Index that excludes food and energy rose 1% in September in the annual comparison, indicating a recovery in demand in the country
China’s central CPI (Consumer Price Index), which excludes food and energy, grew 1% year-on-year in September. The data, released on Wednesday (October 15, 2025) by , represents the biggest increase since February 2024 – marking the 5th consecutive month of acceleration in the central inflation indicator.
The growth in inflation highlights the gradual strengthening of domestic demand in the Asian country. The general CPI also showed a positive trend, with a monthly increase of 0.1% in September. After registering stability in August, the index reduced the annual decline to 0.3%, compared to a drop of 0.4% in the previous month.
Industrial consumer goods, excluding energy, rose 1.8% year-on-year. In this category, items such as household appliances and utensils, for example, saw a 5.5% increase in prices. Medical services also became more expensive, with increases of 1.9%.
PPIs (acronym for Producer Price Index) remained stable in the monthly comparison. According to the National Statistics Office, the improvement in the supply and demand structure has led to the stabilization of prices in some segments, such as coal processing (up 3.8%), mining and coal washing (up 2.5%) and smelting and processing of ferrous metals (up 0.2%).
In the annual comparison, the PPI fell 2.3%, a smaller drop than that observed in August, when the index had decreased 2.9%. The reduction in the pace of decline is related to the effect of last year’s lower comparative base and the results of the macroeconomic policies implemented by the Chinese government.
The construction of a unified national market and the optimization of the competition order contributed to the reduction in the rate of price declines in several sectors. Six key industries showed significant reductions in their rates of price declines:
- coal processing;
- smelting and processing of ferrous metals;
- coal mining and washing;
- manufacturing of photovoltaic equipment;
- battery manufacturing;
- non-metallic mineral products.
