China’s CPI rose +0.4% MoM and +0.8% YoY in August 2026, accelerating from +0.5% YoY in July as non-food prices strengthened while food prices remained in deflation.

• Headline CPI increased +0.8% YoY in August, with urban prices up +0.8% and rural prices +0.7%, while the January–August average rose +0.9% YoY.

• Food prices declined -1.4% YoY while non-food prices increased +1.2% YoY, showing that continued food deflation contrasted with firmer price increases across the non-food portion of the basket.

• Consumer goods prices rose +0.8% YoY and services prices also increased +0.8%, while core CPI excluding food and energy rose +1.0% YoY, remaining above the headline rate.

• Food-related weakness remained concentrated in meat and vegetables, with livestock meat prices falling -5.1% YoY, including pork at -11.8%, while fresh vegetables declined -2.8%, dairy -1.4%, and aquatic products -0.6%. Egg prices rose +15.0%, providing a notable offset.

• Among non-food categories, other goods and services increased +7.3% YoY, healthcare +2.7%, and transportation and communication +2.5%. Transportation energy prices rose +8.3% and communication equipment prices increased +10.6%, while housing prices declined -0.3%.

• On a MoM basis, CPI increased +0.4%, reversing July's -0.1% decline. Food prices rose +0.4%, non-food prices +0.3%, consumer goods +0.6%, and services +0.1%, showing that the monthly increase was stronger among goods than services.

• Monthly food movements were led by a +5.5% increase in fresh vegetable prices, while livestock meat rose +0.9%, including pork at +1.3%, and eggs increased +2.0%. Fresh fruit fell -2.5% and aquatic products declined -0.9%, partially offsetting those increases.

• Transportation and communication prices rose +1.7% MoM and other goods and services increased +1.5%, while housing, education/culture/entertainment, and healthcare were unchanged. Daily necessities and services declined -0.2% and clothing fell -0.1%.