National Bureau of Statistics: In October, CPI continued to rise year-on-year, while the month-on-month increase in PPI narrowed.

On November 9, Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for October 2026. Dong Lijuan said that in October, the consumer price index (CPI) was flat month-on-month; it rose 0.7% year-on-year, with the increase down 0.2 percentage points from the previous month; core CPI, excluding food and energy prices, rose 0.8% year-on-year, with the increase down 0.2 percentage points from the previous month. The producer price index (PPI) rose 0.7% month-on-month, with the increase down 0.5 percentage points from the previous month; it rose 5.7% year-on-year, with the increase up 0.7 percentage points from the previous month. On a month-on-month basis, the national PPI rose 0.7%, with the increase down 0.5 percentage points from the previous month. The original text is as follows: In October 2026, CPI continued to rise year-on-year, while the month-on-month increase in PPI narrowed Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for October 2026 In October, the consumer price index (CPI) was flat month-on-month; it rose 0.7% year-on-year, with the increase down 0.2 percentage points from the previous month; core CPI, excluding food and energy prices, rose 0.8% year-on-year, with the increase down 0.2 percentage points from the previous month. The producer price index (PPI) rose 0.7% month-on-month, with the increase down 0.5 percentage points from the previous month; it rose 5.7% year-on-year, with the increase up 0.7 percentage points from the previous month. I. CPI continued to rise year-on-year On a month-on-month basis, national CPI changed from a 0.2% increase last month to flat. Among this, prices of industrial consumer goods rose 0.3%, with the increase down 0.4 percentage points from the previous month, affecting CPI up by about 0.10 percentage points month-on-month. Among industrial consumer goods, affected by changes in international market prices, domestic gasoline prices rose 4.2%, with the increase down 0.7 percentage points from the previous month, affecting CPI up by about 0.14 percentage points month-on-month; gold jewelry prices fell 5.9%, with the decline widened by 3.8 percentage points from the previous month, affecting CPI down by about 0.03 percentage points month-on-month. Service prices changed from a 0.2% decline last month to a 0.1% increase, affecting CPI up by about 0.04 percentage points month-on-month. Among services, as the number of travelers increased during the National Day holiday, hotel accommodation, air tickets and travel agency fees rose 6.5%, 3.3% and 2.4% respectively, together affecting CPI up by about 0.04 percentage points month-on-month. Food prices changed from a 0.4% increase last month to a 1.0% decline, affecting CPI down by about 0.17 percentage points month-on-month. Among food, with suitable climatic conditions, egg, fresh vegetable and fresh fruit prices fell 6.3%, 5.8% and 0.6% respectively, together affecting CPI down by about 0.13 percentage points month-on-month; with sufficient market supply, aquatic product and pork prices fell 1.3% and 1.0% respectively, together affecting CPI down by about 0.04 percentage points month-on-month; beef and mutton prices rose 1.6% and 0.8% respectively, with both increases narrowing. On a year-on-year basis, national CPI rose 0.7%, with the increase down 0.2 percentage points from the previous month. Among this, gasoline prices rose 22.4%, with the increase up 5.8 percentage points from the previous month, affecting CPI up by about 0.63 percentage points year-on-year, driving the increase in energy prices to expand from 7.3% last month to 9.9% this month. Excluding energy, industrial consumer goods prices rose 1.2%, with the increase down 0.4 percentage points from the previous month, affecting CPI up by about 0.30 percentage points year-on-year. Among this, data storage equipment, tablet computers, computers and mobile phones prices rose 45.4%, 29.3%, 23.0% and 16.7% respectively, with the four items together affecting CPI up by about 0.26 percentage points year-on-year; gold jewelry prices rose 4.5%, with the increase down 18.0 percentage points from the previous month, affecting CPI up by about 0.02 percentage points year-on-year. Service prices rose 0.7%, with the increase down 0.1 percentage points from the previous month, affecting CPI up by about 0.34 percentage points year-on-year. Among services, medical service prices rose 3.6%, with the increase down 0.4 percentage points from the previous month; travel service prices rose 1.5%, with the increase down 0.6 percentage points from the previous month. Food prices fell 2.9%, with the decline widened by 1.2 percentage points from the previous month, affecting CPI down by about 0.49 percentage points year-on-year. Among food, fresh vegetable, pork and fresh fruit prices fell 16.9%, 8.6% and 3.8% respectively, together affecting CPI down by about 0.54 percentage points year-on-year; grain, edible oil and dairy prices fell between 0.5% and 1.2%, together affecting CPI down by about 0.03 percentage points year-on-year; egg prices rose 12.3%, with the increase down 5.1 percentage points from the previous month, affecting CPI up by about 0.05 percentage points year-on-year; beef and mutton prices rose 8.7% and 5.8% respectively, together affecting CPI up by about 0.09 percentage points year-on-year. II. The month-on-month increase in PPI narrowed On a month-on-month basis, national PPI rose 0.7%, with the increase down 0.5 percentage points from the previous month. The main features of PPI month-on-month performance this month: First, input and seasonal factors affected price increases in major energy-related industries. Rising international energy prices drove domestic oil and natural gas extraction and coal mining and washing prices up 6.0% and 2.7% respectively; affected by the transmission of upstream basic energy prices and the release of demand for thermal coal and gas during the key preparation period for winter peak demand, prices in downstream refined petroleum product manufacturing, organic chemical raw material manufacturing, coal processing, and gas production and supply rose 6.8%, 6.8%, 3.2% and 1.5% respectively. The six industries together affected PPI up by about 0.61 percentage points month-on-month, more than 80% of the total increase. Second, the orderly advancement of capacity governance and the rapid development of artificial intelligence drove prices upward in some raw material and equipment manufacturing industries. With the orderly adjustment of capacity in some industries, supply and demand relations improved somewhat, and non-metallic mineral products prices rose 0.8%; automobile manufacturing prices changed to flat after three consecutive months of decline; artificial intelligence continued to empower industrial transformation, driving increased demand and higher prices in related industries, with electrical machinery and equipment manufacturing and computer, communication and other electronic equipment manufacturing prices both rising 0.1%. Third, the consumer goods market had sufficient supply and stable demand, and prices were generally stable. Prices in consumer goods manufacturing-related industries remained generally stable, among which textile and agricultural and sideline food processing prices rose 0.2% and 0.1% respectively; papermaking and paper products, and wine, beverages and refined tea manufacturing prices fell 0.4% and 0.1% respectively; furniture manufacturing and tobacco products prices were both flat. On a year-on-year basis, national PPI rose 5.7%, with the increase up 0.7 percentage points from the previous month. By major industry, among industries with price increases, coal mining and washing rose 36.6%; oil and natural gas extraction, petroleum, coal and other fuel processing, and chemical raw materials and chemical products manufacturing rose 35.0%, 29.9% and 16.4% respectively; gas production and supply rose 7.9%; computer, communication and other electronic equipment manufacturing rose 5.9%, with all increases widening from the previous month; non-ferrous metal mining and dressing, and non-ferrous metal smelting and rolling processing rose 16.3% and 18.6% respectively, with both increases narrowing from the previous month; electrical machinery and equipment manufacturing rose 6.2%, with the increase the same as last month. The above nine industries together affected PPI up by about 6.14 percentage points year-on-year, with the upward pull increasing by 0.64 percentage points from the previous month. The five industries with the largest downward pull on prices were: wine, beverages and refined tea manufacturing, pharmaceutical manufacturing, non-metallic mineral products, automobile manufacturing, and electricity and heat production and supply, with declines between 1.6% and 5.2%, all narrowing from the previous month, together affecting PPI down by about 0.60 percentage points year-on-year, with the downward pull reduced by 0.06 percentage points from the previous month. This article is excerpted from the official website of the "National Bureau of Statistics", edited by GMTEight's Xu Wenqiang.