[NBS Interpretation of August 2026 CPI and PPI Data]
In August, affected by changes in international market prices, seasonal increases in food prices, and other factors, the Consumer Price Index (CPI) turned from a 0.1% MoM decline in the previous month to a 0.4% MoM increase, with the YoY growth rebounding to 0.8%. Excluding food and energy prices, core CPI YoY growth rebounded to 1.0%. Driven by the transmission of rising international commodity prices and increased demand in some industries amid China's industrial transformation and upgrading, the Producer Price Index (PPI) turned from a 0.7% MoM decline in the previous month to a 0.4% MoM increase, with the YoY growth widening to 3.8%.