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.