CNIRYYSeptember/2025
source: National Bureau of Statistics of China
- China’s consumer prices dropped 0.3% yoy in September 2025,
steeper than market estimates of a 0.1% decline but slightly less than
a 0.4% fall in the previous month.
Food prices declined further (-4.4% vs -4.3% in August), recording the strongest contraction since January 2024, amid broad-based falls across categories, with pork prices down further due to abundant supply ahead of the Golden Week holidays,
lower production costs, and weak demand.
In contrast, non-food inflation quickened (0.7% vs 0.5%), supported by ongoing consumer trade-in schemes to bolster consumer demand, with more increases in housing (0.1% vs 0.1%), clothing (1.7% vs 1.8%), healthcare (1.1% vs 0.9%), and education (0.8% vs 1.0%).
Meanwhile, transport costs fell at a slower pace (-2.0% vs -2.4%).
Core inflation, which excludes food and energy, rose 1.0% yoy, the highest in 19 months, after August's 0.9% gain.
On a monthly basis, the CPI inched up 0.1%, missing forecasts of 0.2% after remaining flat in August.
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