China CPI

Data Prices

Source: National Bureau of Statistics China
Source Link: https://www.stats.gov.cn/
Frequency: Monthly
Next Release(s): October 14th, 2025 8:30 PM

Latest Updates

China’s CPI was flat MoM (vs 0.1% MoM expected) and fell -0.4% YoY in August 2025, down from 0.0% YoY in July, reflecting continued food price weakness offset by modest non-food gains.
- Core CPI (ex food and energy) was also flat MoM and rose 0.9% YoY, ticking up from 0.8% YoY in July.
- Food prices dropped -4.3% YoY, led by fresh vegetables (-15.2% YoY), pork (-16.1% YoY), and eggs (-12.4% YoY); aquatic products were one of the only positive segments, up +2.2% YoY.
- Non-food prices rose +0.5% YoY, with increases in clothing (+1.8% YoY), daily necessities and services (+1.8% YoY), and other supplies and services (+8.6% YoY).
- Service prices gained +0.6% YoY, supported by medical services (+1.6% YoY) and education/culture/entertainment (+1.0% YoY).
- Transportation and communication prices fell -2.4% YoY, with fuel down -7.1% YoY.
- On a MoM basis, food rose +0.5%, driven by fresh vegetables (+8.5% MoM) and eggs (+1.5% MoM), while fresh fruit (-2.8% MoM) and aquatic products (-0.9% MoM) fell.
- Non-food edged down -0.1% MoM, as healthcare rose (+0.3% MoM) but transportation and communication declined (-0.3% MoM).
- For Jan–Aug 2025, average CPI declined -0.1% YoY, with food down -1.4% and non-food up +0.2%.
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China’s CPI was flat YoY in July 2025 but rose +0.4% MoM, as non-food prices provided upward momentum while food prices continued to decline.
- Food prices fell -0.2% MoM and -1.6% YoY; pork prices rose +0.9% MoM but dropped -9.5% YoY, while fresh fruit fell -3.4% MoM but gained +2.8% YoY.
- Non-food prices rose +0.5% MoM and +0.3% YoY; core CPI (ex food and energy) was up +0.4% MoM and +0.8% YoY.
- Consumer goods prices fell -0.4% YoY but rose +0.2% MoM; service prices rose +0.5% YoY and +0.6% MoM.
- Transport & communication prices rose +1.5% MoM but fell -3.1% YoY, with fuel up +3.5% MoM yet down -9.0% YoY.
- “Other supplies and services” saw the strongest YoY gain at +8.0%, followed by clothing (+1.7% YoY) and daily necessities/services (+1.2% YoY).
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China’s CPI rose 0.1% YoY in June 2025 but declined -0.1% MoM (vs 0.0% MoM expected), with food prices continuing to exert downward pressure while services prices offered mild support.
- Food prices fell -0.4% MoM and -0.3% YoY; pork prices dropped -1.2% MoM and -8.5% YoY, while fresh fruit prices fell -3.3% MoM but rose 6.1% YoY.
- Non-food prices were flat MoM and rose 0.1% YoY; core CPI (ex food and energy) remained unchanged MoM and rose 0.7% YoY.
- Consumer goods prices fell -0.1% MoM and -0.2% YoY; service prices were flat MoM and rose 0.5% YoY.
- Transport and communication prices were flat MoM but down -3.7% YoY, with fuel prices falling -10.8% YoY.
- Other goods and services saw the strongest YoY gain at +8.1%, followed by clothing (+1.6% YoY) and education/culture/entertainment (+1.0% YoY).
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China’s CPI fell -0.2% MoM and -0.1% YoY in May 2025, marking the fourth straight annual decline, as both food and non-food categories exerted downward pressure on prices.
- Food prices declined -0.2% MoM and -1.4% YoY, led by fresh vegetables (-5.9% MoM, -8.3% YoY) and eggs (-0.9% MoM, -3.5% YoY); pork prices rose 3.1% YoY but fell -0.7% MoM.
- Non-food prices were flat YoY and down -0.2% MoM; core CPI (ex food and energy) rose 0.6% YoY.
- Consumer goods prices fell -0.3% MoM and -0.5% YoY, while service prices were flat MoM but rose 0.5% YoY.
- Transport and communication prices declined -1.2% MoM and -4.3% YoY, driven by fuel (-3.7% MoM, -12.9% YoY).
- “Other goods and services” saw the largest gains (+0.7% MoM, +7.3% YoY), followed by clothing (+0.6% MoM, +1.5% YoY).
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China’s CPI rose 0.1% MoM in April but was down -0.1% YoY (vs -0.1% YoY expected), marking the third straight annual decline despite modest monthly gains.
- Core CPI (ex food and energy) rose 0.2% MoM and 0.5% YoY, indicating some underlying price pressures outside of softer food inflation.
- Food prices were up 0.2% MoM but down -0.2% YoY; fresh vegetables (-1.8% MoM, -5.0% YoY) and eggs (-1.0% MoM) were key drags.
- Pork prices fell -1.6% MoM but rose 5.0% YoY; beef prices surged 3.9% MoM but were still down -4.9% YoY.
- Transport and communications prices declined -0.3% MoM and -3.9% YoY, led by fuel (-2.0% MoM, -10.2% YoY).
- Tourism prices saw a strong monthly increase of 3.1% MoM but were down -0.5% YoY.
- The biggest monthly rise was in “Other supplies and services” (+2.4% MoM, +6.6% YoY).
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China’s CPI fell -0.4% MoM and was down -0.1% YoY in March, weaker than the -0.2% MoM and +0.1% YoY rates that were expected.
- However, on an annual basis, CPI increased from -0.7% YoY in February due to a very weak -1.0% MoM reading in March 2024.
- Food prices fell -1.4% MoM and -1.4% YoY but this was up from -3.3% YoY in February.
- Goods CPI was down -0.4% MoM and -0.4% YoY, and services CPI was down -0.4% MoM but up 0.3% YoY.
- Core CPI (ex food and energy) was flat on a monthly basis and up 0.5% YoY, up from a -0.1% YoY decline in February.
- Prices for daily necessities, specifically household goods, were up 1.3% MoM, the segment with the largest MoM increase.
- Outside of the decline in food prices, gas prices (-3.5% MoM) and tourism prices (-5.9% MoM) saw the largest monthly declines.
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China’s CPI fell -0.2% MoM and -0.7% YoY in February, down from an 0.5% MoM increase in January.
- Food prices fell -0.5% MoM and -3.3% YoY.
- Goods prices were flat on the month and down -0.9% YoY.
- Services prices fell -0.5% MoM and -0.4% YoY, reversing from a 1.1% YoY increase and the lowest since February 2022.
- Tourism prices were much weaker than a year ago, down -4.4% MoM and -9.6% YoY.
English release
Source
China’s CPI growth accelerated in January to 0.5% YoY, up from 0.1% YoY in December and above expectations of an 0.4% YoY increase. The monthly rate was a strong 0.7% MoM, the fastest since February 2024.
- Both goods and services inflation picked up to 0.1% YoY and 1.0% YoY respectively. Services inflation was the strongest since February 2024 when there was a flare up due to travel prices.
- Food prices were up a strong 1.3% MoM with fresh vegetable prices up 5.9% MoM, fish prices up 2.7% MoM, and fresh fruit prices up 3.3% MoM.
- Fuel prices saw a strong increase as well with gas prices up 2.5% MoM.
- Services prices flared up as well with family services up 5.7% YoY and tourism up 11.6% YoY.
Source
China’s CPI was flat in December and up just 0.1% YoY, down from 0.2% YoY in November. Both of these moves were in line with expectations. The annual increase is the weakest since March. Core CPI saw an acceleration from 0.3% YoY to 0.4% YoY in December after an 0.2% MoM increase.

Chinese goods prices are seeing deflationary pressure with declines of -0.1% MoM and -0.2% YoY while services prices are higher by 0.1% MoM and 0.5% YoY. However, both remain suppressed as the Chinese economy continues to be sluggish and weak consumer demand fails to drive prices to a more stable increase.

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