China: Inflation seen at 2.8% in 2023 – UOB – by pabspiovano China Inflation CPI Banks
Economist at UOB Group Ho Woei Chen reviews the latest release of inflation figures in the Chinese economy.at 2.1% y/y in Jan, led by a jump in food prices while non-food inflation remained modest. China’s Producer Price Index remained in deflation in Jan for the fourth consecutive month at -0.8% y/y.”
“We maintain our forecast for headline inflation at 2.8% this year with stronger pick-up in inflation to slightly above 3% in 2H23. Meanwhile, the deflation trend for PPI is likely to continue through 1H23 as a result of a high base of comparison and weaker global demand. For the full year in 2023, PPI could be slightly negative at -1.0% after rising 4.1% in 2022 and 8.1% in 2021.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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