The
CPI rose by 2% last month, indicating an increase in the cost of living.
上个月消费者价格指数上涨了2%，意味着生活成本有所提高。
The Federal Reserve closely monitors changes in the
CPI to make monetary policy decisions.
美联储密切关注消费者价格指数的变化以做出货币政策决策。
Inflation, as measured by the
CPI, has been consistently low over the past five years.
过去五年来，用消费者价格指数衡量的通胀率一直保持低位。
The government uses the
CPI to adjust social security benefits for retirees.
政府使用消费者价格指数为退休人员调整社保福利。
A rising
CPI may lead to an increase in interest rates to control inflation.
消费者价格指数上升可能导致提高利率以控制通胀。
The
CPI excludes certain items like housing costs, making it an imperfect measure of overall inflation.
消费者价格指数不包括住房成本等因素，因此作为整体通胀的衡量指标并不完美。
Analysts predicted a slight dip in the
CPI due to a drop in oil prices.
分析师预计由于油价下跌，消费者价格指数将略有下降。
The core
CPI, which omits volatile food and energy components, provides a more stable measure of price trends.
核心消费者价格指数排除了波动较大的食品和能源成分，更能稳定地反映价格趋势。
In this economy, the
CPI is an important indicator for investors to track market conditions.
在当前经济环境下，消费者价格指数是投资者追踪市场状况的重要指标。
The central bank's target inflation rate is usually based on the annual percentage change in the
CPI.
中央银行通常会根据消费者价格指数的年度百分比变动设定目标通胀率。
The underwhelming performance of the CPI over the past few months suggests certain challenges in maintaining price stability, and analysts said China's central bank may adopt a proactive approach, leveraging its monetary policy tools to further stimulate the economy and boost market confidence.
Data released by the National Bureau of Statistics on Wednesday showed that consumer prices in 2023 maintained a mild upward trajectory, with the CPI rising by a modest 0.2 percent over the course of the year.
The year-on-year decline in the CPI observed over the past three consecutive months has been, however, driven predominantly by structural and transitional factors, NBS head Kang Yi said at a news conference.
However, a look at the core CPI data — which excludes volatile food and energy prices — shows that it has demonstrated stability, he added.
Moreover, the decline in the CPI is primarily of a temporary nature.
For the full year of 2023, the CPI rose by 0.2 percent year-on-year.
Zhang Xuewu, chief of the price analysis and forecasting division at the Price Monitoring Center, which is part of the National Development and Reform Commission, said the CPI decline is mainly due to the decline in food prices, particularly pork prices.
Within the CPI, food prices fell 3.7 percent year-on-year in December, compared with a 4.2 percent drop in November.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand dynamic in the economy, came in at 0.6 percent year-on-year in December, the same as in November.
Zhang estimated that China's CPI will rise mildly while the PPI will likely register positive growth in the following months this year.
On a month-on-month basis, the CPI increased by 0.1 percent in December, versus a 0.5 decline in November.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, came in at 0.6 percent year-on-year in December, the same as November.
Dong Lijuan, a NBS statistician, said the narrowed year-on-year decline in CPI as well as the month-on-month growth in CPI came mainly due to multiple factors including cold weather and the increase in pre-holiday consumer demand.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, came in at 0.6 percent year-on-year in November, the same as October.
Citing the negative CPI growth and the steps mapped out at the key meeting, Wen Bin, chief economist at China Minsheng Bank, said that expanding domestic demand will be among the key priorities to bolster the economy, and consumption will play a fundamental role in driving economic growth.
Wen, from China Minsheng Bank, said that China's CPI will likely register positive growth in February with stronger policy support, while the PPI may continue to remain in the negative territory for the next few months amid subdued external demand.
On a month-on-month basis, the CPI fell by 0.5 percent, versus a 0.1 percent decline in October.
按月度计算，消费者价格指数（CPI）下降了0.5%，而10月份的降幅为0.1%。
Food prices decreased 4 percent year-on-year in October as the slump in pork prices widened from 22 percent in September to 30.1 percent, which dragged the CPI down by 0.55 percentage points.
Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the direct reason for the CPI growth turning negative again is falling food prices.
The growth in core CPI — which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy — came in at 0.6 percent year-on-year in October, down from 0.8 percent a month earlier, the NBS said.
Pork prices continued to soften amid weaker-than-usual demand and abundant supply so far this month, indicating that November's CPI may continue to register a low reading, Nomura analysts said in a research note.
On a month-on-month basis, the CPI fell by 0.1 percent, versus a 0.2 percent increase in September.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, came in at 0.6 percent year-on-year in October, down from 0.8 percent a month earlier.
Meanwhile, Liu said the flat CPI reading was affected by a high comparison base the previous year, while China's core inflation remained steady.
The growth in the core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the true supply-demand relationship in the economy, rose by 0.8 percent year-on-year last month.
On a monthly basis, September's CPI edged up 0.2 percent after a 0.3 percent rise in August.
Cai Hanpian, a researcher at Peking University's National Economy Research Center, said both the steady growth in core CPI and the narrowing drop in the PPI indicate that China's economic recovery is on track and gathering pace.
Both CPI and PPI will gradually rebound in the following months with the steady economic recovery," Cai said.
Dong Lijuan, an NBS statistician, said China's CPI stayed flat in September due to the high comparison base in the previous year.
Within the CPI, food prices dipped 3.2 percent year-on-year in September, compared with a 1.7 percent decline in August.
On a month-on-month basis, September's CPI surged 0.2 percent after a 0.3 percent rise in August.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.8 percent year-on-year in September, flat with the reading in August.
"Although China's consumer price index, a main gauge of inflation, saw a negative growth of — 0.3 percent in July year-on-year, the CPI resumed a positive 0.1-percent growth in August while new renminbi loans came in at 1.36 trillion yuan ($186 billion), up 6.8 percent year-on-year, official data showed.
Echoing Khor's views, the Asian Development Bank said in its latest forecast that China's CPI growth will reach 0.7 percent this year, a rate unchanged from what was seen in the first half of the year.
In the latest edition of the Asian Development Outlook, issued on Wednesday, the ADB forecast that China's CPI growth will reach 0.7 percent this year and 2 percent in 2024, compared with a 0.7 percent growth in the first half of this year and a 0.3 percent drop in July.
A lower comparison base will also help the country's CPI to further pick up, Fu Linghui, an NBS spokesman, said at a news conference.
"The country's CPI resumed positive growth on a yearly basis in August, which Fu attributed to increasing services prices and a narrower decline in the prices of industrial consumer goods.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.8 percent year-on-year in August, the NBS said.
Louise Loo, lead economist at British think tank Oxford Economics, said headline CPI returned to positive territory in August, as increases in services-related segments more than offset the continued drags from lower oil and pork prices.
According to Loo, her team expects year-on-year CPI and PPI growth to average 0.5 percent and minus 3.2 percent this year, recovering to 1.8 percent and 1 percent next year.
"Looking forward, Zhang expects the CPI to continue to edge up, while the decline in the PPI will narrow further.
On a monthly basis, the CPI also improved, rising 0.3 percent in August from the previous month, a notch higher than July's 0.2 percent growth.
The NBS statistician Dong Lijuan attributed the CPI pick-up to the continuous improvement of the country's consumer market and supply-demand relationship.
The average CPI for the January-August period increased 0.5 percent year on year, according to the NBS.
The core CPI, deducting food and energy prices, rose 0.8 percent year-on-year in August, with the pace of increase unchanged compared with July.
The improvement in CPI was led by non-food prices, which posted a rise of 0.5 percent compared to a year earlier after a flat reading in July.
On a month-on-month basis, July's CPI surged 0.3 percent, up from a 0.2 percent rise in July.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.8 percent year-on-year in August.
"CPI growth will likely turn higher month-by-month from August, pointing to a 'U-shaped' recovery this year.
For the full year, China's CPI inflation may remain at a low level, most likely within 1 percent," she said.
Citing data from the National Bureau of Statistics, Wang Jinbin, deputy dean at Renmin University of China's School of Economics, said July's negative CPI growth does not mean deflation for China, especially as core inflation, which excludes volatile food and energy prices, rose by 0.8 percent year-on-year in July, up from a 0.4 percent rise in June.
The country's consumer price index (CPI), a main gauge of inflation, logged a 0.3 percent year-on-year decline in July, after coming in flat in June compared with the same period of last year.
A closer look at the July CPI data released by the National Bureau of Statistics (NBS) on Wednesday suggests that the decline in annual terms will likely prove a short-term phenomenon.
The food prices decreased by 1 percent year-on-year, dragging down the CPI by about 0.18 percentage points.
It's worth noticing that the core CPI, which deducts food and energy prices, rose 0.8 percent year-on-year, with the pace of increase widening by 0.4 percentage points compared with that in June.
The rebound of core CPI indicates that the current domestic demand is stabilizing and recovering, said Wen Bin, the chief economist of China Minsheng Bank, in a co-authored note.
On a monthly basis, the country's CPI rose 0.2 percent, reversing the 0.2 percent decline registered in June.
It was also the first time China's CPI reported a monthly increase since February this year, demonstrating positive prospects.
The decline of CPI is almost entirely due to the impact of food supply release, while demand indicators, such as core commodity CPI and core service CPI, rebounded strongly, said Tu Qiang, a macro analyst at Shenwan Hongyuan Securities, in a co-authored note.
The low reading of CPI due to supply factors cannot conceal the fact that demand has recovered strongly, and CPI may start a round of recovery in August, Tu added.
Real estate completion and service consumption will drive up core CPI, Tu said.
With sustained economic recovery, steady market demand expansion, continuous improvement of supply and demand, and gradual elimination of the impact of the high base in the corresponding period of last year, the country's CPI is expected to gradually rise, Dong said.
Dong Lijuan, an NBS statistician, said the CPI dropped year-on-year due to a high comparison base in the previous year.
Looking ahead, Dong said the CPI is likely to gradually rise with the economic recovery, a steady rebound in market demand, the continued improvement in the supply-demand situation and fading base effects.
On a month-on-month basis, July's CPI rose 0.2 percent, up from a 0.2 percent decline in June.
The so-called core CPI, which excludes volatile food and energy prices, rose by 0.8 percent year-on-year in July, up from a 0.4 percent rise in June, according to the NBS.
On a month-on-month basis, July's CPI surged 0.2 percent, up from a 0.2 percent decline in June.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.8 percent year-on-year in July, up from a 0.4 percent rise in June.
"In the next phase, CPI will likely gradually rise with the gradual economic recovery, steady rebound in market demand, the continued improvement in the supply-demand situation as well as the fading base effects.
The People's Bank of China, the country's central bank, said on Friday that a further dip in the CPI might be expected this month, but inflation will likely pick up gradually from August to reach a level close to 1 percent by the end of the year.
But this should be a transitory phenomenon, as the CPI growth is expected to register a U-shaped recovery and reach a level close to 1 percent by the end of the year as the supply-demand gap further narrows as policy effects filter through, he said.
China's consumer price index, or CPI, the main gauge of inflation, remained unchanged from a year earlier in June after a 0.2 percent increase in May, data from the National Bureau of Statistics showed on Monday.
After the CPI increased by 2 percent in 2022, China set an annual consumer inflation target of around 3 percent for 2023.
"Looking ahead, even taking into account a potential rise in service inflation as a result of the summer holiday season, we expect the CPI to dip 0.5 percent year-on-year in July, partly due to a high base," he said.
"In light of the latest inflation readings, other recent developments regarding China's broad economy and the lukewarm policy response so far, Lu said his team is further lowering its CPI and PPI forecasts for both 2023 and 2024.
For the full year of 2023, Lu said his team now expects the CPI to grow at 0.3 percent, down from the previous forecast of 0.5 percent.
On a month-on-month basis, June's CPI dipped 0.2 percent, same with the previous month's decline.
Yi anticipated that the GDP growth rate in the second quarter will be relatively high, and CPI is expected to gradually pick up in the second half of the year.
He told a symposium held in Shanghai on Wednesday with representatives from enterprises and financial institutions that China's consumer inflation will likely rise gradually in the second half of this year, with the CPI likely climbing above 1 percent year-on-year by December, according to a statement published on the central bank's official website on Friday.
据央行官方网站周五发布的一份声明，他在周三在上海举行的有企业及金融机构代表参加的研讨会上表示，今年下半年中国消费者通胀可能会逐步上升，到12月时，CPI同比涨幅可能超过1%。
Dong Lijuan, an NBS statistician, said May's CPI picked up marginally with the gradual recovery in consumer demand, while the fall in factory-gate prices was affected by declining international commodity prices, weak demand for industrial products at both home and abroad, as well as a high comparison base in the previous year.
国家统计局统计师董莉娟表示，5月份消费者价格指数（CPI）随着消费需求的逐步恢复而略微上涨；同时，出厂价格的下降受到国际大宗商品价格下跌、国内外工业产品需求疲软以及去年同期较高基数的影响。
Looking ahead, given the stabilizing food prices and a potential modest rebound in fuel prices, but a highly elevated youth unemployment rate and continued disinflationary pressures in some core goods, Lu Ting, chief China economist at Nomura, said his team expects CPI to inch up only marginally to 0.3 percent year-on-year in June.
“展望未来，鉴于食品价格趋于稳定以及燃料价格可能出现温和反弹，但青年失业率居高不下且某些核心商品仍面临持续的通缩压力，野村证券中国首席经济学家陆挺及其团队预计6月份CPI同比涨幅将仅微幅上升至0.3%。”
Considering the steady recovery in domestic demand and sufficient market supply of daily necessities, Ye Yindan, a researcher at the Bank of China Research Institute, said China's inflation is expected to remain mild and controllable this year, with the CPI rising around 1.5 percent in 2023.
On a month-on-month basis, May's CPI dipped 0.2 percent after a 0.1 percent decline in April, the NBS said.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.6 percent year-on-year in May, down from a 0.7 percent rise in April.
The core CPI, deducting food and energy prices, was up by 0.7 percent from a year earlier, the data showed.
In the next stage, the CPI is expected to stay low on an ongoing basis, which is attributable to a slower recovery on the demand side rather than the supply side after China's economy returns to normal operations.
On a monthly basis, the prices were slightly down by 0.1 percent, the NBS said, adding that the core CPI, deducting food and energy prices, was up by 0.7 percent from a year earlier.
Darius Tang, associate director of corporates at Fitch Bohua, a subsidiary of Fitch Ratings, said the downward trend of CPI reflected that overall demand is still relatively weak.
Tang said that Fitch Bohua, however, does not believe there is a serious deflationary trend in China's economy, considering the CPI has not fallen into continuous negative territory, and the stable performance of core CPI.
The growth of core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, was 0.7 percent year-on-year in April.
Given the steady economic recovery and gradual rebound in consumption, Zhou expects that the CPI growth rate will accelerate and producer prices will gradually stabilize, adding that China's overall inflation level will remain mild and controllable in 2023.
On a month-on-month basis, April's CPI dipped 0.1 percent after a 0.3 percent decline in March, the NBS said.
The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.7 percent year-on-year in April.
Falling food prices and fluctuating energy prices are mainly responsible for the drop of the CPI.
Nonetheless, the core CPI in March — a key indicator measuring macro supply and demand conditions — rose 0.7 percent year-on-year, which represents a modest rebound rather than a decline compared with January and February.
For example, due to the impact of the global financial crisis in 2008, China's exports rapidly declined, consumption and investment gradually weakened and China's CPI and PPI quickly fell from an 8.7 percent rise and a 10.1 percent rise to a 1.8 percent decline and an 8.2 percent decline, respectively.
The current price declines are not sustainable, and the CPI and PPI will rebound after May due to a base effect.
The year-on-year growth of the CPI in March was down from the CPI rise in February, dragged down by vegetable and fuel prices as well as relatively sluggish durable goods consumption.
China's consumer price index (CPI), a main gauge of inflation, rose 0.7 percent year on year in March, compared with the 2.1 percent and 1 percent gain seen in January and February, respectively.
Fu cited a mild 1.3 percent year-on-year uptick in the CPI and a robust 4.5 percent GDP expansion in the first quarter of the year, as well as a relatively fast growth of 12.7 percent in M2, a broad measure of money supply that covers cash in circulation and all deposits, at the end of March.
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