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.