China’s CPI rose +1.0% YoY and fell -0.7% MoM in March 2026, reflecting modest annual inflation alongside a broad-based monthly decline driven by food prices.

• Headline CPI increased +1.0% YoY, with urban prices up +1.1% and rural up +0.9%, indicating slightly stronger price pressures in urban areas.

• Food prices rose +0.3% YoY while non-food prices increased +1.2% YoY, showing that annual inflation was driven more by non-food categories.

• Consumer goods prices rose +1.3% YoY and service prices increased +0.8% YoY, indicating somewhat stronger goods inflation relative to services.

• On a MoM basis, CPI declined -0.7%, with food prices falling -2.7% and non-food prices down -0.2%, pointing to food-driven weakness in monthly inflation.

• Within food YoY, fresh vegetables (+4.9%), fresh fruit (+4.0%), and aquatic products (+3.7%) increased, while livestock and meat (-4.2%), including pork (-11.5%), and eggs (-3.1%) declined, showing mixed food price dynamics.

• MoM food price declines were broad, led by fresh vegetables (-10.1%), livestock meat (-3.9%, including pork -7.3%), fresh fruit (-3.3%), eggs (-2.7%), and aquatic products (-2.6%), indicating widespread short-term price drops.

• Outside food YoY, other goods and services rose +13.5%, medical care +1.9%, and clothing +1.6%, while housing prices declined -0.2%, reflecting varied inflation across non-food categories.

• MoM non-food movements were mixed, with clothing and transportation up +0.4% and housing and medical care up +0.1%, while education, culture and entertainment (-1.6%), other goods and services (-1.4%), and daily necessities (-0.1%) declined, showing uneven monthly price changes across sectors.