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China’s consumer prices dropped 0.4% yoy in August 2025, after being flat in the previous month and missing market expectations of a 0.2% fall. It was the fifth time of consumer deflation this year and the sharpest pace since February. Food prices slumped (-4.3% vs -1.6% in July), logging the steepest fall in nearly four years, with broad-based decreases across categories and a sharper drop in pork prices, due to ample supply, lower production costs, and weak demand. In contrast, non-food inflation quickened (0.5% vs 0.3%), supported by Beijing’s ongoing consumer goods subsidies, with increases in housing (0.1% vs 0.1%), clothing (1.8% vs 1.7%), healthcare (0.9% vs 0.5%), and education (1.0% vs 0.9%). Meanwhile, transport costs shrank but at a slower pace (-2.4% vs -3.1%). Core inflation, which excludes food and energy, rose 0.9% yoy, the highest in 18 months, after a 0.8% gain in July. On a monthly basis, CPI was flat, below forecasts of 0.1%, following a 0.4% increase in July.