Data released by the National Bureau of Statistics on April 10 showed that in March, following the seasonal decline in consumer demand after the Spring Festival holiday, the national Consumer Price Index (CPI) fell by 0.7% month-on-month but increased by 1.0% year-on-year. According to an interpretation by Dong Lijuan, chief statistician of the Department of Urban Surveys at the National Bureau of Statistics, the national CPI continued to show mild year-on-year growth, with the increase rate slightly moderating to 1.0%. The month-on-month decline of 0.7% was mainly influenced by seasonal decreases in food and service prices.
At the same time, the national Producer Price Index (PPI) shifted from a 0.9% year-on-year decline in the previous month to a 0.5% increase in March, marking the first rise after 41 consecutive months of decline.
Statistics indicated that in March 2026, the national CPI rose by 1.0% compared to the same period last year. Specifically, urban areas saw a 1.1% increase, while rural areas experienced a 0.9% rise. Food prices went up by 0.3%, and non-food prices increased by 1.2%. Prices of consumer goods grew by 1.3%, and service prices rose by 0.8%. On average, from January to March, the national CPI increased by 0.9% compared to the same period in the previous year.
In March, the national CPI fell by 0.7% compared to the previous month. Urban areas recorded a 0.7% decline, while rural areas saw a 0.5% drop. Food prices decreased by 2.7%, and non-food prices fell by 0.2%. Prices of consumer goods declined by 0.3%, and service prices dropped by 1.1%.
In March 2026, prices for food, alcohol, and dining out increased by 0.4% year-on-year, contributing approximately 0.11 percentage points to the CPI increase. Among the other seven major categories, six showed year-on-year increases while one declined. Notably, prices for other goods and services, healthcare, and clothing rose by 13.5%, 1.9%, and 1.6%, respectively. Prices for household goods and services, education, culture, and entertainment, as well as transportation and communication, increased by 1.5%, 1.1%, and 0.9%, respectively. Housing prices fell by 0.2%.
Dong Lijuan noted in her analysis of the March 2026 CPI data that the national CPI maintained mild year-on-year growth. Prices of industrial consumer goods rose by 2.2%, with the growth rate expanding by 1.1 percentage points from the previous month, contributing about 0.67 percentage points to the year-on-year CPI increase. Among these, gold jewelry prices surged by 65.8%, though the growth rate moderated by 10.8 percentage points. The month-on-month decline of 0.7% in the national CPI was primarily due to seasonal decreases in food and service prices.
Data from the National Bureau of Statistics also showed that in March 2026, the national PPI shifted from a 0.9% year-on-year decline in the previous month to a 0.5% increase. Month-on-month, the PPI rose by 1.0%, with the growth rate expanding by 0.6 percentage points from the previous month. The purchasing prices for industrial producers turned from a 0.7% year-on-year decline in the previous month to a 0.8% increase. Month-on-month, these prices increased by 1.2%, with the growth rate expanding by 0.5 percentage points. For the first quarter, the PPI decreased by 0.6% compared to the same period last year, while industrial producers’ purchasing prices fell by 0.5%.
Dong Lijuan emphasized in her interpretation of the March 2026 PPI data that the national PPI’s shift to a 0.5% year-on-year increase marks the first rise after 41 consecutive months of decline. Additionally, the national PPI increased by 1.0% month-on-month, extending its rising trend to six consecutive months, with the growth rate expanding by 0.6 percentage points from the previous month, representing the largest increase in 48 months.
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