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).