China CPI December 2026
December 8 @ 8:30 pm - 9:30 pm
China CPI December 2026
Next China CPI: Wednesday, at 9:30 am CST (8:30 pm ET, 1:30 am London). Covers November 2026 data.
- Consensus
- " " }</p>
- Prior
- 0.5% YoY (July 2026)
- Actual
- Pending
Full schedule and background: China CPI.
Updated
China’s Consumer Price Index (CPI) for November 2026 is scheduled for release on Wednesday, December 9, 2026, at 9:30 am China Standard Time, which is 8:30 pm ET on Tuesday, December 8 in the United States and 1:30 am on December 9 in London. The figures are published by the National Bureau of Statistics of China (NBS) and cover price changes recorded across November 2026. Full schedule and background: China CPI.
What is the China CPI?
The Consumer Price Index measures the average change over time in the prices paid by urban and rural households for a fixed basket of goods and services, including food, housing, transport, healthcare and education. The NBS calculates the index by tracking prices in dozens of cities across China’s provinces and weighting each category according to its share of typical household spending.
Economists and traders watch China’s CPI because it is the clearest monthly signal of domestic demand in the world’s second-largest economy. A low or negative reading suggests households and businesses are spending cautiously, which can point to deflationary pressure. A rising reading suggests demand is picking up, which can influence decisions by the People’s Bank of China (PBOC) on interest rates and liquidity support.
The headline year-on-year figure gets the most attention, but analysts also track the month-on-month change and core CPI, which strips out volatile food and energy prices to show the underlying trend in the economy.
When is the November 2026 CPI released?
The NBS is expected to publish the November 2026 CPI report on December 9, 2026, at 9:30 am local time in Beijing. The release is posted on the National Bureau of Statistics website alongside the accompanying Producer Price Index (PPI) figures, which are released simultaneously. Because the NBS follows a fixed monthly release calendar for CPI and PPI, this date has not shifted from prior months.
What is the consensus forecast?
A consensus forecast for the November 2026 reading has not yet been published by major polling services such as Reuters or Bloomberg. These polls are typically compiled only a few days before the release, so figures are not yet available this far in advance. The most recent confirmed official reading, covering July 2026, showed headline inflation at 0.5% year-on-year, down from 1.0% in June 2026, according to Trading Economics data sourced from the NBS. That July print fell short of market forecasts of 0.8%, marking the lowest reading since January 2026.
| Measure | Prior (July 2026) | Consensus (November 2026) |
|---|---|---|
| Headline CPI (YoY) | 0.5% | Not yet published |
| Core CPI (YoY) | Data not independently confirmed | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus | Could ease deflation worries and reduce pressure on the PBOC to add more stimulus, according to analysts cited by ING in past commentary on China’s inflation trend | Prices are rising faster than expected, suggesting Chinese consumers and businesses are spending a bit more freely |
| In line | Limited market reaction, seen as confirmation that the current gentle inflation trend is intact | The economy is behaving broadly as expected, with no fresh signal for policymakers |
| Below consensus | Could revive concerns about deflationary pressure and add to expectations of further PBOC support, a theme CNBC has highlighted in coverage of China’s inflation data | Prices are rising more slowly than hoped, which can signal weak demand at home |
These are possible market reactions based on how similar readings have been discussed by analysts in the past, not predictions of what will happen on December 9, 2026.
Why does this release matter right now?
China has spent much of 2026 wrestling with weak domestic demand, and headline CPI has repeatedly undershot official targets and market forecasts through the middle of the year. The July 2026 reading of 0.5% year-on-year, down from 1.0% in June, extended a pattern of soft and uneven inflation, according to Trading Economics. At the same time, producer prices, which measure costs at the factory gate, have remained in deflation for an extended stretch, a trend tracked by Moody’s Analytics.
This combination matters because persistently weak consumer inflation limits the PBOC’s room to manoeuvre and keeps pressure on Beijing to support household spending through fiscal measures, subsidies or targeted stimulus. The OECD has separately noted that headline inflation trends among major non-OECD G20 economies, including China, have moved unevenly through the second half of 2026, according to the OECD’s Consumer Prices update. Investors watching the November print will be looking for signs of whether food prices, a volatile but influential component of China’s CPI basket, are stabilising heading into the winter months.
What It Means for Your Money
Mortgages and borrowing costs: China’s CPI does not set UK, US or European mortgage rates directly, but weak Chinese inflation can weigh on global growth expectations, which sometimes feeds through to bond yields and, indirectly, to borrowing costs worldwide.
Savings: If Chinese demand remains soft, cheaper Chinese exports of goods such as electronics, clothing and machinery can help keep imported inflation low in the UK, Europe and the United States, which can support the case for central banks to hold or cut interest rates, affecting the returns savers earn on deposit accounts.
Jobs and wages: Companies with significant exposure to Chinese consumer demand, from luxury goods makers to mining and commodity firms, can see revenue expectations shift after a CPI surprise, which occasionally feeds into hiring and investment decisions at multinational employers.
Investments and pensions: Chinese consumer weakness has historically weighed on commodity prices and emerging market equities, both of which sit inside many diversified pension funds, so a surprise reading can move fund valuations even for investors who have never bought a Chinese stock directly.
Currencies: A weaker-than-expected reading can pressure the Chinese yuan and, at times, other Asian currencies, while also influencing how traders price the US dollar, the euro and the pound against a backdrop of shifting global growth expectations.
Related events
- Previous release: China CPI, November 2026 data
- China’s Producer Price Index (PPI), released alongside CPI each month by the NBS
- Upcoming PBOC policy decisions, which take China’s inflation trend into account
Frequently Asked Questions
What time is the China CPI released?
The NBS releases the report at 9:30 am China Standard Time, which is 8:30 pm ET the previous evening and 1:30 am in London on the release day.
How do I read the China CPI figure?
Focus on the year-on-year headline number for the overall inflation trend, then check the month-on-month change and core CPI to see whether the trend is being driven by volatile items like food or by broader demand.
How does China’s CPI affect interest rates?
Weak or negative inflation gives the People’s Bank of China more room to keep monetary policy supportive, while stronger inflation can reduce the urgency for additional stimulus, indirectly shaping global rate and currency expectations.
Where can I find the official release?
The data is published directly by the National Bureau of Statistics of China on its website, alongside the PPI report for the same month.
When is the next China CPI release?
The NBS publishes CPI monthly, so the following report, covering December 2026 data, is expected in mid-January 2027 under the bureau’s standard release calendar.