China Consumer Price Index

China Consumer Price Index Chart 2007 - 2016
China Consumer Price Index Chart 2007 - 2016

CEIC Gallery/Emerging Economies - October 6th, 2016

Summary

 

In August, China's CPI rose 1.3% YoY, which marked the slowest growth since October, 2015, 0.4ppt lower than the median forecasr of 1.7% YoY. However, core CPI excluding food and energy flattened at similar level compared to the same period of last year.

 

China Consumer Price IndexChina Consumer Price Index

 

Food price, especially the port price, is the dragging force

 

  • Chart 2.1: The big discrepancy between CPI and Core CPI is mainly caused by the dropping food price. Due to high base last year, food price occured the biggest decline of 2.3% YoY since February, 2015.
  • Chart 2.2: Notably, food price largly increased by 1.6% MoM last August, which was the greatest single-month increase since 2011.
  • Chart 2.3 & 2.4: Specially, slumping pork price is the main dragging force. In August, pork price dropped 11.04

 

China Consumer Price IndexChina Consumer Price IndexChina Consumer Price IndexChina Consumer Price Index

 

Non-food CPI

 

  • Chart 3: Non-food CPI remained stable in August, namely, 0.3% YoY.

 

China Consumer Price Index

 

Future Supporting Force

 

  • Chart 4: Due to the booming property market, rental price continued to increase on a quarter-on-quarter basis for the seventh month. Looking foward, strong rental market is going to support the overall CPI index from continuing sliding.

China Consumer Price Index

 

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5th October 2016 China Consumer Price Index

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