China’s food prices fell 0.7% year on year in January 2026, reversing a 1.1% rise in the previous month and marking the first decline since October, as ample supply and subdued demand weighed on prices ahead of the Lunar New Year festivals in February. Egg prices remained sharply lower (-9.2% vs -12.7%), alongside continued declines in cooking oils (-0.7% vs -1.0%) and dairy products (-0.8% vs -1.8%), reflecting strong production and weak consumption. Pork prices, a key household staple, also stayed deeply negative (-13.7% vs -14.6%) amid persistent oversupply. Meanwhile, price growth slowed markedly for fresh vegetables (6.9% vs 18.2%) and fresh fruit (3.2% vs 4.4%), as earlier weather-related pressures eased and supplies improved before the holiday period.

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