics. Last revision took place in 2011. This page provides - China Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China Inflation Rate - actual data, historical chart and calendar of releases - was last updated on August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.80 2.70 28.40 -2.20 1986 - 2019 percent Monthly




Country Last Previous
Argentina 54.40 Jul/19
Australia 1.60 Jun/19
Brazil 3.22 Jul/19
Canada 2.00 Jul/19
China 2.80 Jul/19
Euro Area 1.00 Jul/19
France 1.10 Jul/19
Germany 1.70 Jul/19
India 3.15 Jul/19
Indonesia 3.32 Jul/19
Italy 0.40 Jul/19
Japan 0.70 Jun/19
Mexico 3.78 Jul/19
Netherlands 2.50 Jul/19
Russia 4.60 Jul/19
Saudi Arabia -1.40 Jun/19
Singapore 0.60 Jun/19
South Africa 4.00 Jul/19
South Korea 0.60 Jul/19
Spain 0.50 Jul/19
Switzerland 0.30 Jul/19
Turkey 16.65 Jul/19
United Kingdom 2.10 Jul/19
United States 1.80 Jul/19


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