AI Data Insight
China's Q3 2026 non-food CPI monthly index is 99.9, showing a slight narrowing in the decline compared to the previous Q2 reading of 99.7, but it has been below the 100 baseline for two consecutive months. Combined with the latest overall July CPI year-on-year growth of only 0.5%, which fell short of market consensus, this reflects insufficient effective domestic demand and a pullback in commodity prices. Deflationary pressure remains the greatest hidden concern for the short-term macroeconomy.