China Inflation Data Exceeds Market Estimation in August

In January, all departments in all regions are urged to continue to ensure ample supply of important livelihood commodities before the Spring Festival, ensuring consumer price generally stable.

According to preliminary estimates, the gross domestic product (GDP) was 114,367.0 billion yuan in 2021, an increase of 8.1 percent over the previous year at constant prices with the average two-year growth of 5.1 percent. By quarter, the GDP for the first quarter went up by 18.3 percent year on year, up by 7.9 percent for the second quarter, 4.9 percent for the third quarter and 4.0 percent for the fourth quarter. By industries, the value added of the primary industry was 8,308.6 billion yuan, up by 7.1 percent over the previous year, that of the secondary industry was 45,090.4 billion yuan, up by 8.2 percent and that of the tertiary industry was 60,968.0 billion yuan, up by 8.2 percent.

China consumer price index rose 1.5% year-on-year in December, compared to the estimate of 1.7% and the previous reading of 2.3%. China's ex-works producer price index rose 10.3% year-on-year in December, compared with the estimate of 11.3% and the previous reading of 12.9%.

In November 2021, Producer Price Index (PPI) for manufactured goods rose 12.9% year-on-year, unchanged from the previous month. The purchasing price index for manufactured goods rose 17.4% year-on-year, up 1.0% from the previous month. From January to November, the producer price of industrial products rose 7.9% from the same period last year, and the purchasing price of industrial products rose 10.7%.

In September 2021, the national ex-factory prices of industrial producers rose by 10.7% year-on-year and 1.2% month-on-month; the purchase prices of industrial producers rose 14.3% year-on-year and 1.1% month-on-month. On an average basis from January to September, the ex-factory prices of industrial producers rose by 6.7% over the same period last year, and the purchasing prices of industrial producers rose by 9.3%.

China’s price increases of industrial products have both expanded month on month and year on year in August due to the higher prices of coal, chemicals, steel and other products.

National Statistics Bureau (NBS) released today the July CPI (Consumer Price Index) and PPI (Producer Price Index) data.

The consumer price index rose 1.7% from a year earlier

The PPI rose 0.9% year on year in Dec, the lowest since Sep 2016

The consumer price index rose 2.5% and the producer price index gained 3.6% in Sep