China Food Inflation

China’s food prices fell 1.6% year-on-year in July 2025, widening from a 0.3% drop in June and marking the sixth consecutive monthly decline. It marked the steepest decrease since February, driven by a sharper fall in fresh vegetable prices (-7.6% vs -0.4% in June) and eggs (-11.2% vs -7.7%). Pork prices also declined at a faster pace (-9.5% vs -8.5%), reflecting weak end-market demand and high government inventories in the first half of the year. At the same time, costs continued to decline for cooking oils (-1.4% vs -1.8%) and milk (-1.3% vs -1.1%), while fresh fruit prices rose more slowly (2.8% vs 6.1%).