National Bureau of Statistics interpretation: in June 2026, the year-on-year CPI maintained a moderate increase, while the year-on-year PPI saw a slight expansion in growth.

National Bureau of Statistics Chief Statistician Dong Lijuan interprets the CPI and PPI data for June 2026. In June, affected by seasonal factors and fluctuations in international market prices, the Consumer Price Index (CPI) fell by 0.3% month-on-month and rose by 1.0% year-on-year, while the core CPI, excluding food and energy prices, rose by 1.0% year-on-year, continuing to rise moderately. Domestic demand in some industries increased, but the Producer Price Index (PPI) for industrial producers fell by 0.3% month-on-month and rose by 4.1% year-on-year, influenced by factors such as the decrease in international crude oil prices. Original text: CPI continues to rise moderately year-on-year in June 2026, and PPI has slightly expanded year-on-year Chief Statistician Dong Lijuan of the Urban Department of the National Bureau of Statistics interpreted the CPI and PPI data for June 2026. In June, affected by seasonal factors and fluctuations in international market prices, the Consumer Price Index (CPI) fell by 0.3% month-on-month and rose by 1.0% year-on-year, while the core CPI, excluding food and energy prices, rose by 1.0% year-on-year, continuing to rise moderately. Domestic demand in some industries increased, but industrial producer prices for factory output fell by 0.3% month-on-month and rose by 4.1% year-on-year. 1. CPI continues to rise moderately From a month-to-month perspective, the national CPI fell by 0.3%. Due to fluctuations in international market prices, domestic prices for gold jewelry and gasoline fell by 8.7% and 4.9% respectively, with the declines increasing by 5.9 points and 4.6 points compared to the previous month, collectively affecting a month-on-month decline of approximately 0.22 percentage points in the CPI, with a downward impact of around 0.19 percentage points on the CPI. Food prices fell by 0.4%, with the same decline as in the previous month, affecting a month-on-month decline of about 0.07 percentage points in the CPI. In terms of food, a large amount of seasonal fruits and vegetables were put on the market, leading to sufficient market supply, with prices of fresh vegetables and fruits falling by 1.0% and 2.0% respectively, collectively affecting a month-on-month decline in the CPI of about 0.06 percentage points; prices of pork and aquatic products fell by 0.8% and 0.6% respectively, collectively affecting a month-on-month decline in the CPI of about 0.02 percentage points; with the laying hen inventory at a low level and a decrease in egg production due to high temperatures, the price of eggs rose by 7.0%, affecting a month-on-month increase in the CPI of about 0.03 percentage points. Service prices, which declined by 0.1% in the previous month, remained flat. In terms of services, influenced by factors such as airlines reducing fuel surcharges and a slight decrease in off-season travel demand, hotel accommodation, airfare, and travel agency fees all declined by 5.3%, 4.0%, and 0.7% respectively, collectively affecting a month-on-month decline in the CPI of about 0.04 percentage points; influenced by some regions' policy adjustments, the national healthcare service prices rose by 0.3%, affecting a month-on-month increase in the CPI of about 0.02 percentage points. From a year-on-year perspective, the national CPI rose by 1.0%, a decrease of 0.2 percentage points from the previous month. International input factors led to a decrease in price increases for domestically produced industrial consumer goods. Industrial consumer goods increased by 2.9%, with the increase declining by 1.0 percentage points from the previous month, affecting an increase in the CPI year-on-year of about 0.90 percentage points, a decrease of about 0.28 percentage points from the previous month. Among industrial consumer goods, the price increases for gold jewelry and gasoline fell to 28.1% and 17.0% respectively, with a combined effect of increasing the CPI year-on-year by about 0.60 percentage points, a decrease of about 0.23 percentage points compared to the previous month; prices for personal care products and household appliances rose by 2.3% and 2.2% respectively, with a decrease in the rate of increase for both. Service prices increased by 0.8%, with the same increase as the previous month, affecting a year-on-year increase in the CPI of about 0.40 percentage points. In terms of services, healthcare service prices and education service prices rose by 3.4% and 0.6% respectively, while household service prices and dining out prices increased by 1.4% and 1.1% respectively, with overall stable increases. Food prices fell by 1.6%, narrowing by 0.1 percentage points compared to the previous month, affecting a year-on-year decrease in the CPI of about 0.28 percentage points. In terms of food, pork prices fell by 15.9%, narrowing by 0.2 percentage points compared to the previous month, affecting a year-on-year decrease in the CPI of about 0.30 percentage points; prices for fresh vegetables, fruits, grains, edible oils, dairy products, and aquatic products fell between 0.3% and 1.7%; egg prices rose by 20.0%, with an increase of 11.6 percentage points compared to the previous month; prices for lamb, beef, and poultry rose between 1.4% and 6.0%. 2. PPI slightly expands year-on-year From a month-on-month perspective, the national PPI fell by 0.3%. The main features of the month-on-month operation of the PPI in this month are as follows: Firstly, international crude oil prices declined, causing related domestic industry prices to fall. Prices for oil extraction fell by 16.0% month-on-month, while prices for refined petroleum product manufacturing fell by 3.1%, with declines expanding by 14.2 and 2.8 percentage points respectively from the previous month; prices for chemical raw materials and chemical product manufacturing, as well as chemical fiber manufacturing, changed from increases in the previous month to decreases of 2.0% and 0.8% respectively. Secondly, influenced by seasonal factors, there was a divergence in price trends for some industries. With rising temperatures in June, demand for backup coal and refrigeration products increased, leading to a month-on-month increase in coal mining and washing prices by 5.6%, and price increases by 0.6% and 0.4% for household refrigeration appliance manufacturing and refrigeration and air conditioning equipment manufacturing, respectively; due to sufficient summer precipitation, light and wind, hydropower, CECEP Solar Energy generation, and wind power prices all declined by 9.1%, 2.5%, and 2.2%, respectively. Finally, the acceleration of industrial upgrading led to an increase in demand for certain industries, driving price increases. As artificial intelligence applications continue to expand, new materials are widely used, and the transition to green production continues to progress, prices for virtual reality equipment manufacturing increased by 8.4% month-on-month, prices for wearable smart device manufacturing rose by 3.4%, prices for industrial control computer and system manufacturing increased by 3.3%, and prices for Siasun Robot & Automation manufacturing increased by 0.5%; prices for electronic special materials manufacturing rose by 2.5%, prices for carbon-based nanomaterials increased by 1.9%, and prices for biomass fuel processing increased by 1.2%; prices for comprehensive utilization of waste resources increased by 0.4%. From a year-on-year perspective, the national PPI rose by 4.1%, an increase of 0.2 percentage points from the previous month. Among the industries with increased prices, coal mining and washing saw a rise of 20.6%, electrical machinery and equipment manufacturing increased by 5.1%, computer communication and other electronic equipment manufacturing rose by 3.3%, and black metal smelting and processing increased by 3.1%, with all increases expanding compared to the previous month, collectively affecting an increase in the PPI year-on-year of about 1.39 percentage points; the mining and selection of non-ferrous metal minerals and smelting and processing of non-ferrous metals rose by 25.5% and 23.4% respectively, with petroleum and natural gas extraction, petroleum, coal, and other fuel processing, and chemical raw materials and chemical product manufacturing increasing by 16.8%, 16.7%, and 11.3% respectively, with all increases decreasing from the previous month, collectively affecting an increase in the PPI year-on-year of about 3.25 percentage points. Among the industries with declining prices, the non-metallic mineral products industry decreased by 4.4%, with a narrowing of the decline by 0.7 percentage points compared to the previous month, and the electricity and heat production and supply industry decreased by 4.4%, with the decline remaining the same as the previous month; the beverage and refined tea manufacturing industry and the automobile manufacturing industry both declined by 5.3% and 2.1% respectively, with increases in their declines by 3.4 and 0.1 percentage points compared to the previous month, collectively affecting a decrease in the PPI year-on-year of about 0.72 percentage points. This article was selected from the official website of the National Bureau of Statistics, translated by GMTEight, edited by Li Fo.