Data from the National Bureau of Statistics (NBS) showed that in June 2026, China’s consumer price index (CPI) rose 1.0% YoY. Specifically, urban CPI increased 1.0%, while rural CPI rose 0.8%; food prices declined 1.6%, non-food prices rose 1.5%; consumer goods prices increased 1.1%, and service prices rose 0.8%. For the January–June period, the national CPI averaged an increase of 1.0% from a year earlier. In June, the national CPI fell 0.3% MoM. Among this, urban CPI dropped 0.4%, rural CPI fell 0.3%; food prices declined 0.4%, non-food prices fell 0.3%; consumer goods prices dropped 0.6%, and service prices remained flat. NBS data also showed that in June 2026, China’s industrial producer prices rose 4.1% YoY, but fell 0.3% MoM. Industrial producer purchasing prices increased 6.4% YoY, and declined 0.2% MoM. For H1, industrial producer prices rose 1.5% compared to the same period last year, while industrial producer purchasing prices increased 2.4%. Dong Lijuan, chief statistician at the NBS Urban Department, interpreted the CPI and PPI data for June 2026.
June 2026 CPI Rose 1.0% YoY
In June 2026, the national CPI rose 1.0% YoY. Specifically, urban CPI increased 1.0%, while rural CPI rose 0.8%; food prices declined 1.6%, non-food prices rose 1.5%; consumer goods prices increased 1.1%, and service prices rose 0.8%. For the January–June period, the national CPI averaged an increase of 1.0% from a year earlier.
In June, the national CPI fell 0.3% MoM. Among this, urban CPI dropped 0.4%, rural CPI fell 0.3%; food prices declined 0.4%, non-food prices fell 0.3%; consumer goods prices dropped 0.6%, and service prices remained flat.
I. YoY Price Changes by Category
In June, the prices of food, tobacco and alcohol, and dining out fell 0.8% YoY, contributing about 0.24 percentage points to the CPI decline. Among food, livestock meat prices dropped 7.3%, dragging the CPI down by approximately 0.30 percentage points, of which pork prices fell 15.9%; milk prices decreased 1.7%, pulling the CPI down by about 0.02 percentage points; fresh fruit prices fell 0.7%, contributing a decline of around 0.01 percentage points; and egg prices rose 16.0%, adding about 0.08 percentage points to the CPI increase.
Among the other seven major categories, six saw YoY price increases and one saw a decline. Among them, prices for other supplies and services, transportation and communication, and healthcare rose 6.6%, 4.1%, and 2.3%, respectively; clothing and education, culture, and recreation both rose 1.4%; household goods and services rose 1.3%; housing prices fell 0.3%.
II. Month-on-Month Changes in Prices of Various Commodities and Services
In June, prices for food, tobacco, and alcohol, and dining out fell 0.3% MoM, contributing to a decrease of approximately 0.08 percentage points in the CPI. Among food items, fresh fruit prices fell 2.0%, weighing on the CPI by about 0.04 percentage points; fresh vegetable prices fell 1.0%, weighing on the CPI by about 0.02 percentage points; livestock and poultry meat prices fell 0.5%, weighing on the CPI by about 0.02 percentage points, of which pork prices fell 0.8%; egg prices rose 5.8%, contributing to an increase of approximately 0.03 percentage points in the CPI.
Other seven categories saw one up, two flat, and four down MoM. Specifically, healthcare prices rose 0.2%; housing and education, culture, and recreation prices remained flat; other supplies and services and transportation and communication prices fell 2.7% and 1.3%, respectively; household goods and services and clothing prices fell 0.2% and 0.1%, respectively.
June 2026 PPI Rose 4.1% YoY and Fell 0.3% MoM
In June 2026, China's producer price index (PPI) rose 4.1% YoY and fell 0.3% MoM. The producer purchase price index rose 6.4% YoY and fell 0.2% MoM. In H1, the PPI rose 1.5% YoY and the producer purchase price index rose 2.4%.
I. Year-on-Year Changes in Producer Prices
In June, within the PPI, producer goods prices rose 5.5% YoY, contributing to an increase of approximately 4.28 percentage points in the overall PPI. Among them, mining and quarrying industry prices rose 16.5%, raw materials industry prices rose 8.6%, and processing industry prices rose 3.0%. Consumer goods prices fell 0.9%, pushing the overall PPI down by about 0.20 percentage points. Among them, food prices fell 2.1%, clothing and general daily necessities prices both fell 1.0%, and durable consumer goods prices rose 0.1%.
Within the producer purchase price index, prices for nonferrous metal materials and wires rose 21.6%, fuel and power prices rose 11.8%, chemical raw material prices rose 11.5%, textile raw material prices rose 3.3%, and ferrous metal materials prices rose 1.3%; prices for building materials and non-metallic minerals fell 4.8%, and agricultural and sideline products fell 1.3%.
II. Month-on-Month Changes in Industrial Producer Prices
In June, in industrial producer EXW prices, producer goods prices fell 0.3% MoM, pulling down the overall industrial producer EXW price index by approximately 0.25 percentage points. Among them, mining and quarrying industry prices fell 0.9%, raw materials industry prices fell 1.2%, and processing industry prices rose 0.2%. Consumer goods prices fell 0.3%, pulling down the overall industrial producer EXW price index by approximately 0.06 percentage points. Within this category, food prices fell 0.8%, clothing and durable consumer goods prices remained flat, and general daily necessities prices fell 0.1%.
In industrial producer purchase prices, chemical raw materials prices fell 1.3%, fuels and power prices fell 0.5%, building materials and non-metallic products prices fell 0.4%, and agricultural and sideline products prices fell 0.3%; textile raw materials prices rose 0.7%, non-ferrous metal materials and wires prices rose 0.1%; ferrous metal materials prices remained flat.
CPI Maintains Mild YoY Growth and PPI YoY Growth Edges Up in June 2026
— Interpretation of June 2026 CPI and PPI Data by Dong Lijuan, Chief Statistician of the Urban Survey Office, National Bureau of Statistics
In June, affected by seasonal factors and international market price fluctuations, the Consumer Price Index (CPI) fell 0.3% MoM, rose 1.0% YoY, and the core CPI excluding food and energy prices rose 1.0% YoY, maintaining mild growth. Domestic demand increased in some industries, but due to factors such as declining international crude oil prices, the Industrial Producer EXW Price Index (PPI) fell 0.3% MoM and rose 4.1% YoY.
I. CPI Maintains Mild Growth
On a MoM basis, the national CPI fell 0.3%. Affected by international market price fluctuations, domestic gold jewelry and gasoline prices fell 8.7% and 4.9%, respectively, with the declines widening by 5.9 and 4.6 percentage points from the previous month, together pulling down the CPI by approximately 0.22 percentage points MoM, and the downward pull on the CPI increased by approximately 0.19 percentage points from the previous month. Food prices fell 0.4%, the same decline as the previous month, contributing to a MoM drop of approximately 0.07 percentage points in the CPI. Within food, seasonal fruits and vegetables entered the market in large quantities, with ample supply, and prices of fresh vegetables and fresh fruits fell 1.0% and 2.0%, respectively, together pulling down the CPI by approximately 0.06 percentage points MoM; pork and aquatic product prices fell 0.8% and 0.6%, respectively, together pulling down the CPI by approximately 0.02 percentage points MoM; the laying hen inventory remained low, coupled with high temperatures reducing egg production rates, egg prices rose 7.0%, contributing approximately 0.03 percentage points to the MoM CPI increase. Service prices were flat MoM after a 0.1% decline in the previous month. Within services, affected by airlines lowering fuel surcharges and a pullback in off-season travel demand, prices for hotel accommodation, airfare, and travel agency fees fell 5.3%, 4.0%, and 0.7% respectively, together contributing about 0.04 percentage points to the MoM CPI decline. Due to policy-driven price adjustments in some regions, national medical service prices rose 0.3% MoM, contributing about 0.02 percentage points to the MoM CPI increase.
On a YoY basis, the national CPI rose 1.0%, with the growth rate narrowing 0.2 percentage points from the previous month. Imported international factors contributed to a pullback in domestic industrial consumer goods price growth. Prices of industrial consumer goods rose 2.9% YoY, with the growth rate narrowing 1.0 percentage points from the previous month, contributing approximately 0.90 percentage points to YoY CPI growth. The upward pull on CPI was about 0.28 percentage points lower than the previous month. Among industrial consumer goods, gold jewelry and gasoline prices saw their YoY growth rates pull back to 28.1% and 17.0% respectively, together contributing about 0.60 percentage points to YoY CPI growth. The upward pull on CPI was about 0.23 percentage points lower than the previous month. Personal care products and household appliance prices rose 2.3% and 2.2% YoY respectively, both with pulled-back growth rates. Service prices increased 0.8% YoY, the same growth rate as the previous month, contributing about 0.40 percentage points to YoY CPI growth. Within services, medical and education service prices rose 3.4% and 0.6% respectively, while household services and dining-out prices increased 1.4% and 1.1% respectively, with overall stable growth rates. Food prices fell 1.6% YoY, with the rate of decline narrowing by 0.1 percentage points from the previous month, dragging CPI down by about 0.28 percentage points YoY. Among food items, pork prices dropped 15.9% YoY, with the decline narrowing by 0.2 percentage points from the previous month, contributing about 0.30 percentage points to the YoY CPI decline. Prices for fresh vegetables, fresh fruits, grain, edible oil, dairy products, and aquatic products declined between 0.3% and 1.7% YoY. Egg prices rose 20.0% YoY, with the growth rate widening by 11.6 percentage points from the previous month. Lamb, beef, and poultry meat prices rose between 1.4% and 6.0% YoY.
II. PPI YoY Growth Slightly Expanded
On a MoM basis, the national PPI fell 0.3%. The main features of the MoM PPI movement this month were as follows: First, falling international crude oil prices led to price declines in domestic related industries. Oil extraction prices fell 16.0% MoM, and refined petroleum product manufacturing prices dropped 3.1% MoM, with the declines widening by 14.2 and 2.8 percentage points respectively from the previous month. Prices in the chemical raw materials and products industry and the chemical fiber manufacturing industry shifted from increases in the previous month to decreases of 2.0% and 0.8% respectively. Second, due to seasonal factors, the price trends of some industries diverged. In June, temperatures rose, demand for coal for summer peak preparation and cooling products increased, and prices in the coal mining and washing industry rose 5.6% MoM, household refrigeration appliance manufacturing prices rose 0.6%, and refrigeration and air conditioning equipment manufacturing prices rose 0.4%; with abundant summer precipitation, sunlight, and wind power, prices in hydropower, solar power, and wind power generation dropped 9.1%, 2.5%, and 2.2% respectively. Third, accelerated industrial upgrading drove up demand and prices in some industries. AI application scenarios continued to expand, new raw materials and new materials were widely adopted, and the green transformation kept advancing, driving up prices in the virtual reality equipment manufacturing industry by 8.4% MoM, wearable smart device manufacturing by 3.4%, industrial control computer and system manufacturing by 3.3%, and industrial robot manufacturing by 0.5%; prices in the electronic special materials manufacturing industry rose 2.5%, carbon-based nano materials rose 1.9%, biomass fuel processing rose 1.2%; and the waste resources comprehensive utilization industry rose 0.4%.
On a YoY basis, the national PPI rose 4.1%, with the increase widening by 0.2 percentage points from the previous month. Among industries with price increases, coal mining and washing rose 20.6%, electrical machinery and equipment manufacturing rose 5.1%, computer, communication, and other electronic equipment manufacturing rose 3.3%, and ferrous metal smelting and rolling processing rose 3.1%, all with increases that widened from the previous month; together, these four industries contributed to a YoY increase of about 1.39 percentage points in PPI. Non-ferrous metal ore mining and dressing and non-ferrous metal smelting and rolling processing rose 25.5% and 23.4% respectively, and oil and natural gas extraction, petroleum, coal and other fuel processing, and chemical raw materials and chemical products manufacturing rose 16.8%, 16.7%, and 11.3% respectively, with increases that pulled back from the previous month; together, these five industries contributed to a YoY increase of about 3.25 percentage points in PPI. Among industries with price decreases, non-metallic mineral products fell 4.4%, with the decline narrowing by 0.7 percentage points from the previous month; electricity and heat production and supply fell 4.4%, with the same decline as the previous month; wine, beverage, and refined tea manufacturing and automotive manufacturing fell 5.3% and 2.1% respectively, with declines widening by 3.4 and 0.1 percentage points respectively from the previous month; together, these four industries contributed to a YoY decrease of about 0.72 percentage points in PPI.
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