National Bureau of Statistics interpretation: Core CPI year-on-year growth continued to expand in September, while PPI year-on-year decline continued to shrink.

On October 15th, Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for September 2025. In September 2025, the core CPI continued to increase year-on-year, while the PPI continued to decrease year-on-year. In September, the overall operation of the consumer market was stable, with the Consumer Price Index (CPI) increasing by 0.1% month-on-month, and decreasing by 0.3% year-on-year. The core CPI, which excludes food and energy prices, increased by 1.0% year-on-year, marking the fifth consecutive month of expansion. The construction of a unified national market continued to deepen, market competition order continued to optimize, and the Producer Price Index (PPI) remained stable month-on-month, with a year-on-year decrease of 2.3%, a decrease of 0.6 percentage points from the previous month. The article goes on to explain the details of the CPI and PPI data in September 2025, including the fluctuations in food prices, energy prices, industrial consumer goods prices, and service prices. It also highlights the trends in various industries that have led to changes in the PPI.