AI Data Insight

In Q2 2026 (April), the contribution of food, tobacco, and alcohol to China's MoM CPI growth was -0.06 percentage points, narrowing significantly from the previous value of -0.28 percentage points. Driven by higher international energy prices and holiday travel demand, the overall MoM CPI growth in April turned positive from negative, exceeding market consensus. Although food prices such as pork remain weak, the structure of "weak food, strong non-food" is leading China gradually out of the shadow of deflation.

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