In February 2025, the monthly inflation rate in China ranged at -0.7 percent compared to the same month in the previous year. Inflation had peaked at 2.8 percent in September 2022, but eased thereafter. The annual average inflation rate in China ranged at 0.2 percent in 2024. China’s inflation in comparison The term inflation means the devaluation of money caused by a permanent increase of the price level for products such as consumer or investment goods. The inflation rate is most commonly measured by the Consumer Price Index. The Consumer Price Index shows the price development for private expenses based on a basket of products representing the consumption of an average consumer household. Compared to other major economies in the world, China has a moderate and stable level of inflation. The inflation in China is on average lower than in other BRIC countries, although China enjoys higher economic growth rates. Inflation rates of developed regions in the world had for a long time been lower than in China, but that picture changed fundamentally during the coronavirus pandemic with most developed countries experiencing quickly rising consumer prices. Regional inflation rates in China In China, there is a regional difference in inflation rates. As of August 2023, Anhui province experienced the highest CPI growth, while Ningxia reported the lowest. In recent years, inflation rates in rural areas have often been slightly higher than in the cities. According to the National Bureau of Statistics of China, inflation was mainly fueled by a surge in prices for food and micellaneous items and services in recent months. The price gain in other sectors was comparatively slight. Transport prices have decreased recently, but had grown significantly in 2021 and 2022.

According to latest figures published by the National Bureau of Statistics of China, the average annual inflation rate in China ranged at around 0.2 percent in 2024 compared to the previous year. This was lower than formerly expected by the IMF. For 2025, projections by the IMF published in October 2024 expected the inflation rate to reach around 1.7 percent. The monthly inflation rate in China dropped to negative values in the second half of 2023 and remained comparatively low in 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 2023 and 2024. 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 2024, Zimbabwe was expected to be the country with the highest inflation rate, with a consumer price increase of about 561 percent compared to 2023. In 2023, Turkmenistan had the lowest price increase worldwide with prices actually decreasing by about 1.7 percent.

The graph shows the Consumer Price Index (CPI) in China as of December 2024, by sector and area. That month, the CPI for transportation and communication in urban areas resided at 97.7 index points. Measuring inflation The Consumer Price Index (CPI) is an economic indicator that measures changes in the price level of a representative basket of consumer goods and services. It is calculated by taking price changes for each item in the market basket and averaging them. Goods and services are weighted according to their significance. The CPI can be used to assess the price changes related to the cost of living. It is also useful for identifying periods of inflation and deflation. A significant rise in CPI during a short period of time denotes inflation and a significant drop during a short period of time suggests deflation. Development of inflation in China Annual projections of China’s inflation rate forecast by the IMF estimate a relatively low increase in prices in the coming years. The implications of low inflation are two-fold for a national economy. On the one hand, price levels remain largely stable which may lead to equal or increased spending levels by domestic consumers. On the other hand, low inflation signifies an expansion slowdown of the economy, as is reflected by China’s gross domestic product growth. In recent years, inflation rates in rural areas have on average been slightly higher than in the cities. This reflects a shift of economic growth from the largest cities and coastal regions to the inner provinces and the countryside. Higher price levels in rural areas in turn relate to higher inflation rates of food products.

In 2024, consumer inflation in China was comparatively low for a broad range of products and services. Falling prices for transportation and communication further pushed down overall inflation. The average annual consumer price inflation rate in China ranged at about 0.2 percent in 2024. Sectoral price developments in China China is a country with a comparatively low and stable inflation rate. This is obvious in comparison to other BRICS countries and is related to China’s low domestic producer prices and the country’s position as a global manufacturing base. However, due to its close connections to the world market, sectoral price changes in China are very much connected to global developments. During 2024, consumer prices were mainly driven by price increases for healthcare and medical services, recreation and education, as well as miscellaneous items and services. At the same time, transportation and communication prices dropped considerably. Regional inflation rates Over the last decade, the economic development in China has spread from the more advanced coastal regions to the countryside. As a result, prices in rural areas often increased relatively faster than in the cities, although from a significantly lower level. This trend was disrupted during the COVID-19 pandemic, with regional inflation rates often rising faster in more developed regions.

A regional breakdown of the Consumer Price Index (CPI) in China reveals considerable variations across different regions. In December 2024, Hainan province displayed a CPI of about 98.4 points (same month previous year = 100), whereas the CPI in Tibet reached 101.2 points. Consumer price development in China The Consumer Price Index measures the average changes over time in the price level of a market basket of consumer goods and services purchased by consumers. It is closely related to the inflation rate. The consumer inflation rate is derived from the annual percentage increase of the CPI. After 2011, China experienced a slight decrease in domestic inflation. Between 2014 and 2018, the annual inflation rate ranged at around two percent or lower. In 2019, inflation increased again to 2.9 percent and remained high during 2020, but is forcast to decrease in the coming years. Monthly inflation rates peaked at 5.4 percent in January 2020 due to the coronavirus pandemic, but declined quickly in the following months and reached negative values in November 2020. Regional and sectoral inflation rates In recent years, inflation rates in the largest cities and developed regions often remained below those in developing regions in the inner provinces. The CPI in rural regions was on average slightly higher than in urban areas. The annual CPI of food, tobacco and liquor in China ranged among the highest during 2020 - mainly driven by rising pork and meat prices, whereas the transportation and communication’s CPI was one of the lowest. With the travel sector recovering from the coronavirus pandemic in the first half of 2021, monthly prices for transportation started to increase again.

This dataset contains China Consumer Price Index by Category (The same month last year=100).

Data from National Bureau of Statistics China. Follow datasource.kapsarc.org for timely data to advance energy economics research.

Notes:

1.According to the regulations of the statistical system, China's CPI rotates at a base period every five years. After each base period rotation, the survey classification catalogue, representative specifications and survey outlets are adjusted, and the classification weights are also changed to reflect the latest changes in the residents' consumption structure.2.The CPI compiled and released from January 2016 to December 2020 was based on 2015. Compared with the previous base periods , the eight categories of this base period have significant changes. Among them, "Food", "Tobacco and Alcohol" are merged into "Food, Tobacco and Alcohol", "Health Care and Personal Articles" is split into "Household Articles and Services", "Health Care" and "Miscellaneous Goods and Services", "Recreation, Education, Cultural Articles" is split into "Education, Culture and Recreation" and "Miscellaneous Goods and Services", "Household Facilities, Articles and Services" is split into "Articles for Daily Use and Services" and "Miscellaneous Goods and Services". In addition, the index connotation of "Food" has changed. The "Food" in the previous base periods is a broad category, including grain, meat and poultry, fresh vegetables, fresh fruits, aquatic products, tea and beverages, and dining out; this base period "Food" is the medium category under the "Food, Tobacco and Alcohol" category, which only includes grain, livestock meat, poultry meat, fresh vegetables, fresh fruits, aquatic products, etc., and no longer includes "tea and beverages" and "dining out" .3.From January 2021, the CPI based on 2020 is compiled and released. This new base period is still divided into eight categories: "Food, Tobacco and Alcohol", "Clothing", "Residence", "Household Articles and Services"," Transportation and Communication", "Education, Culture and Recreation", "Health Care", "Miscellaneous Goods and Services", and the basic category has increased to 268.

China Consumer Price Index (CPI): MoM: Miscellaneous Goods & Service data was reported at 100.700 Prev Mth=100 in Feb 2025. This records a decrease from the previous number of 101.600 Prev Mth=100 for Jan 2025. China Consumer Price Index (CPI): MoM: Miscellaneous Goods & Service data is updated monthly, averaging 100.100 Prev Mth=100 from Jan 2016 (Median) to Feb 2025, with 110 observations. The data reached an all-time high of 102.400 Prev Mth=100 in Aug 2020 and a record low of 98.300 Prev Mth=100 in Oct 2020. China Consumer Price Index (CPI): MoM: Miscellaneous Goods & Service data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IA: Consumer Price Index: Previous Month=100.

China Consumer Price Index (CPI): Rural: Miscellaneous Goods & Service data was reported at 104.600 Prev Year=100 in Dec 2024. This records a decrease from the previous number of 104.700 Prev Year=100 for Nov 2024. China Consumer Price Index (CPI): Rural: Miscellaneous Goods & Service data is updated monthly, averaging 102.400 Prev Year=100 from Jan 2016 (Median) to Dec 2024, with 108 observations. The data reached an all-time high of 105.400 Prev Year=100 in Aug 2020 and a record low of 97.100 Prev Year=100 in Aug 2021. China Consumer Price Index (CPI): Rural: Miscellaneous Goods & Service data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IA: Consumer Price Index: Rural: Same Month PY=100.

The graph shows the Consumer Price Index (CPI) in China as of February 2025, by sector and area. That month, the CPI for transportation and communication in urban areas resided at 97.3 index points. Measuring inflation The Consumer Price Index (CPI) is an economic indicator that measures changes in the price level of a representative basket of consumer goods and services. It is calculated by taking price changes for each item in the market basket and averaging them. Goods and services are weighted according to their significance. The CPI can be used to assess the price changes related to the cost of living. It is also useful for identifying periods of inflation and deflation. A significant rise in CPI during a short period of time denotes inflation and a significant drop during a short period of time suggests deflation. Development of inflation in China Annual projections of China’s inflation rate forecast by the IMF estimate a relatively low increase in prices in the coming years. The implications of low inflation are two-fold for a national economy. On the one hand, price levels remain largely stable which may lead to equal or increased spending levels by domestic consumers. On the other hand, low inflation signifies an expansion slowdown of the economy, as is reflected by China’s gross domestic product growth. In recent years, inflation rates in rural areas have on average been slightly higher than in the cities. This reflects a shift of economic growth from the largest cities and coastal regions to the inner provinces and the countryside. Higher price levels in rural areas in turn relate to higher inflation rates of food products.

Of the major developed and emerging economies, China had the lowest inflation rate at 0.1 percent in December 2024. On the other end of the spectrum, the inflation rate in Russia stood at nearly 10 percent. The country's inflation rate increased sharply after the country's President, Vladimir Putin, decided to invade Ukraine, declined somewhat in 2023, before increasing slowly again since. The rate of inflation reflects changes in the cost of a specified basket containing a representative selection of goods and services. It is derived from the consumer price index (CPI).

China PPI: Rubber & Plastic Product data was reported at 98.600 Prev Year=100 in Feb 2025. This stayed constant from the previous number of 98.600 Prev Year=100 for Jan 2025. China PPI: Rubber & Plastic Product data is updated monthly, averaging 98.725 Prev Year=100 from Jan 2012 (Median) to Feb 2025, with 158 observations. The data reached an all-time high of 106.300 Prev Year=100 in Nov 2021 and a record low of 95.600 Prev Year=100 in Jun 2023. China PPI: Rubber & Plastic Product data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IE: Producer Price Index: Same Month PY=100.

China Producer Goods Price Index data was reported at 138.440 Dec2005=100 in 10 Oct 2010. This records an increase from the previous number of 136.900 Dec2005=100 for 03 Oct 2010. China Producer Goods Price Index data is updated daily, averaging 131.885 Dec2005=100 from Oct 2007 (Median) to 10 Oct 2010, with 154 observations. The data reached an all-time high of 162.680 Dec2005=100 in 11 Jul 2008 and a record low of 119.170 Dec2005=100 in 03 May 2009. China Producer Goods Price Index data remains active status in CEIC and is reported by Ministry of Commerce. The data is categorized under China Premium Database’s Inflation – Table CN.IE: Producer Goods Price Index: Weekly.

China Producer Price Index: YoY: Year to Date: Consumer Goods: Food data was reported at 98.600 Prev Year=100 in Jan 2025. This records a decrease from the previous number of 98.900 Prev Year=100 for Dec 2024. China Producer Price Index: YoY: Year to Date: Consumer Goods: Food data is updated monthly, averaging 100.800 Prev Year=100 from Jan 2011 (Median) to Jan 2025, with 169 observations. The data reached an all-time high of 108.000 Prev Year=100 in Oct 2011 and a record low of 98.600 Prev Year=100 in Jan 2025. China Producer Price Index: YoY: Year to Date: Consumer Goods: Food data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IE: Producer Price Index: Same Period PY=100.

In February 2025, consumer price levels of food, tobacco, and liquor in China decreased by approximately 1.9 percent compared to the same month of the previous year. The term 'inflation' describes money and the decrease in its value, which is characterized by an increase of the price level of finished products (consumer goods, capital goods). The Consumer Price Index tracks private consumption expenditure trends and shows an increase in the index's current level of inflation.

A regional breakdown of the Consumer Price Index (CPI) in China reveals considerable variations across different regions. In February 2025, Beijing municipality displayed a CPI of about 98.7 points (same month previous year = 100), whereas the CPI in Tibet reached 100.1 points. Consumer price development in China The Consumer Price Index measures the average changes over time in the price level of a market basket of consumer goods and services purchased by consumers. It is closely related to the inflation rate. The consumer inflation rate is derived from the annual percentage increase of the CPI. After 2011, China experienced a slight decrease in domestic inflation. Between 2014 and 2018, the annual inflation rate ranged at around two percent or lower. In 2019, inflation increased again to 2.9 percent and remained high during 2020, but is forcast to decrease in the coming years. Monthly inflation rates peaked at 5.4 percent in January 2020 due to the coronavirus pandemic, but declined quickly in the following months and reached negative values in November 2020. Regional and sectoral inflation rates In recent years, inflation rates in the largest cities and developed regions often remained below those in developing regions in the inner provinces. The CPI in rural regions was on average slightly higher than in urban areas. The annual CPI of food, tobacco and liquor in China ranged among the highest during 2020 - mainly driven by rising pork and meat prices, whereas the transportation and communication’s CPI was one of the lowest. With the travel sector recovering from the coronavirus pandemic in the first half of 2021, monthly prices for transportation started to increase again.

China Agricultural Product Price Index: Wholesale: Livestock Product: Beef data was reported at 99.800 Prev Week=100 in 22 Jul 2018. This records a decrease from the previous number of 100.300 Prev Week=100 for 15 Jul 2018. China Agricultural Product Price Index: Wholesale: Livestock Product: Beef data is updated daily, averaging 100.100 Prev Week=100 from May 2010 (Median) to 22 Jul 2018, with 385 observations. The data reached an all-time high of 103.500 Prev Week=100 in 17 Feb 2013 and a record low of 96.100 Prev Week=100 in 05 Feb 2012. China Agricultural Product Price Index: Wholesale: Livestock Product: Beef data remains active status in CEIC and is reported by Ministry of Agriculture and Rural Affairs. The data is categorized under China Premium Database’s Inflation – Table CN.IC: Agricultural Product Price Index: Wholesale: Weekly.

China PPI: MoM: Producer Goods: Manufacturing data was reported at 99.800 Prev Mth=100 in Feb 2025. This records an increase from the previous number of 99.700 Prev Mth=100 for Jan 2025. China PPI: MoM: Producer Goods: Manufacturing data is updated monthly, averaging 99.900 Prev Mth=100 from Jan 2011 (Median) to Feb 2025, with 170 observations. The data reached an all-time high of 101.800 Prev Mth=100 in Oct 2021 and a record low of 98.700 Prev Mth=100 in Jul 2022. China PPI: MoM: Producer Goods: Manufacturing data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IE: Producer Price Index: Previous Month=100.

In February 2025, consumer prices for food products in China decreased by 3.3 percent compared to the same month of the previous year. On an annual average basis, food inflation reached -0.6 percent in 2024. This was lower than overall consumer price inflation, which ranged at 0.2 percent in 2024.

China PPI: YoY: Year to Date: Mfg: Chemical Material & Product data was reported at 96.200 Prev Year=100 in Feb 2025. This records an increase from the previous number of 96.000 Prev Year=100 for Jan 2025. China PPI: YoY: Year to Date: Mfg: Chemical Material & Product data is updated monthly, averaging 95.900 Prev Year=100 from Jan 2020 (Median) to Feb 2025, with 62 observations. The data reached an all-time high of 121.000 Prev Year=100 in Jan 2022 and a record low of 89.900 Prev Year=100 in Aug 2023. China PPI: YoY: Year to Date: Mfg: Chemical Material & Product data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IE: Producer Price Index: Same Period PY=100.

China Producer Price Index: YoY: Year to Date: Consumer Goods data was reported at 98.800 Prev Year=100 in Feb 2025. This stayed constant from the previous number of 98.800 Prev Year=100 for Jan 2025. China Producer Price Index: YoY: Year to Date: Consumer Goods data is updated monthly, averaging 100.450 Prev Year=100 from Jan 2011 (Median) to Feb 2025, with 170 observations. The data reached an all-time high of 104.500 Prev Year=100 in Oct 2011 and a record low of 98.800 Prev Year=100 in Feb 2025. China Producer Price Index: YoY: Year to Date: Consumer Goods data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IE: Producer Price Index: Same Period PY=100.