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If you think the oil shock is not impacting global inflation, look no further than China for the counter-argument.
The CPI is suddenly raging at 4.8% annualised in August.
In August 2026 , the national consumer price index (CPI) rose 0.8% year-on-year . Specifically, urban areas saw a 0.8% increase, while rural areas experienced a 0.7% rise. Food prices decreased by 1.4% , while non-food prices increased by 1.2% . Consumer goods prices rose by 0.8% , and service prices also increased by 0.8% . From January to August , the national CPI averaged 0.9% compared to the same period last year .
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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