What happened
China's consumer prices rose 1.2% in April 2026 compared to the previous year. This increase happened even as food prices, especially pork, fell significantly.
Why it matters
The overall inflation number hides a split: people are paying more for services and other goods, but less for food. This means that while some parts of the economy are seeing price increases, the cost of basic necessities like meat is actually going down. For households, this could mean more disposable income for non-food items, or it could signal a deeper issue with demand for agricultural products.