Report published September 9, 2026

China Inflation Analysis: Both CPI and PPI Picked Up in August 2026 (Goldman Sachs)

Goldman Sachs · September 9, 2026

China's headline CPI inflation increased to +0.8% yoy in August from +0.5% in July, driven by higher energy and transportation services prices. Headline PPI inflation also picked up to +3.8% yoy, driven by downstream product prices, notably semiconductors.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.China's headline CPI inflation increased to +0.8% yoy in August from +0.5% in July, driven primarily by higher energy and transportation services prices.
2.Headline PPI inflation rose to +3.8% yoy in August compared to +3.5% in July, primarily propelled by downstream products, with semiconductor-related products contributing half of that gain.
3.Core CPI inflation ticked up to +1.0% yoy in August from +0.9% in July, while food deflation moderated marginally to -1.4% yoy.

Bottom line:
Key numbers:
Main points:
The China Economics Team

Report data

Exhibit 1: Both headline CPI and PPI inflation rose in year-over-year terms from July to August

Metric	Estimate	Context
Headline CPI	0.8 % yoy	Rose from +0.5% yoy in July; vs. GS +0.7% yoy and Bloomberg consensus +0.8% yoy
Headline PPI	3.8 % yoy	Rose from +3.5% yoy in July; vs. GS +3.5% yoy and Bloomberg consensus +3.6% yoy
Core CPI	1.0 % yoy	Excluding food and energy; vs. +0.9% yoy in July
Food CPI	-1.4 % yoy	Edged up from -1.5% yoy in July
Non-food CPI	1.2 % yoy	Rose from +0.9% yoy in July, driven by vehicle fuel and transportation services