China’s Inflation Rises in August Driven by Energy and Food

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China's Inflation Rises in August Driven by Energy and Food

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China experienced an uptick in both consumer and producer inflation in August 2026, driven largely by rising energy and food costs. The National Bureau of Statistics (NBS) announced on Wednesday, September 9, 2026, that the Consumer Price Index (CPI) increased by 0.8% year-on-year. This marks an acceleration from the 0.5% rise observed in July and aligns with market expectations.

Producer prices, measured by the Producer Price Index (PPI), also saw a significant increase, rising by 3.8% year-on-year in August. This figure exceeded the 3.6% forecast and represents a notable acceleration from July’s 3.5% increase.

The elevated energy prices are attributed to supply risks and disruptions in maritime transport, particularly those connected to the Middle East conflict. On a month-over-month basis, CPI rose by 0.4% in August, surpassing the expected 0.3% and reversing a 0.1% decline in July. Similarly, the PPI increased by 0.4% month-over-month. While food prices were a primary factor, with a recovery in pork and vegetable prices contributing to the CPI increase, non-food prices also rose, notably transport costs due to higher fuel prices. For the first eight months of 2026, the CPI rose by 0.9% and the PPI increased by 2%.

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