AI Data Insight
China's housing contribution to the MoM CPI growth rate in Q3 2026 reported at -0.0663 percentage points, flat compared to the previous quarter and remaining deeply in negative territory. Both housing prices and rents are trending downward, making it not only the sole non-food category in decline among overall prices, but also reflecting the severe impact of real estate wealth shrinkage on domestic demand. The market is concerned that without strong consumption stimulus, China may face a prolonged deflationary spiral and the risk of "Japanification."