China’s CPI rose +1.2% YoY and +0.3% MoM in April 2026, reflecting modest annual inflation alongside a food-driven drag offset by stronger non-food prices.

• Headline CPI increased +1.2% YoY, with urban prices up +1.2% and rural up +1.0%, indicating slightly stronger inflation in urban areas.
• Food prices fell -1.6% YoY while non-food prices rose +1.8% YoY, showing that overall inflation was driven by non-food components as food prices remained a drag.
• Consumer goods prices increased +1.4% YoY and services rose +0.9% YoY, indicating somewhat firmer goods inflation relative to services.
• On a MoM basis, CPI rose +0.3%, with food prices down -1.6% and non-food prices up +0.7%, pointing to non-food categories driving the monthly increase.
• Within food YoY, livestock and meat prices fell -6.7% (including pork -15.2%), while aquatic products rose +1.3%, indicating mixed food price dynamics with significant declines in meat.
• MoM food price declines were broad, led by fresh vegetables (-6.4%), livestock meat (-2.7%, including pork -5.7%), fresh fruit (-2.3%), and aquatic products (-1.2%), reflecting widespread short-term price weakness in food.
• Non-food YoY increases were led by transportation and communication (+4.6%), medical care (+2.2%), and other goods and services (+11.0%), while residential prices fell -0.2%, showing varied inflation across categories.
• Core CPI excluding food and energy rose +1.2% YoY and +0.2% MoM, indicating stable underlying inflation despite volatility in food and energy components.