China’s consumer price index has remained subdued through 2026, with the latest October reading at 0.2% year-on-year after a September contraction and August’s 0.8% print. Persistent food deflation, especially in pork, weak household demand amid the property downturn, and excess industrial capacity have kept headline and core readings near or below 1%. Producer prices continue to contract, though the pace eased slightly in October. Policy measures to address overcapacity and support consumption have produced only gradual reflation, while the central bank maintains a moderately loose stance. These conditions have aligned trader pricing most heavily with the 0.6–1.0% annual outcome range.