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The National Bureau of Statistics placed the core CPI, which excludes food and energy prices, at a 1 percent year-on-year increase for June while the headline CPI edged down 0.3 percent from the prior month. Producer prices slipped 0.3 percent on a monthly basis after the annual gain, according to the bureau’s release. The figures align with the reference that China’s CPI rose 1 percent in June and follow a period in which consumer inflation held near 1.2 percent in both April and May, earlier bureau data showed.
NBS statistician Dong Lijuan attributed aspects of the PPI performance to lower international crude oil prices that drove down costs in related domestic industries. She noted that seasonal factors produced divergent price trends across the broader energy sector last month. Faster industrial upgrading had boosted demand and lifted prices for items such as new materials and industrial robots, Dong Lijuan added in the bureau’s assessment.
The June CPI reading of 1 percent came in slightly below market expectations of 1.1 percent, Trading Economics figures indicated. The National Bureau of Statistics had reported a 1.2 percent year-on-year CPI increase for May along with a 3.9 percent PPI gain that month. This pattern reflects contained consumer price momentum even as factory-gate inflation gathered pace.
China has set a CPI growth target of around 2 percent for 2026 according to the government’s work report cited in National Bureau of Statistics releases. A BBVA Research outlook issued in June raised the firm’s full-year CPI projection to 1.2 percent while lifting the PPI forecast to 1.4 percent. Such projections incorporate the latest monthly data and ongoing global supply-chain influences.
The producer price index’s 4.1 percent annual rise in June marks an acceleration from the May figure, Reuters compilations of bureau statistics confirmed. The PPI had returned to positive territory in March after 41 months of declines, prior National Bureau of Statistics reports showed. This rebound coincides with strengthening demand in upgraded manufacturing segments that the statistician highlighted.
Monthly price releases from the National Bureau of Statistics continue to serve as key inputs for policymakers monitoring economic recovery. The bureau’s consistent tracking has documented shifts from pandemic-era volatility to more stable inflation ranges in recent years. June’s combined CPI and PPI movements add to the dataset informing expectations for the second half of 2026.
