China’s CPI fell -0.1% MoM and rose +0.5% YoY in July 2026, reflecting modest annual inflation as food prices remained in deflation while services and core inflation stayed firmer.

• Headline CPI increased +0.5% YoY in July, with urban prices up +0.5% and rural prices up +0.4%, while the January–July average rose +0.9% YoY.

• Food prices fell -1.5% YoY while non-food prices rose +0.9% YoY, showing that food deflation continued to offset broader price increases elsewhere in the basket.

• Consumer goods prices increased just +0.2% YoY, while services prices rose +0.7% YoY. Core CPI excluding food and energy increased +0.9% YoY, indicating firmer underlying inflation than the headline measure.

• Within food, livestock meat prices declined -6.0% YoY, led by pork at -13.3%, while dairy fell -1.5% and fresh fruit -1.1%. Egg prices rose +14.4%, providing a notable offset to broader food weakness.

• Among non-food categories, other goods and services rose +5.8% YoY, healthcare +2.9%, clothing +1.4%, and education, culture and entertainment +1.3%, while housing declined -0.3%.

• On a MoM basis, CPI fell -0.1%, with food prices broadly flat, non-food prices down -0.1%, and consumer goods prices declining -0.6%. Services prices increased +0.4%, showing divergence between goods and services inflation.

• Monthly food movements were mixed, with meat prices rising +1.9% and pork +4.1%, while fresh vegetables increased +1.3%. Fresh fruit prices fell -3.8% and egg prices declined -1.7%, leaving the broader food category little changed.

• Outside food, education, culture and entertainment prices rose +1.0% MoM and healthcare +0.8%, while transportation and communication prices fell -2.2%, driven in part by a -9.8% decline in transportation energy prices.

China’s CPI rose +1.0% YoY and fell -0.3% MoM in June 2026, reflecting modest annual inflation alongside a broad-based monthly decline driven by food and goods prices.

• Headline CPI increased +1.0% YoY, with urban prices up +1.0% and rural prices up +0.8%, indicating broadly similar inflation dynamics across regions.
• Food prices declined -1.6% YoY while non-food prices rose +1.5% YoY, showing that overall inflation was supported by non-food categories amid food deflation.
• Consumer goods prices increased +1.1% YoY and service prices rose +0.8% YoY, indicating somewhat stronger inflation in goods relative to services.
• Within food YoY, livestock meat prices fell -7.3% (pork -15.9%), dairy -1.7%, and fresh fruit -0.7%, while egg prices rose +16.0%, highlighting mixed but largely deflationary food price dynamics.
• Non-food YoY inflation was led by other goods and services (+6.6%), transportation and communication (+4.1%), and healthcare (+2.3%), while housing prices declined -0.3%, showing divergence across categories.
• On a MoM basis, CPI declined -0.3%, with food prices down -0.4% and non-food prices down -0.3%, indicating broad-based short-term price weakness.
• MoM food price declines were driven by fresh fruit (-2.0%), fresh vegetables (-1.0%), and livestock meat (-0.5%), while egg prices rose +5.8%, pointing to mixed but generally negative monthly food trends.
• Outside food MoM, healthcare prices rose +0.2%, housing and education were flat, while transportation and communication (-1.3%) and other goods and services (-2.7%) declined, indicating uneven but predominantly negative monthly price movements across sectors.

China's CPI rose +1.2% YoY in May, up from the recent trend and bringing year-to-date inflation to +1.0% YoY. On a monthly basis, consumer prices slipped -0.1% MoM.

• Inflation remains highly uneven beneath the surface. Food prices fell -1.7% YoY, led by a sharp -16.1% YoY decline in pork prices and a -2.2% YoY drop in fresh fruit prices. Meanwhile, non-food inflation accelerated to +1.9% YoY.
• Transportation & communication prices rose +5.4% YoY, supported by a +21.1% YoY increase in transportation fuel costs. Healthcare prices increased +2.1% YoY, while clothing prices rose +1.4% YoY.
• Core inflation excluding food and energy came in at +1.1% YoY, suggesting underlying price pressures remain relatively stable despite ongoing volatility in food and energy markets.
• On a monthly basis, falling food prices (-0.4% MoM) and transportation costs (-0.3% MoM) offset gains in clothing prices (+0.6% MoM), leaving headline CPI down slightly from April.

China’s CPI rose +1.2% YoY and +0.3% MoM in April 2026, reflecting modest annual inflation alongside a food-driven drag offset by stronger non-food prices.

• Headline CPI increased +1.2% YoY, with urban prices up +1.2% and rural up +1.0%, indicating slightly stronger inflation in urban areas.
• Food prices fell -1.6% YoY while non-food prices rose +1.8% YoY, showing that overall inflation was driven by non-food components as food prices remained a drag.
• Consumer goods prices increased +1.4% YoY and services rose +0.9% YoY, indicating somewhat firmer goods inflation relative to services.
• On a MoM basis, CPI rose +0.3%, with food prices down -1.6% and non-food prices up +0.7%, pointing to non-food categories driving the monthly increase.
• Within food YoY, livestock and meat prices fell -6.7% (including pork -15.2%), while aquatic products rose +1.3%, indicating mixed food price dynamics with significant declines in meat.
• MoM food price declines were broad, led by fresh vegetables (-6.4%), livestock meat (-2.7%, including pork -5.7%), fresh fruit (-2.3%), and aquatic products (-1.2%), reflecting widespread short-term price weakness in food.
• Non-food YoY increases were led by transportation and communication (+4.6%), medical care (+2.2%), and other goods and services (+11.0%), while residential prices fell -0.2%, showing varied inflation across categories.
• Core CPI excluding food and energy rose +1.2% YoY and +0.2% MoM, indicating stable underlying inflation despite volatility in food and energy components.

China’s CPI rose +1.0% YoY and fell -0.7% MoM in March 2026, reflecting modest annual inflation alongside a broad-based monthly decline driven by food prices.

• Headline CPI increased +1.0% YoY, with urban prices up +1.1% and rural up +0.9%, indicating slightly stronger price pressures in urban areas.

• Food prices rose +0.3% YoY while non-food prices increased +1.2% YoY, showing that annual inflation was driven more by non-food categories.

• Consumer goods prices rose +1.3% YoY and service prices increased +0.8% YoY, indicating somewhat stronger goods inflation relative to services.

• On a MoM basis, CPI declined -0.7%, with food prices falling -2.7% and non-food prices down -0.2%, pointing to food-driven weakness in monthly inflation.

• Within food YoY, fresh vegetables (+4.9%), fresh fruit (+4.0%), and aquatic products (+3.7%) increased, while livestock and meat (-4.2%), including pork (-11.5%), and eggs (-3.1%) declined, showing mixed food price dynamics.

• MoM food price declines were broad, led by fresh vegetables (-10.1%), livestock meat (-3.9%, including pork -7.3%), fresh fruit (-3.3%), eggs (-2.7%), and aquatic products (-2.6%), indicating widespread short-term price drops.

• Outside food YoY, other goods and services rose +13.5%, medical care +1.9%, and clothing +1.6%, while housing prices declined -0.2%, reflecting varied inflation across non-food categories.

• MoM non-food movements were mixed, with clothing and transportation up +0.4% and housing and medical care up +0.1%, while education, culture and entertainment (-1.6%), other goods and services (-1.4%), and daily necessities (-0.1%) declined, showing uneven monthly price changes across sectors.

China’s CPI rose +1.0% MoM and +1.3% YoY (vs +0.8% YoY expected) in February 2026, a jump in headline inflation to the highest since January 2023, driven largely by food and services prices.

• Headline CPI increased +1.3% YoY in February, with urban prices rising +1.4% and rural prices increasing +0.9%, reflecting slightly stronger price pressures in cities relative to rural areas.

• Food prices rose +1.7% YoY while non-food prices increased +1.3% YoY, indicating that both categories contributed to inflation, though food prices were slightly stronger overall.

• Consumer goods prices increased +1.1% YoY while service prices rose +1.6% YoY, suggesting somewhat firmer price growth in the services sector relative to goods.

• Within food categories YoY, fresh vegetables rose +10.9%, aquatic products increased +6.1%, and fresh fruit climbed +5.9%, while egg prices fell -2.9% and livestock and meat prices declined -2.7% YoY, including pork prices down -8.6%.

• On a MoM basis, CPI rose +1.0% in February, with food prices increasing +1.9% and non-food prices rising +0.8%, indicating that the monthly increase was primarily driven by stronger food price movements.

• Food price gains MoM included aquatic products up +6.9%, fresh fruit up +4.0%, livestock and meat up +2.6% (including pork up +4.0%), and eggs up +1.3%, contributing to the monthly rise in consumer prices.

• Outside food, transportation and communication prices increased +2.2% MoM and education, culture, and entertainment prices rose +1.6% MoM, while housing prices were flat (0.0% MoM) and clothing prices declined -0.1% MoM.

• Core CPI excluding food and energy increased +0.7% MoM and +1.8% YoY, indicating somewhat firmer underlying inflation relative to the headline measure.

China’s CPI rose +0.2% YoY (vs +0.4% YoY expected) and +0.2% MoM (vs +0.3% MoM expected) in January 2026, indicating subdued headline inflation with food still a drag.

• Headline CPI increased +0.2% YoY, with urban prices up +0.2% and rural up +0.1%; food prices fell -0.7% YoY while non-food rose +0.4% YoY, showing weak food inflation offset by modest non-food gains.

• On a MoM basis, CPI rose +0.2%, with both urban and rural prices up +0.2%; food prices were flat (0.0% MoM) while non-food rose +0.2%, pointing to mild sequential price momentum.

• Core CPI excluding food and energy rose +0.8% YoY and +0.3% MoM, indicating firmer underlying inflation than the headline measure.

• Within food YoY, pork fell -13.7% and livestock meat -6.1%, while eggs declined -9.2%, collectively weighing on CPI; fresh vegetables (+6.9%) and fresh fruit (+3.2%) partially offset those declines.

• On a MoM basis, food components were mixed: fresh vegetables fell -4.8% while eggs (+2.7%), fresh fruit (+2.0%), aquatic products (+2.0%), and pork (+1.2%) increased, reflecting offsetting seasonal movements.

• Non-food categories showed broad but moderate YoY gains, led by other supplies and services (+13.2%) and daily necessities and services (+2.6%), while transportation and communication fell -3.4% YoY and housing edged down -0.1%.

• Services prices rose +0.1% YoY and +0.2% MoM, while consumer goods prices increased +0.3% YoY and +0.2% MoM, suggesting slightly stronger goods inflation relative to services.

China’s CPI rose +0.8% YoY (vs +0.9% YoY expected) and +0.2% MoM in December 2025, unchanged from +0.8% YoY in November, reflecting modest headline inflation with continued divergence across major price categories.

• Headline CPI increased +0.8% YoY, with urban prices up +0.9% YoY and rural prices up +0.6% YoY, showing slightly stronger inflation pressures in cities.

• On a monthly basis, CPI rose +0.2% MoM, with both urban and rural prices increasing +0.2%, indicating mild sequential price momentum at year-end.

• Food prices rose +1.1% YoY, driven by fresh vegetables (+18.2% YoY; +0.39 ppts contribution) and fresh fruit (+4.4% YoY), while pork (-14.6% YoY) and eggs (-12.7% YoY) remained key drags on the food basket.

• Non-food prices increased +0.8% YoY, with large gains in other goods and services (+17.4% YoY), daily necessities and services (+2.2% YoY), and medical care (+1.8% YoY), offset by declines in transportation and communication (-2.6% YoY) and housing (-0.2% YoY).

• Core CPI excluding food and energy rose +1.2% YoY and +0.2% MoM, indicating firmer underlying inflation than the headline measure.

• Services prices increased +0.6% YoY and were flat MoM, while consumer goods prices rose +1.0% YoY and +0.3% MoM, showing stronger price growth in goods than services.

• On a MoM basis, food prices rose +0.3%, led by fresh fruit (+2.6% MoM) and vegetables (+0.8% MoM), while pork prices fell -1.7% MoM, partially offsetting food inflation.

• For full-year 2025, national consumer prices were unchanged YoY, indicating that December’s inflation occurred against a backdrop of flat average prices over the year.

China’s CPI rose +0.7% YoY in November 2025 (unchanged from the prior month’s annual pace) and fell -0.1% MoM, showing a stable but uneven price environment across major categories.

• Food prices increased +0.2% YoY, led by fresh vegetables (+14.5% YoY, +0.31 ppts contribution) and aquatic products (+1.5% YoY), while pork (-15.0% YoY) and eggs (-12.5% YoY) continued to pull the headline down, reflecting broad divergence within the food basket.

• Non-food prices rose +0.8% YoY, with notable increases in other goods and services (+14.2% YoY), daily necessities and services (+2.1% YoY), and clothing (+1.9% YoY), while transportation and communication fell -2.3% YoY, influenced by declines in vehicle fuel (-7.4% YoY).

• Services prices rose +0.7% YoY, supported by medical services (+2.7% YoY) and education, culture, and entertainment (+0.8% YoY), while housing costs were unchanged YoY, indicating stability in shelter-related components.

• Core CPI (excluding food and energy) rose +1.2% YoY, showing firmer underlying price momentum compared with the headline index.

• On a monthly basis, food rose +0.5% MoM, driven by a sharp increase in fresh vegetables (+7.2% MoM), while pork (-2.2% MoM), eggs (-1.8% MoM), and aquatic products (-1.8% MoM) offset part of the gain.

• Non-food prices fell -0.2% MoM, with declines in transportation and communication (-0.9% MoM) and education/culture/entertainment (-0.8% MoM), while clothing (+0.7% MoM) and healthcare (+0.1% MoM) provided small offsets.

• Services declined -0.4% MoM, reflecting weakness in travel (-5.7% MoM) and categories tied to discretionary spending, while housing edged down -0.1% MoM.

• Other goods and services continued to stand out, rising +1.2% MoM and +14.2% YoY, marking the strongest contributor outside core essentials and highlighting an area of persistent price strength.

China’s CPI rose +0.2% MoM (vs 0.0% MoM expected) and +0.2% YoY in October 2025, a modest rebound in prices that pushed the annual rate up to its highest since the beginning of this year.

• Excluding food and energy, core CPI rose +0.2% MoM and +1.2% YoY, indicating underlying inflation remained moderate despite the headline softness.

• Urban CPI increased +0.2% MoM and +0.3% YoY, while rural CPI rose +0.1% MoM but declined -0.2% YoY, showing persistent urban-rural divergence in price trends.

• Food prices rose +0.3% MoM but fell -2.9% YoY, continuing to weigh on the overall index; pork prices dropped -2.5% MoM and -16.0% YoY, contributing roughly -0.23 ppts to the YoY CPI change.

• Non-food prices rose +0.2% MoM and +0.9% YoY, driven by higher service costs (+0.2% MoM, +0.8% YoY), which helped offset declines in consumer goods prices (-0.2% YoY).

• Among major categories, transportation and communication prices fell -0.2% MoM and -1.5% YoY, reflecting lower fuel costs (-0.8% MoM, -5.4% YoY), while health care and education both rose +0.3% MoM and around +1% YoY.

• Prices for daily necessities and services decreased -0.2% MoM but increased +1.9% YoY, while housing costs edged down -0.1% MoM and were nearly flat YoY (+0.1%).

• “Other goods and services” showed the strongest price growth, surging +3.8% MoM and +12.8% YoY, standing out as the key upward driver in the October data.

• Overall, October’s CPI report showed continued price stability at the national level, with mild increases in services and non-food prices offsetting broad declines across food and energy components.

China’s CPI fell rose +0.1% MoM (vs +0.2% MoM expected) in September 2025 and was down -0.3% YoY (vs -0.1% YoY expected) slightly above -0.4% YoY in August, reflecting ongoing food price weakness offset by modest non-food gains.

• Core CPI was flat on the month, but up 1.0% YoY in September, the strongest increase since February 2024.
• Food prices dropped -4.4% YoY, subtracting roughly 0.74 ppts from the CPI, led by fresh vegetables (-13.7% YoY), pork (-17.0% YoY), and eggs (-11.9% YoY).
• Fuel prices were also notably weak, down -1.7% MoM and -6.0% YoY in September, dragging down the headline inflation rate.
• Non-food prices increased +0.7% YoY, supported by higher costs in other supplies and services (+9.9% YoY), daily necessities and services (+2.2% YoY), and clothing (+1.7% YoY).
• Service prices rose +0.6% YoY, while consumer goods prices fell -0.8% YoY, reflective of the weakness in food prices.
• On a MoM basis, food prices climbed +0.7%, driven by fresh vegetables (+6.1% MoM), eggs (+2.7% MoM), and fruit (+1.7% MoM), though aquatic products (-1.8% MoM) and pork (-0.7% MoM) fell.
• Non-food prices declined -0.1% MoM, with transportation and communication (-0.9% MoM) and education, culture, and entertainment (-0.4% MoM) posting notable decreases.
• For January-September 2025, average CPI edged down -0.1% YoY, indicating broadly flat consumer price trends through the year.