AI Data Insight
China's non-food CPI year-on-year growth rate climbed to 1.2% in August 2026, a significant recovery from the previous value of 0.9%, driving the overall CPI year-on-year increase to 0.8%, which is in line with market expectations. In terms of sub-categories, rising international oil prices and geopolitical risks have pushed up domestic energy and transportation costs, becoming the main force supporting non-food prices. Looking ahead, the scissors difference between the strong rebound of upstream PPI and the weak downstream core inflation still exists, and the momentum of domestic demand recovery will determine the medium-to-long-term price trend in the future.