China Food Prices Fall for First Time in 3 Months

China’s food prices fell 0.7% year on year in January 2026, reversing a 1.1% rise in the previous month and marking the first decline since October, as ample supply and subdued demand weighed on prices ahead of the Lunar New Year festivals in February. Egg prices remained sharply lower (-9.2% vs -12.7%), alongside continued declines in cooking oils (-0.7% vs -1.0%) and dairy products (-0.8% vs -1.8%), reflecting strong production and weak consumption. Pork prices, a key household staple, also stayed deeply negative (-13.7% vs -14.6%) amid persistent oversupply. Meanwhile, price growth slowed markedly for fresh vegetables (6.9% vs 18.2%) and fresh fruit (3.2% vs 4.4%), as earlier weather-related pressures eased and supplies improved before the holiday period.

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.