Data in China | China's CPI rises year on year in March, while PPI returns to growth

China's National Bureau of Statistics has released CPI and PPI data for March 2026. In March, following the Spring Festival holiday, consumer demand fell back seasonally. The consumer price index (CPI) fell by 0.7 percent month on month, but rose by 1.0 percent year on year. Core CPI, which excludes food and energy prices, increased by 1.1 percent year on year.

Affected by a rapid rise in international commodity prices and improving supply-demand conditions in some domestic industries, China's producer price index (PPI) rose by 0.5 percent year on year and by 1.0 percent month on month in March. This marks the sixth consecutive monthly increase, with the pace of increase widening by 0.6 percentage points from the previous month to reach the fastest growth in 48 months.

Text/Graphics by Li Ruoyi