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The National Bureau of Statistics released its latest inflation data on July 9 showing that China’s consumer price index rose 1 percent from a year earlier in June. This moderation followed a 1.2 percent year-on-year gain in May according to the same official source. The core CPI which excludes food and energy prices also increased by 1 percent on the year the NBS figures show. On a monthly basis consumer prices fell 0.3 percent in June continuing a pattern of contained demand-side pressures.
The producer price index climbed 4.1 percent year-on-year in June accelerating from the 3.9 percent rise recorded in May the NBS reported. Trading Economics data placed the PPI reading in line with analyst forecasts and marked the strongest gain since July 2022. Rising costs for energy and raw materials continued to feed through to factory-gate prices according to the statistics bureau’s assessment. The divergence between CPI and PPI trends has persisted through the first half of the year.
National Bureau of Statistics figures for May had shown CPI at 1.2 percent and PPI at 3.9 percent providing a baseline for the June slowdown in consumer inflation. A Reuters poll had anticipated a 1.1 percent CPI reading for June which the actual outcome fell slightly below. The statistics bureau attributed part of the PPI strength to external commodity movements without detailing specific category contributions in its initial release.
China’s inflation readings are compiled monthly by the National Bureau of Statistics using a basket that covers urban and rural households across consumer goods and services. The June CPI outcome aligns with a pattern of low single-digit consumer inflation observed in recent years according to historical NBS releases. Core inflation holding at 1 percent signals steady underlying price dynamics excluding volatile items the data indicates.
Global events including supply disruptions in energy markets have supported higher producer prices a pattern noted in Reuters coverage of the preceding May data. The National Bureau of Statistics has consistently highlighted such factors in its monthly explanations for PPI movements. June’s 4.1 percent PPI print extends a run of positive readings that began earlier in 2026.
The National Bureau of Statistics publishes both CPI and PPI data simultaneously each month allowing direct comparison of consumer and producer trends. For the first five months of 2026 the average PPI increase stood at 1 percent according to cumulative NBS tallies. Analysts at firms such as ANZ have adjusted full-year PPI projections upward in response to these readings while keeping CPI forecasts around 1.2 percent overall.
