China’s 2026 annual inflation rate has remained subdued through October, with monthly CPI readings clustered between 0.2% and 0.8% year-over-year amid persistent food deflation and uneven non-food gains. Weak domestic consumption, ample supply in pork and vegetables, and selective stimulus measures have limited broad price pressures, while energy costs and services have provided only modest upward support. Recent data releases, including the 0.2% October print and the 0.8% August figure, have reinforced trader expectations for a full-year average near the lower end of historical norms. These developments align with the current market consensus favoring the 0.6–1.0% range as the most probable outcome, followed by adjacent low-single-digit buckets, reflecting ongoing demand softness and limited reflation momentum.