Beijing's July CPI Turns from Decline to Increase Month-on-Month
Data released by the Beijing Municipal Bureau of Statistics on Wednesday shows that the city's Consumer Price Index (CPI) for July 2026 shifted from a month-on-month decline to an increase, while the year-on-year growth rate moderated.
On a month-on-month basis, the CPI rose 0.2% from June, reversing a 0.4% drop in the previous month. Food prices fell 0.6%, a narrower decline of 0.6 percentage points from the prior month. Within the food category, seasonal fruits saw a 4.0% price drop due to ample market supply. Egg prices declined 1.7% as supply remained sufficient. Pork prices fluctuated, rising 5.1% for the month amid short-term adjustments in pig slaughter volumes, but ended lower later. Fresh vegetable prices increased 0.9%, driven by rainy weather in key production areas.
Non-food prices rose 0.4% month-on-month, reversing a 0.3% decline in June. Industrial consumer goods prices fell 0.7%, with gold jewelry and gasoline prices dropping 1.8% and 10.6%, respectively, amid significant volatility in international gold and crude oil markets. These two items together dragged down the CPI by approximately 0.22 percentage points. Service prices increased 0.8%, supported by higher travel demand during the summer holiday season. Prices for vehicle rental and airfares rose 14.3% and 2.9%, respectively, while hotel accommodation and tour agency fees increased 6.4% and 1.9%.
On a year-on-year basis, July CPI rose 0.2%, a slowdown of 0.5 percentage points from June. Food prices fell 2.6%, contributing a 0.33 percentage point negative impact. Pork, fresh fruit, and fresh vegetable prices dropped 14.4%, 5.5%, and 3.9%, respectively, collectively reducing the CPI by about 0.29 percentage points. Egg prices rose 15.6%, a 1.3 percentage point slowdown from the previous month, while beef, lamb, and poultry prices increased between 1.2% and 6.3%.
Non-food prices rose 0.7% year-on-year. Industrial consumer goods prices increased 1.1%, a deceleration of 1.4 percentage points from the previous month, contributing 0.27 percentage points to the CPI. Gold jewelry and gasoline prices rose 23.9% and 0.8%, respectively. Data storage devices and computer prices surged 26.5% and 18.7%, driven by upward pressure from raw material costs and demand from emerging industries. Service prices rose 0.7%, with airfares shifting from a 13.3% increase to a 15.4% decline due to a high base from the previous year and recent reductions in fuel surcharges. Tour agency fees increased 7.7%, while prices for medical services, education, and domestic services rose between 0.8% and 6.1%.