China's headline Consumer Price Index (CPI) measures the monthly change in the price level of a representative basket of consumer goods and services. It is the primary inflation measure monitored by the People's Bank of China.
Why FX traders watch it
Central banks, including the People's Bank of China, set policy rates in response to inflation. An above-target CPI print increases the probability of a rate hike, which is typically cny-positive, while below-target inflation raises rate-cut odds and can weaken the currency.
How to interpret the data
An inflation reading above consensus or above the People's Bank of China's target band is hawkish and supports the cny. A downside surprise is dovish and tends to weigh on the currency, particularly when inflation has been trending lower for several months.
Historical Inflatsioonimäär (CPI/HICP) (CNY)
Source: NBS/PBoC
· Monthly
· %YoY
Chart data not available. Access the full historical series via the API endpoint above.
Optional upper bound. Defaults to the current date.
api_key
CONDITIONAL
string
Required for non-USD announcement requests. USD announcement requests are public without an API key.
Example Usage
To retrieve Inflatsioonimäär (CPI/HICP) data for CNY from 2023:
GET https://fxmacrodata.com/api/v1/announcements/cny/inflation?start_date=2023-01-01&end_date=2023-12-31&api_key=YOUR_API_KEY
Frequently Asked Questions
What is the People's Bank of China's inflation target?
Most major central banks target annual inflation near 2%. Check the People's Bank of China's current monetary policy statement for the official target.
How is headline CPI different from core CPI?
Headline CPI includes all items, notably food and energy, which are volatile. Core CPI strips these out to give a cleaner read of underlying price pressure.
Which currency endpoint serves China CPI data?
Historical CPI data for China is available at /api/v1/announcements/cny/inflation.