ECONOMY

China Inflation Hits Three-Year High as Holiday Spending Lifts Prices

Published: Mar. 9, 2026 6:06 p.m. GMT+8

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China’s consumer inflation accelerated to a three-year high in February, helped by strong holiday spending, while factory-gate price declines eased as some commodity prices rose and domestic demand improved in certain sectors.

China Consumer Inflation Picks Up

The consumer price index (CPI) rose 1.3% from a year earlier, the fastest pace since January 2023 and up 1.1 percentage points from January, the National Bureau of Statistics said on Monday. The core CPI, which excludes food and energy, climbed 1.8%, marking its strongest growth since early 2019.

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China’s consumer price index (CPI) rose 1.3% year-on-year in February, the fastest since January 2023.
The producer price index (PPI) declined 0.9% year-on-year, easing for three straight months.
Strong holiday spending and a surge in travel activity contributed to higher inflation, both CPI and PPI outperformed market expectations.

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