China Food Prices Drop the Least in 3 Months

China’s food prices rose 1.1% year-on-year in December 2025, accelerating sharply from a 0.2% increase in the previous month and marking the strongest pace since October 2024. The pickup was driven by faster price gains in fresh vegetables (18.2% vs 14.5% in November) and fresh fruit (4.4% vs 0.7%), reflecting seasonal supply constraints, colder winter weather, and higher logistics costs toward year-end. In contrast, prices declined further for eggs (-12.7% vs -12.5%), cooking oils (-1.0% vs -1.2%), and dairy products (-1.8% vs -1.6%), amid ample supply and subdued household demand. Pork, a key household staple, also remained deeply negative (-14.6% vs -15.0%), suggesting persistent oversupply and cautious consumer spending despite signs of stabilization in broader inflation.

China’s food prices rose 0.2% year-on-year in November 2025, reversing a 2.9% drop in the previous month and marking the first increase since January. The rebound was primarily driven by increases in the prices of fresh vegetables (14.5% vs -7.3% in October) and fresh fruit (0.7% vs -2.0%), likely reflecting seasonal demand and tighter supply conditions as winter approached. Meanwhile, several key categories continued to weigh on overall food inflation. Prices fell further for eggs (-12.5% vs -11.6%), cooking oils (-1.2% vs -1.1%), and dairy products (-1.6% vs -1.7%). Pork, a core household staple, also remained weak, though the rate of decline moderated (-15.0% vs -16.0%), suggesting easing downward pressure.

China’s food prices fell 2.9% year-on-year in October 2025, easing from a 4.4% drop in the previous month and marking the smallest decline since July. Despite the moderation, it was the ninth consecutive monthly decrease. Prices declined at softer rates for fresh vegetables (-7.3% vs -13.7% in September), eggs (-11.6% vs -11.9%), cooking oils (-1.1% vs -1.4%), dairy products (-1.7% vs -1.4%), and fresh fruit (-2.0% vs -4.2%). Pork prices, a key staple, also dropped at a slightly slower pace (-16.0% vs -17.0%), as abundant supply and lower feed costs kept prices weak despite a modest demand recovery during the Golden Week holidays.