China’s CPI rose +1.0% YoY and fell -0.3% MoM in June 2026, reflecting modest annual inflation alongside a broad-based monthly decline driven by food and goods prices.

• Headline CPI increased +1.0% YoY, with urban prices up +1.0% and rural prices up +0.8%, indicating broadly similar inflation dynamics across regions.
• Food prices declined -1.6% YoY while non-food prices rose +1.5% YoY, showing that overall inflation was supported by non-food categories amid food deflation.
• Consumer goods prices increased +1.1% YoY and service prices rose +0.8% YoY, indicating somewhat stronger inflation in goods relative to services.
• Within food YoY, livestock meat prices fell -7.3% (pork -15.9%), dairy -1.7%, and fresh fruit -0.7%, while egg prices rose +16.0%, highlighting mixed but largely deflationary food price dynamics.
• Non-food YoY inflation was led by other goods and services (+6.6%), transportation and communication (+4.1%), and healthcare (+2.3%), while housing prices declined -0.3%, showing divergence across categories.
• On a MoM basis, CPI declined -0.3%, with food prices down -0.4% and non-food prices down -0.3%, indicating broad-based short-term price weakness.
• MoM food price declines were driven by fresh fruit (-2.0%), fresh vegetables (-1.0%), and livestock meat (-0.5%), while egg prices rose +5.8%, pointing to mixed but generally negative monthly food trends.
• Outside food MoM, healthcare prices rose +0.2%, housing and education were flat, while transportation and communication (-1.3%) and other goods and services (-2.7%) declined, indicating uneven but predominantly negative monthly price movements across sectors.