In 2022, the average annual inflation rate in China ranged at around 1.9 percent compared to the previous year. Projections by the IMF expect the inflation rate to fall back to around 0.7 percent in 2023. The monthly inflation rate in China decreased in the first half of 2023 and even turned negative in July before bouncing back to positive values.
Calculation of inflation
The inflation rate is calculated based on the Consumer Price Index (CPI) for China. The CPI is computed using a product basket that contains a predefined range of products and services on which the average consumer spends money throughout the year. Included are expenses for groceries, clothes, rent, power, telecommunications, recreational activities, and raw materials (e.g. gas, oil), as well as federal fees and taxes. The product basked is adjusted every five years to reflect changes in consumer preference and has been updated in 2020 for the last time. The inflation rate is then calculated using changes in the CPI. As the inflation of a country is seen as a key economic indicator, it is frequently used for international comparison.
China's inflation in comparison
Among the main industrialized and emerging economies worldwide, China displayed comparatively low inflation in 2022. In previous years, China's inflation ranged marginally above the inflation rates of established industrialized powerhouses such as the United States or the European Union. However, this changed in 2021, as inflation rates in developed countries rose quickly, while prices in China only increased moderately. According to IMF estimates for 2022, Venezuela was expected to be the country with the highest inflation rate, with a consumer price increase of about 400 percent compared to 2021. Macao was estimated to have the lowest price increase worldwide with prices increasing by about one percent.
Inflation rate in China from 2012 to 2022 with forecasts until 2028
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IMF. (October 10, 2023). Inflation rate in China from 2012 to 2022 with forecasts until 2028 [Graph]. In Statista. Retrieved November 29, 2023, from https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF. "Inflation rate in China from 2012 to 2022 with forecasts until 2028." Chart. October 10, 2023. Statista. Accessed November 29, 2023. https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF. (2023). Inflation rate in China from 2012 to 2022 with forecasts until 2028. Statista. Statista Inc.. Accessed: November 29, 2023. https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF. "Inflation Rate in China from 2012 to 2022 with Forecasts until 2028." Statista, Statista Inc., 10 Oct 2023, https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF, Inflation rate in China from 2012 to 2022 with forecasts until 2028 Statista, https://www.statista.com/statistics/270338/inflation-rate-in-china/ (last visited November 29, 2023)
Inflation rate in China from 2012 to 2022 with forecasts until 2028 [Graph], IMF, October 10, 2023. [Online]. Available: https://www.statista.com/statistics/270338/inflation-rate-in-china/