China's Consumer Price Index Edges Up 0.2 Percent
The consumer price index (CPI)—a critical inflation indicator—slowed dramatically from December's 0.8-percent increase, official figures from the National Bureau of Statistics (NBS) revealed.
The pronounced deceleration stemmed primarily from calendar-related base effects tied to the Lunar New Year holiday timing and a steeper decline in energy costs, the data indicated.
January 2025 saw the Spring Festival celebration, which inflated food and certain service costs and created an elevated comparison benchmark for this year's figures. Consequently, food prices contracted 0.7 percent year-over-year in January 2026, pulling the overall CPI down by approximately 0.11 percentage points, NBS statistician Dong Lijuan explained.
Energy costs plummeted 5.0 percent, stripping roughly 0.34 percentage points from the headline inflation measure, according to the statistics.
However, core inflation metrics suggested strengthening economic fundamentals beneath the surface-level weakness. The core CPI—which strips out volatile food and energy components—advanced 0.8 percent annually, signaling steady, gradual improvement in household spending.
Monthly core CPI growth accelerated 0.3 percent, marking the strongest momentum recorded in nearly half a year, the data confirmed.
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