The conclusions of the co-integration test showed that: from 1952 to 2011, it was positively between price fluctuation and wage level, foreign exchange rates and currency in circulation; the elastic coefficients of the three factors on price fluctuation had interval; the wage level for each 1% changed, the price level changed from 0.22507% to 0.29074%, the exchange rate changed every 1%, price level changed from 0.19114% to 0.25596%, currency in circulation changed every 1%, price level changed from 0.04231% to 0.07284%; from the view of the 60-year long term perspective of the three factors’ effects on price fluctuation, the wage level and the foreign exchange rates were the main factors of price rising, and the currency in circulation on the impact of China's inflation was relatively small.