China's October CPI increased by 0.2% year-on-year, core CPI reached the highest level since March 2024, and PPI rose month-on-month for the first time this year

In October, policies such as expanding domestic demand continued to take effect, combined with the boost from the National Day and Mid-Autumn Festival holidays, the Consumer Price Index (CPI) rose by 0.2% month-on-month and 0.2% year-on-year. The core CPI, excluding food and energy prices, increased by 1.2% year-on-year, marking the sixth consecutive month of growth.

Affected by the improvement in supply and demand relationships in some domestic industries and the transmission of international commodity prices, the Producer Price Index (PPI) changed from flat last month to an increase of 0.1% month-on-month, marking the first increase this year; it decreased by 2.1% year-on-year, with the decline narrowing by 0.2 percentage points from last month, continuing to narrow for the third consecutive month.

On November 9, the National Bureau of Statistics released data showing:

In October, China's CPI rose by 0.2% year-on-year and 0.2% month-on-month.

China's PPI in October decreased by 2.1% year-on-year, changing from flat last month to an increase of 0.1% month-on-month.

The chief statistician of the Urban Division of the National Bureau of Statistics interpreted the CPI and PPI data for October 2025, stating:

In October, policies such as expanding domestic demand continued to take effect, combined with the boost from the National Day and Mid-Autumn Festival holidays, the Consumer Price Index (CPI) rose by 0.2% month-on-month and 0.2% year-on-year. The core CPI, excluding food and energy prices, increased by 1.2% year-on-year, marking the sixth consecutive month of growth. Affected by the improvement in supply and demand relationships in some domestic industries and the transmission of international commodity prices, the Producer Price Index (PPI) changed from flat last month to an increase of 0.1% month-on-month, marking the first increase this year; it decreased by 2.1% year-on-year, with the decline narrowing by 0.2 percentage points from last month, continuing to narrow for the third consecutive month.

The CPI rose by 0.2% month-on-month, with the growth rate expanding by 0.1 percentage points from last month and slightly higher than the seasonal level. Service prices changed from a decline to an increase. Service prices changed from a decrease of 0.3% last month to an increase of 0.2%, which is 0.2 percentage points higher than the seasonal level, contributing approximately 0.07 percentage points to the month-on-month increase in CPI. During the holidays, travel demand was strong, with prices for hotel accommodations, airline tickets, and tourism rising by 8.6%, 4.5%, and 2.5%, respectively, all exceeding seasonal levels; medical service prices increased by 0.5%. Food price increases were higher than seasonal levels. Food prices rose by 0.3%, while the seasonal level was a decrease of 0.1 percentage points. Among them, during the holiday period, consumption demand increased, with prices for fresh vegetables, lamb, fresh fruits, shrimp and crabs, and beef rising between 0.5% and 4.3%. Prices for industrial consumer goods remained stable with slight increases Energy prices fell by 0.4%, while industrial consumer goods prices excluding energy rose by 0.3%, contributing to a month-on-month increase in CPI of approximately 0.07 percentage points. Among these, domestic gold jewelry prices rose by 10.2% due to the increase in international gold prices.

The year-on-year CPI changed from a decrease of 0.3% last month to an increase of 0.2%. Food and energy prices remain low, but the rate of decline has narrowed. Food prices fell by 2.9%, with the decline narrowing by 1.5 percentage points compared to last month, affecting the year-on-year CPI decrease by approximately 0.54 percentage points. Among food items, the price decline for pork, eggs, and fresh vegetables ranged between 7.3% and 16.0%, with all declines narrowing; the price increase for beef, lamb, and aquatic products ranged between 2.0% and 5.6%, with all increases expanding. Energy prices fell by 2.4%, with gasoline prices decreasing by 5.5%, affecting the year-on-year CPI decrease by approximately 0.18 percentage points. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the sixth consecutive month of increase and the highest since March 2024. Service prices have gradually rebounded since March, rising by 0.8% this month, with the increase expanding by 0.2 percentage points compared to last month. Airfare and hotel accommodation prices rose by 8.9% and 2.8%, respectively; medical services and housekeeping services prices rose by 2.4% and 2.3%, respectively. Industrial consumer goods prices excluding energy rose by 2.0%, marking the sixth consecutive month of increase, with gold jewelry and platinum jewelry prices rising by 50.3% and 46.1%, respectively; the effects of policies to expand domestic demand continue to manifest, with prices for household appliances, durable entertainment consumer goods, and daily household miscellaneous goods rising between 2.4% and 5.0%, while the price decline for fuel vehicles narrowed to 2.3%.

The PPI changed from flat last month to an increase of 0.1%, marking the first increase this year. The main characteristics of the PPI month-on-month operation this month are: first, the improvement in supply and demand relationships has driven price increases in some industries. The price of coal mining and washing rose by 1.6% month-on-month, coal processing prices rose by 0.8%, and the prices of photovoltaic equipment and components manufacturing rose by 0.6%, all increasing for more than two consecutive months. Prices in cement manufacturing, computer manufacturing, lithium-ion battery manufacturing, and integrated circuit manufacturing changed from decline to increase, rising by 1.6%, 0.5%, 0.2%, and 0.2%, respectively. Second, input factors have caused a divergence in the price trends of domestic non-ferrous metals and oil-related industries. The rise in international non-ferrous metal prices drove domestic non-ferrous metal mining prices to increase by 5.3% month-on-month, and the prices of non-ferrous metal smelting and rolling processing industries rose by 2.4%, with gold smelting and copper smelting prices rising by 8.7% and 4.3%, respectively; the decline in international oil prices affected domestic oil and natural gas extraction prices, which fell by 2.3%, and refined petroleum product manufacturing prices fell by 0.8%.

The PPI fell by 2.1% year-on-year, with the decline narrowing by 0.2 percentage points compared to last month, marking the third consecutive month of narrowing. First, the capacity governance in key industries continues to advance, leading to a narrowing of the year-on-year price decline in related industries. Capacity verification and safety supervision have intensified, coupled with winter storage replenishment and increased electricity demand, the year-on-year price decline in coal mining and washing narrowed by 1.2 percentage points compared to last month. The market competition order continues to optimize, with backward capacity gradually exiting, leading to a narrowing of price declines in photovoltaic equipment and components manufacturing, battery manufacturing, and automobile manufacturing by 1.4, 1.3, and 0.7 percentage points, respectively Second, the accelerated construction of a modern industrial system and the orderly release of consumption potential have driven the year-on-year price increase in related industries. Technological innovation empowers industrial transformation and upgrading, with positive developments in the intelligent, green, and integrated growth of the manufacturing industry. The prices of non-ferrous metal smelting and rolling processing industries increased by 6.8% year-on-year, the prices of electronic special materials manufacturing rose by 2.3%, microwave communication equipment prices increased by 1.8%, shipbuilding and related equipment manufacturing prices rose by 0.9%, the prices of waste resource comprehensive utilization industry increased by 0.7%, and aircraft manufacturing prices rose by 0.5%. The series of policy measures to boost consumption continue to take effect, with the prices of arts and crafts and ceremonial supplies manufacturing increasing by 18.4%, sports ball manufacturing prices rising by 3.3%, nutrition food manufacturing prices increasing by 2.1%, and beverage manufacturing prices rising by 0.4%.

October CPI Month-on-Month Increase Expanded by 0.1%, Year-on-Year Decline Continued to Narrow

In October 2025, the national consumer price index (CPI) for residents increased by 0.2% year-on-year. Among them, urban areas rose by 0.3%, while rural areas fell by 0.2%; food prices decreased by 2.9%, while non-food prices increased by 0.9%; consumer goods prices fell by 0.2%, and service prices rose by 0.8%. From January to October, the average national consumer price index decreased by 0.1% compared to the same period last year.

In October, the national consumer price index increased by 0.2% month-on-month. Among them, urban areas rose by 0.2%, and rural areas rose by 0.1%; food prices increased by 0.3%, and non-food prices rose by 0.2%; consumer goods prices rose by 0.2%, and service prices rose by 0.2%.

1. Year-on-Year Price Changes of Various Goods and Services

In October, the prices of food, tobacco, and alcohol decreased by 1.6% year-on-year, affecting the CPI (Consumer Price Index) decline by approximately 0.46 percentage points. Among food items, egg prices fell by 11.6%, affecting the CPI decline by approximately 0.08 percentage points; pork prices decreased by 16.0%, affecting the CPI decline by approximately 0.23 percentage points; fresh vegetable prices fell by 7.3%, affecting the CPI decline by approximately 0.18 percentage points; fresh fruit prices decreased by 2.0%, affecting the CPI decline by approximately 0.04 percentage points; grain prices fell by 0.7%, affecting the CPI decline by approximately 0.01 percentage points; and aquatic product prices rose by 2.0%, affecting the CPI increase by approximately 0.04 percentage points.

Among the other seven major categories, six increased and one decreased. Specifically, the prices of other goods and services, daily necessities and services, and clothing rose by 12.8%, 1.9%, and 1.7%, respectively, while medical care, education, culture and entertainment, and housing prices rose by 1.4%, 0.9%, and 0.1%, respectively; transportation and communication prices decreased by 1.5% II. Price Changes of Various Goods and Services Month-on-Month

In October, the prices of food, tobacco, and alcohol rose by 0.2% month-on-month, contributing approximately 0.07 percentage points to the CPI increase. Among food items, fresh vegetable prices increased by 4.3%, contributing approximately 0.09 percentage points to the CPI increase; fresh fruit prices rose by 1.2%, contributing approximately 0.03 percentage points to the CPI increase; egg prices fell by 1.7%, contributing approximately 0.01 percentage points to the CPI decrease; meat prices fell by 0.9%, contributing approximately 0.03 percentage points to the CPI decrease, with pork prices decreasing by 2.5%, contributing approximately 0.03 percentage points to the CPI decrease; aquatic product prices fell by 0.9%, contributing approximately 0.02 percentage points to the CPI decrease.

The other seven major categories saw three increases, one stable, and three decreases month-on-month. Specifically, prices for other goods and services, education, culture and entertainment, and medical care rose by 3.8%, 0.3%, and 0.3%, respectively; clothing prices remained stable; prices for daily necessities and services, transportation and communication, and housing fell by 0.2%, 0.2%, and 0.1%, respectively.

October PPI Year-on-Year Decline Continues to Narrow, Month-on-Month Changes from Stable to Rising

In October 2025, the national industrial producer price index fell by 2.1% year-on-year, a decrease of 0.2 percentage points compared to the previous month; month-on-month, it changed from stable last month to an increase of 0.1%. The industrial producer purchase price index fell by 2.7% year-on-year, a decrease of 0.4 percentage points compared to the previous month; month-on-month, it rose by 0.1%, the same increase as last month. From January to October, on average, the industrial producer price index fell by 2.7% compared to the same period last year, and the industrial producer purchase price index fell by 3.2%.

I. Year-on-Year Changes in Industrial Producer Prices

In October, among industrial producer prices, the price of production materials fell by 2.4%, contributing approximately 1.77 percentage points to the overall decline in industrial producer prices. Among them, mining industry prices fell by 7.8%, raw materials industry prices fell by 2.5%, and processing industry prices fell by 1.9%. The price of living materials fell by 1.4%, contributing approximately 0.36 percentage points to the overall decline in industrial producer prices. Among them, food prices fell by 1.6%, clothing prices fell by 0.3%, general daily necessities prices rose by 1.0%, and durable consumer goods prices fell by 3.2%

In the industrial producer purchase prices, fuel and power prices decreased by 7.4%, agricultural and sideline product prices decreased by 5.2%, chemical raw material prices decreased by 5.0%, building materials and non-metallic prices decreased by 4.5%, black metal material prices decreased by 2.8%, and textile raw material prices decreased by 1.8%; prices of non-ferrous metal materials and wires increased by 7.5%.

II. Month-on-Month Changes in Industrial Producer Prices

In October, among the industrial producer ex-factory prices, the prices of production materials increased by 0.1%, contributing approximately 0.08 percentage points to the overall increase in industrial producer ex-factory prices. Among them, the prices in the mining industry increased by 1.0%, the prices in the raw materials industry remained unchanged, and the prices in the processing industry increased by 0.1%. The prices of living materials remained unchanged. Among them, food and clothing prices both decreased by 0.1%, general daily necessities prices increased by 0.7%, and durable consumer goods prices decreased by 0.3%.

In the industrial producer purchase prices, prices of non-ferrous metal materials and wires increased by 2.4%, and prices of black metal materials increased by 0.2%; agricultural and sideline product prices decreased by 1.3%, chemical raw material prices decreased by 0.6%, and prices of building materials and non-metallic, as well as textile raw materials, both decreased by 0.2%, while fuel and power prices decreased by 0.1%.