China’s CPI was flat YoY in July 2025 but rose +0.4% MoM, as non-food prices provided upward momentum while food prices continued to decline.

• Food prices fell -0.2% MoM and -1.6% YoY; pork prices rose +0.9% MoM but dropped -9.5% YoY, while fresh fruit fell -3.4% MoM but gained +2.8% YoY.
• Non-food prices rose +0.5% MoM and +0.3% YoY; core CPI (ex food and energy) was up +0.4% MoM and +0.8% YoY.
• Consumer goods prices fell -0.4% YoY but rose +0.2% MoM; service prices rose +0.5% YoY and +0.6% MoM.
• Transport & communication prices rose +1.5% MoM but fell -3.1% YoY, with fuel up +3.5% MoM yet down -9.0% YoY.
• “Other supplies and services” saw the strongest YoY gain at +8.0%, followed by clothing (+1.7% YoY) and daily necessities/services (+1.2% YoY).