China’s consumer price growth cools as inflation outlook remains unclear

South China Morning PostEN 1 min read 100% complete by Xinyi WuFebruary 11, 2026 at 04:54 AM

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China's consumer price index (CPI) increased 0.2% year-on-year in January, marking the fourth consecutive month of growth but at a slower pace than December's 0.8% rise. The National Bureau of Statistics attributed the muted CPI growth to the timing of the Lunar New Year and lower global oil prices. Core inflation, excluding food and energy, rose 0.8%, indicating recovering consumer demand. Factory-gate price declines narrowed, suggesting easing deflationary pressures. Analysts caution that the Lunar New Year holiday's impact on demand makes the overall inflation outlook unclear until the coming months.

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Wind 40% Dong Lijuan ×260% National Bureau of Statistics 70% Lunar New Year ×370% China 90%

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inflation 100% consumer price index 90% consumer prices 80% china 80% lunar new year 70% deflationary pressures 70% factory-gate prices 60% core inflation 60% consumer demand 50% economic outlook 50%