To my knowledge, no one's used the term "Chinflation" yet, but it's such an obvious contraction (like Latinflation, or Africinflation) that you should get ready to hear it because the inevitable consequence of a long-term surge in the use of scarce commodities has arrived.  Many major global inflation indicators, like Gold, Oil, and Wheat, are at historic highs in nominal dollars to which the Chinese Yuan is pegged.

From Yahoo Finance:

China's government has ordered some prices frozen and told officials to closely monitor others in its most drastic step yet to contain a surge in inflation.

The order, issued late Wednesday, came after inflation rose to 6.5 percent in August — its highest monthly rate in 11 years — propelled by a double-digit rise in politically sensitive food prices.

... A list on the Web site of the Beijing city government planning agency said products for which the state still controls prices include cooking oil, sugar, tobacco, salt, coal and fertilizer.

... Communist leaders are especially worried about the political impact of soaring food prices, which hit China's vast, poor majority especially hard. Families in the countryside and the urban working class spend about one-third of their incomes on food.