In 2023, the average annual inflation rate in China ranged at around 0.2 percent compared to the previous year. Projections by the IMF expect the inflation rate to reach around one percent in 2024. The monthly inflation rate in China dropped to negative values in the second half of 2023 and remained comparatively low in the beginning of 2024.
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 2023, Venezuela was expected to be the country with the highest inflation rate, with a consumer price increase of about 360 percent compared to 2022. South Sudan was estimated to have the lowest price increase worldwide with prices actually decreasing by about 3.2 percent.
Inflation rate in China from 2013 to 2023 with forecasts until 2029
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IMF, & National Bureau of Statistics of China. (April 16, 2024). Inflation rate in China from 2013 to 2023 with forecasts until 2029 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF, und National Bureau of Statistics of China. "Inflation rate in China from 2013 to 2023 with forecasts until 2029." Chart. April 16, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF, National Bureau of Statistics of China. (2024). Inflation rate in China from 2013 to 2023 with forecasts until 2029. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF, and National Bureau of Statistics of China. "Inflation Rate in China from 2013 to 2023 with Forecasts until 2029." Statista, Statista Inc., 16 Apr 2024, https://www.statista.com/statistics/270338/inflation-rate-in-china/
IMF & National Bureau of Statistics of China, Inflation rate in China from 2013 to 2023 with forecasts until 2029 Statista, https://www.statista.com/statistics/270338/inflation-rate-in-china/ (last visited July 22, 2024)
Inflation rate in China from 2013 to 2023 with forecasts until 2029 [Graph], IMF, & National Bureau of Statistics of China, April 16, 2024. [Online]. Available: https://www.statista.com/statistics/270338/inflation-rate-in-china/