China CPI trends showed a slight decline year-on-year but a modest rise month-on-month in September, signaling stable domestic consumption. Analysts said these figures reflect ongoing resilience in China’s consumer market.
The National Bureau of Statistics reported that overall consumer prices fell 0.3 percent year-on-year in September. Urban areas saw a 0.2 percent decline, while rural areas dropped 0.5 percent. Meanwhile, prices rose 0.1 percent compared to August, supported by incremental growth in rural regions.
Food prices declined 4.4 percent year-on-year, led by vegetables, eggs, and pork. Specifically, pork prices fell 17 percent, vegetables 13.7 percent, and eggs 11.9 percent. In contrast, aquatic products rose 0.9 percent, providing slight upward pressure on the CPI. Non-food prices increased 0.7 percent, driven by household goods, clothing, healthcare, and education.
For the first nine months of 2025, the CPI edged down 0.1 percent year-on-year. Core CPI, excluding food and energy, rose 1 percent, marking a fifth consecutive month of growth. Dong Lijuan, chief statistician at the NBS, said the consumer market remained generally stable amid ongoing policy support and market adjustments.
Month-on-month, food prices increased 0.7 percent, with vegetables, eggs, and fresh fruits contributing to the rise. Service prices dipped slightly by 0.3 percent, while consumer goods rose 0.3 percent. Other categories, including household items, healthcare, and clothing, experienced moderate gains. Transport and communication costs fell 2 percent.
Meanwhile, the Producer Price Index held flat month-on-month but declined 2.3 percent year-on-year, narrowing from August. Coal processing, coal mining, and ferrous metal smelting recorded consecutive price gains, while photovoltaic equipment prices rebounded 0.8 percent. In contrast, petroleum-related industries experienced declines due to lower global oil prices.
Experts noted that China CPI trends reflect balanced inflation pressures and stable domestic consumption. They said continued monitoring of food, energy, and industrial supply chains will be critical for policy guidance. Looking ahead, authorities aim to maintain market stability while advancing the unified national market and improving competition across sectors.
Overall, China CPI trends underscore steady domestic consumption and moderate inflation, signaling a stable economic environment for the coming months.
