China’s consumer price index (CPI) rose 1.3% year-on-year in February, according to data released by the National Bureau of Statistics on March 9, 2026. The increase, driven largely by the Spring Festival holiday period, marks an acceleration from the 0.2% rise recorded in January.
The February CPI figure represents a 1.0% month-on-month increase, the highest in nearly two years, according to Dong Lijuan, chief statistician of the NBS’s urban department. Excluding food and energy prices, the core CPI rose 1.8% year-on-year.
Alongside the CPI data, the Producer Price Index (PPI), which measures wholesale price changes, continued its trend of narrowing declines. The PPI rose 0.4% month-on-month in February, and the year-on-year decrease moderated to 0.9%, a continuing shift from previous months.
The surge in CPI was primarily attributed to increased spending during the extended Spring Festival holiday. Services prices saw a significant increase, rising 1.1% month-on-month, contributing approximately 0.54 percentage points to the overall CPI increase. Specifically, airfares, transportation rentals, travel agency fees, and hotel accommodations experienced substantial price hikes, collectively accounting for over 30% of the monthly CPI rise. Other service sectors, including pet care, vehicle maintenance, and domestic services, also saw price increases.
Industrial consumer goods prices also rose 0.4% month-on-month, influenced by rising international gold prices and increased gasoline prices. Gold jewelry prices increased 6.2%, whereas gasoline prices rose 3.1%, together contributing 0.12 percentage points to the monthly CPI increase.
Food prices, while increasing 1.9% month-on-month, remained below seasonal norms. Increases were seen in aquatic products, fruits, and pork, while prices for mutton, beef, eggs, and poultry remained relatively stable.
The narrowing decline in the PPI was attributed to factors including the continued construction of a unified national market, increased demand in certain industries, and the transmission of rising international commodity prices.
The data follows a January report showing a 0.2% year-on-year increase in CPI and a 1.4% decline in PPI, as reported by the NBS on February 11, 2026. In November 2025, the CPI rose 0.7% year-on-year, with the core CPI increasing 1.2%, according to data released December 10, 2025.