This because libpng was 1.5 before I update the git repo, and it is 1.6 now, libpng's include dir and lib are special, the are: /usr/include/libpngXX/png.h /usr/lib/libpngXX.la The cairo doesn't handle this depends well, the configure finds that the lbpng is 1.6 now, but it doesn't rebuild libcairo.la since this depends isn't in the Makefile, it should have a file like cairo.def (cairo has this file, but it is only used for windows) to record this dependencies. We add libpng's includedir to EXTRA_libcairo_la_DEPENDENCIES as a quick fix.
Move to 1.5 as Saul suggested.
Problems like this is why we do out-of-tree builds by default with autotools, so this was resolved with oe-core baf5b230af919b6b0fd14ac5fc3e734bf7c464d5 (released in dizzy).