Inflation in China throughout 2022 rose an average of 2%, unlike the main economies that saw prices soar, according to official figures published this Thursday.
In December, the consumer price index, the main indicator of inflation, rose 1.8% year-on-year, compared to 1.6% the previous month, according to the National Bureau of Statistics (BNS).
For comparison, inflation in France was +5.9% in December in a year. In November, it was +7.1% in the United States.
The Chinese government was targeting average inflation of 3% for 2022, against a backdrop of rising world prices for raw materials and food.
Since the Russian invasion of the Ukraine, China has been relatively spared from these increases. But the authorities keep a close eye on pork prices to prevent any popular discontent.
Only increase pork
In December, food prices in China increased moderately (+2.6% in one year), with a strong increase in pork (+22%), the most widely consumed meat in the country, but a drop in fresh vegetables (-8%).
For its part, the producer price index slowed down in December (-0.7%) for the third consecutive month, a sign of weak demand and reduced margins for companies.
This index, which measures the cost of goods leaving factories, provides an overview of the health of the economy.
It was undermined in 2022 by Beijing’s strict health policy called “covid zero”, which for most of the year put a brake on activity and consumption.
China lifted in early December most of the measures that had largely protected its population from Covid-19 since 2020.
Despite the end of the restrictions, economic activity has since struggled to restart due to an explosion in patient numbers. China is due to reveal its growth figure for 2022 on Tuesday.
Source: BFM TV
