Inflation China 2023
Average inflation: 0.2%
Current Inflation
Inflation is very low at 0.2%, well below the ECB target.
Peak and Trough
The highest inflation was in January at 2.1%. The lowest inflation was in November at -0.5%.
- Highest month
- January: 2.1%
- Lowest month
- November: -0.5%
- Difference
- 2.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of -0.3%. The lowest price increase was in Food and non-alcoholic beverages with an average of -0.3%.
- Highest increase
- Food and non-alcoholic beverages: -0.3%
- Lowest increase
- Food and non-alcoholic beverages: -0.3%
Historical Context
Current inflation is 1.5% lower than the 5-year average of 1.7%.
- 5-year average
- 1.7%
- 10-year average
- 1.8%
- All-time high (2008)
- 5.9%
- All-time low (2009)
- -0.7%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-1.8 percentage point).
- Change vs. previous year
- -1.8 percentage points
- Largest monthly swing
- July: -3.0 percentage points
ECB Target
Inflation is 1.8% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for CN¥100 this year will cost approximately CN¥100.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 2.1% | +1.2 |
| February | 1.0% | +0.1 |
| March | 0.7% | -0.8 |
| April | 0.1% | -2.0 |
| May | 0.2% | -1.9 |
| June | 0.0% | -2.5 |
| July | -0.3% | -3.0 |
| August | 0.1% | -2.4 |
| September | 0.0% | -2.8 |
| October | -0.2% | -2.3 |
| November | -0.5% | -2.1 |
| December | -0.3% | -2.1 |
| Average | 0.2% |
Data source
Data from OECD. Last updated: 19/12/2025.