China’s CPI rose +1.0% MoM and +1.3% YoY (vs +0.8% YoY expected) in February 2026, a jump in headline inflation to the highest since January 2023, driven largely by food and services prices.

• Headline CPI increased +1.3% YoY in February, with urban prices rising +1.4% and rural prices increasing +0.9%, reflecting slightly stronger price pressures in cities relative to rural areas.

• Food prices rose +1.7% YoY while non-food prices increased +1.3% YoY, indicating that both categories contributed to inflation, though food prices were slightly stronger overall.

• Consumer goods prices increased +1.1% YoY while service prices rose +1.6% YoY, suggesting somewhat firmer price growth in the services sector relative to goods.

• Within food categories YoY, fresh vegetables rose +10.9%, aquatic products increased +6.1%, and fresh fruit climbed +5.9%, while egg prices fell -2.9% and livestock and meat prices declined -2.7% YoY, including pork prices down -8.6%.

• On a MoM basis, CPI rose +1.0% in February, with food prices increasing +1.9% and non-food prices rising +0.8%, indicating that the monthly increase was primarily driven by stronger food price movements.

• Food price gains MoM included aquatic products up +6.9%, fresh fruit up +4.0%, livestock and meat up +2.6% (including pork up +4.0%), and eggs up +1.3%, contributing to the monthly rise in consumer prices.

• Outside food, transportation and communication prices increased +2.2% MoM and education, culture, and entertainment prices rose +1.6% MoM, while housing prices were flat (0.0% MoM) and clothing prices declined -0.1% MoM.

• Core CPI excluding food and energy increased +0.7% MoM and +1.8% YoY, indicating somewhat firmer underlying inflation relative to the headline measure.