China: Consumer Prices Rise for First Time in 5 Months. China’s consumer prices rose by 0.1% yoy in June 2025, reversing a 0.1% drop in the previous three months and surpassing market forecasts of a flat reading. It marked the first annual increase in consumer inflation since January, driven by e-commerce shopping events, increased subsidies for consumer goods from Beijing, and easing trade risks with the U.S. Non-food prices edged up 0.1% after being flat in the prior two months, helped by gains in housing (0.1% vs 0.1% in May), clothing (1.6% vs 1.5%), healthcare (0.4% vs 0.3%), and education (1.0% vs 0.9%), while transport costs fell at a slower pace (-3.7% vs -4.3%). On the food side, prices dropped at a softer rate (-0.3% vs -0.4%), marking the fifth straight month of decline. Core inflation, which excludes volatile food and fuel prices, rose 0.7% yoy, marking the highest reading in 14 months and following a 0.6% gain in May. On a monthly basis, the CPI fell 0.1%, after May's 0.2% drop, pointing to the fourth monthly decline this year.