Latest News Stream - Food Inflation

China’s food prices fell 2.9% year-on-year in October 2026, following a 1.7% decline in the previous month. This marked the seventh consecutive month of decline and the steepest pace since October 2025. Prices declined further for fresh fruit (-3.8% vs -1.5% in September), fresh vegetables (-16.9% vs -8.1%), edible oils (-1.1% vs -1.1%), and dairy products (-1.2% vs -1.5%). Pork prices, a key component of China's food basket, continued to fall (-8.6% vs -10.0%), reflecting abundant supply and persistently subdued demand. In contrast, egg prices remained elevated (10.1% vs 14.3%).

Japan’s food prices rose 2.8% in September 2026, easing from a 3.1% increase in the previous month, marking the slowest pace since February 2022. Price growth moderated for dairy products and eggs (1.0% vs 1.3% in August) and cakes and candies (4.3% vs 5.0%). Meanwhile, fresh vegetable prices fell for the first time in six months (-0.3% vs 5.5%), and cereal prices extended their decline for a fifth month (-5.0% vs -3.4%). Rice prices plunged 20.6%, falling for a fifth consecutive month and recording the steepest decrease on record. In contrast, inflation held steady for beverages (at 6.0%) but accelerated for fresh fruit (1.0% vs 0.1%), fish and seafood (10.7% vs 9.9%), oils, fats and seasonings (4.6% vs 4.0%), meat (4.3% vs 3.3%), alcoholic beverages (0.6% vs 0.4%), prepared foods (4.2% vs 3.3%), and meals eaten out (2.5% vs 2.1%).

Annual food inflation in New Zealand accelerated to 2.4% in September 2026 from 1.9% in the previous month, which was the softest increase since December 2024. It was the fastest increase in food inflation since June, as grocery food prices rose to 3.0% from 1.7% in August, making them the largest contributor to the annual increase in food prices. Inflation for restaurant meals and ready-to-eat food eased slightly to 3.1% from 3.2%, making it the second-largest contributor to the annual increase in food prices. Meanwhile, prices for meat, poultry, and fish increased by 3.2%, compared with 3.4% in August, while fruit and vegetable prices fell at a faster rate, declining 1.8% following a 1.6% drop in August. At the same time, prices for milk, cheese, and eggs fell more sharply (-0.6% vs -0.3% in August), while prices for oils and fats declined at a slower pace (-8.1% vs -10.6%). On a monthly basis, food prices were unchanged, following a 0.3% increase in August.

China’s food prices declined 1.7% year-on-year in September 2026, accelerating from a 1.4% drop in the previous month. It was the sixth consecutive month of contraction and the steepest pace in four months. Prices fell further for fresh fruit (-1.5% vs -0.5% in August), fresh vegetables (-8.1% vs -2.8%), edible oils (-1.1% vs -1.3%), and dairy products (-1.5% vs -1.4%). Pork prices, a key component of China’s food basket, continued to decline (-10.0% vs -11.8%), reflecting abundant supply and persistently subdued demand. In contrast, egg prices stayed elevated (14.3% vs 15.0%).

Food prices in Malaysia rose 1.9% year-on-year in August 2026, up slightly from a 1.8% increase in the previous month and marking the fastest pace since September 2025. The food & beverages category accounts for 29.8% of the overall CPI basket, making it the largest component. Upward price pressures came from all components, including food consumed at home (1.4% vs 1.2% in July), cereals & cereal products (0.2% vs 0.2%), meat (3.5% vs 3.2%), fish & other seafood (0.9% vs 1.1%), milk, dairy products & eggs (1.5% vs 0.8%), oils & fats (0.1% vs 0.2%), fruits & nuts (1.4% vs 1.1%), vegetables (2.8% vs 1.0%), sugar, confectionery & desserts (0.5% vs 0.4% vs 0.5%), and food away from home (2.5% vs 2.5%).

Japan’s food prices rose 3.1% year-on-year in August 2026, slowing from 3.5% in the previous month and marking the slowest increase since July 2024. Price pressures moderated across fresh vegetables (5.5% vs 6.5% in July), fresh fruit (0.1% vs 2.4%), dairy products and eggs (1.3% vs 3.5%), cakes and candies (5.0% vs 6.1%), meats (3.3% vs 3.9%), alcoholic beverages (0.4% vs 0.6%), and prepared foods (3.3% vs 3.5%). Meanwhile, cereal prices fell for a fourth straight month (-3.4% vs -2.2%). At the same time, rice prices dropped 15.7% year-on-year, extending their decline for a fourth consecutive month and marking the steepest fall since April 2005. In contrast, prices accelerated for fish and seafood (9.9% vs 9.0%), oils, fats and seasonings (4.0% vs 3.4%), beverages (6.0% vs 5.5%), and meals eaten out (2.1% vs 1.7%).

Annual food inflation in New Zealand stood at 1.9% in August 2026, unchanged from the previous month and marking the softest increase since December 2024. Inflation for restaurant meals and ready-to-eat food stood at 3.2%, unchanged from the previous month, and remained the largest contributor to the annual increase in food prices. Prices for meat, poultry, and fish increased by 3.4% (vs 3.2% in July), after marking the slowest rate since at least June 2025 in July, and recorded the second-largest contributor to the annual increase in food prices. Grocery food prices also accelerated (1.7% vs 1.6% in July), while fruit and vegetable prices fell at a faster rate, declining 1.6%, following a 1.0% drop in July. At the same time, milk, cheese, and egg prices also fell less sharply (-0.3% vs -0.9% in July), while oils and fats declined more sharply (-10.6% vs -6.3%). Monthly, food prices rose 0.3%, following a 0.1% gain in July and marking the fourth straight month of increases.

China’s food prices declined 1.4% year-on-year in August 2026, easing from a 1.5% drop in the previous month. While marking the fifth consecutive month of contraction, the latest decline was the mildest in the sequence. Prices fell further for fresh fruit (-0.5% vs -1.1% in July), edible oils (-1.3% vs -1.1%), and dairy products (-1.4% vs -1.5%). Fresh vegetable prices also dropped 2.8%, reversing a 0.3% increase in July. Pork prices, a key component of China’s food basket, continued to decline (-11.8% vs -13.9%), reflecting abundant supply and subdued demand. In contrast, egg prices accelerated (15.0% vs 14.4%).

Japan’s food prices rose 3.5% year-on-year in July 2026, accelerating from 3.2% in June and marking the fastest increase since February. Price pressures strengthened across fresh vegetables (6.6% vs 2.8%), fresh fruit (2.4% vs 0.2%), cakes and candies (6.1% vs 5.6%), fish and seafood (9.0% vs 7.6%), meats (3.9% vs 3.5%), alcoholic beverages (0.6% vs 0.5%), and meals eaten out (1.7% vs 1.6%). Meanwhile, price growth eased for dairy products and eggs (3.5% vs 4.5%), oils, fats and seasonings (3.4% vs 4.0%), prepared foods (3.5% vs 3.7%), and beverages (5.5% vs 5.9%). Cereal prices fell for a third straight month (-2.2% vs -2.1%). Notably, rice prices dropped 11.6% year-on-year, extending their decline for a third consecutive month and marking the steepest fall since August 2005.

Food prices in Malaysia rose 1.8% year-on-year in July 2026, accelerating from a 1.4% increase in the previous month and marking the fastest pace since September 2025. The food & beverages category accounts for 29.8% of the overall CPI basket, making it the largest component. Upward price pressures came from all components, including food consumed at home (1.2% vs 0.5% in June), cereals & cereal products (0.2% vs 0.2%), meat (3.2% vs 1.5%), fish & other seafood (1.4% vs 1.6%), milk, dairy products & eggs (0.8% vs 0.1%), oils & fats (0.2% vs 0.2%), fruits & nuts (1.1% vs 1.0%), vegetables (1.0% vs -1.8%), sugar, confectionery & desserts (0.4% vs 0.5%), and food away from home (2.5% vs 2.4%).

Annual food inflation in New Zealand eased to 1.9% in July 2026 from 2.5% in June, marking the softest increase since December 2024. The moderation was mainly driven by a fall in fruit and vegetable prices and easing price pressures on grocery food, meat, poultry, and fish. Prices for meat, poultry, and fish increased by 3.2% (vs 6.2% in June), marking the slowest rate since at least June 2025, and remained the largest contributor to the annual increase in food prices. Grocery food prices rose at their slowest pace in three months (1.6% vs 1.9% in June), while fruit and vegetable prices fell 1.0%, reversing a 0.1% rise in June. At the same time, milk, cheese, and egg prices also dropped 0.9%, while oils and fats continued to fall (-6.3% vs -8.5% in June). Meanwhile, inflation for restaurant meals and ready-to-eat food accelerated slightly to 3.2% from 3.1% in June. Monthly, food prices edged up 0.1%, easing from a 0.6% gain in June and marking the softest increase in three months.

China’s food prices dropped 1.5% year-on-year in July 2026, following a 1.6% decline in the previous month and marking the fourth straight month of contraction. The continued decline reflected persistently weak consumer demand and ample supplies, particularly for key food items. Prices fell further for fresh fruit (-1.1% vs -0.7% in June) and remained unchanged in their pace of decline for edible oils (-1.1% vs -1.1%) and fresh vegetables (-0.3% vs -0.3%), while dairy prices decreased at a slower pace (-1.5% vs -1.7%). Pork prices, a key component of China’s food basket, continued to fall sharply (-13.9% vs -15.9%), amid abundant supply and subdued consumption. In contrast, egg prices remained elevated, although inflation eased (14.4% vs 16.0%).

Japan plans to temporarily cut its sales tax on food and drinks to 1% for two years, Bloomberg reported. The government chose a low positive rate instead of zero to avoid the costly, time-consuming reprogramming of retailers’ cash registers; a 0% rate would take about a year to implement, while 1% could halve that timeline. To take effect in April 2027, the measure must still be legislated and passed by the Diet (parliament), with draft legislation expected in an extraordinary session in autumn 2026. Policymakers hope the measure will ease household burdens, though economists warned that prices may not fall as much as expected, limiting the benefit for consumers.

Japan's food prices increased 3.2% year-on-year in June 2026, slowing from 3.5% in May and marking the softest rise since July 2024. Price growth slowed for fresh vegetables (2.6% vs 3.8% in May), cakes and candies (5.7% vs 8.1%), prepared foods (4.2% vs 4.4%), and beverages (6.8% vs 8.7%). At the same time, cereal cost fell for the second straight month (-2.5% vs -0.9%) while fresh fruit prices stayed in deflation (-0.9% vs -1.6%). In contrast, inflation accelerated for fish and seafood (6.9% vs 5.5%), meats (4.3% vs 3.5%), dairy products and eggs (4.6% vs 3.6%), oils, fats, and seasonings (4.2% vs 3.9%), alcoholic beverages (0.4% vs 0.2%), and meals eaten out (1.2% vs 1.0%). Among staple foods, rice prices declined 8.7% from a year earlier, falling for the second consecutive month and registering the largest drop since August 2015.

Food prices in Malaysia rose 1.4% year-on-year in June 2026, matching May's pace and remaining at the fastest rate in four months. The food & beverages category accounts for 29.8% of the overall CPI basket, with prices increasing in 169 of 247 food items. Inflation accelerated for food consumed at home (0.5% vs 0.3% in May), cereals & cereal products (0.2% vs 0.1%), meat (1.5% vs 0.2%), and oils & fats (0.2% vs a flat reading). Costs also continued to rise for fish & other seafood (1.4% vs 1.6%), fruits & nuts (1.0% vs 1.4%), sugar, confectionery & desserts (0.5% vs 0.5%), and food away from home (2.4% vs 2.5%). Meanwhile, prices of milk, other dairy products & eggs inched up 0.1%, reversing a 0.8% decline in May.

China's food prices fell 1.6% year-on-year in June 2026, following a 1.7% decline in the previous month, which was the steepest decline in seven months. It was the third consecutive monthly decrease, reflecting ample food supplies and weak consumer demand. Prices continued to decline for fresh fruit (-0.7% vs -1.0% in May), edible oils (-1.1% vs -1.2%), and dairy products (-1.7% vs -1.2%), while fresh vegetable prices fell after rising in May (-0.3% vs 1.6%). Pork prices, a key component of China's food basket, declined at a slower pace (-15.9% vs -16.1%) amid abundant supply and subdued consumption. In contrast, egg prices rose at a faster pace (16.0% vs 6.6%).

Food prices in Malaysia rose 1.4% year-on-year in May 2026, up from 1.2% in April. The food & beverages group (accounts for 29.8% of CPI weight) showed broad-based increases as 160 of 247 items (64.8%) recorded higher prices. The rise was driven by food at home, which increased 0.3% (vs 0.0% in April), while food away from home eased slightly to 2.5% (vs 2.6%), reflecting slower increases in murtabak (4.1% vs 4.3%), fried rice (3.4% vs 3.9%), roasted pork rice (3.2% vs 3.4%), cooked fish (2.1% vs 2.7%), and roti canai (2.6% vs 2.8%). Among subcomponents, prices rose for meat (0.2% vs 0.5%), oils & fats (0.0% vs 0.1%), sugar, confectionery & desserts (0.5% vs 0.1%), and ready-made food. Meanwhile, inflation eased for fish & seafood (1.6% vs -0.2%), milk & eggs (-0.8% vs -0.3%), fruits & nuts (1.4% vs -0.1%), vegetables (-1.5% vs 1.6%), and water (-1.0% vs -0.3%), while cereals were flat at 0.1% (vs 0.0%).

Japan's food prices increased 3.5% year-on-year in May 2026, matching April's pace and remaining at their slowest pace since October 2024. Costs continued to rise for fish and seafood (5.5% vs 5.8% in April), meat (3.5% vs 4.4%), dairy products and eggs (3.6% vs 4.9%), oils, fats, and seasonings (3.9% vs 4.2%), cakes and candies (8.1% vs 7.7%), prepared foods (4.4% vs 4.8%), beverages (8.7% vs 9.4%), alcoholic beverages (0.2% vs 0.9%), and meals eaten out (1.0% vs 1.1%). At the same time, fresh vegetable prices rebounded after five consecutive months of declines (3.8% vs -2.2%), while cereal prices fell for the first time since December 2021 (-0.9% vs 1.2%) and fresh fruit prices stayed in deflation (-1.6% vs -3.6%). Among staple foods, rice prices declined 4.9% from a year earlier, marking their first annual drop since November 2022.

Annual food inflation in New Zealand accelerated to 3.2% in May 2026 from April’s 14-month low of 2.6%, the first acceleration in three months. The increase was mainly driven by grocery food; meat, poultry, and fish; fruit; and restaurant meals and ready-to-eat food prices. Grocery food prices rose at the fastest pace in three months (2.4% vs 0.7% in April). Meanwhile, prices for meat, poultry, and fish increased by 6.9% (vs 7.8% in April), making the largest contribution to the annual increase in food prices, followed by restaurant meals and ready-to-eat food prices, which rose 3.3% (vs 2.7%). On the other hand, fruit and vegetable prices moderated to a five-month low of 2.7% in May, down from 3.7% in April. Meanwhile, milk, cheese, and egg prices rebounded, rising 1.6% year-on-year in May after falling 0.1% in April. By contrast, prices for oils and fats continued to fall (-8.6% vs -10.3%). On a monthly basis, food prices rose 1.0% after being flat in April.