China News Service, November 9. According to the National Bureau of Statistics website, 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. In October, the consumer price index (CPI) remained unchanged month-on-month; it rose 0.7% year-on-year, and the increase rate dropped 0.2 percentage points from the previous month; the core CPI excluding food and energy prices rose 0.8% year-on-year, and the increase rate dropped 0.2 percentage points from the previous month. The industrial producer price index (PPI) rose 0.7% month-on-month, and the increase was 0.5 percentage points lower than the previous month; it rose 5.7% year-on-year, and the increase was 0.7 percentage points larger than the previous month.
1. CPI continues to rise year-on-year
From a month-on-month perspective, the national CPI remained flat from an increase of 0.2% in the previous month. Among them, the price of industrial consumer goods increased by 0.3%, a decrease of 0.4 percentage points from the previous month, affecting the month-on-month increase in CPI by about 0.10 percentage points. Among industrial consumer goods, affected by price changes in the international market, domestic gasoline prices rose by 4.2%, a decrease of 0.7 percentage points from the previous month, affecting the CPI to increase by about 0.14 percentage points month-on-month; the price of gold jewelry fell by 5.9%, a decline that expanded by 3.8 percentage points from the previous month, affecting a month-on-month decrease of about 0.03 percentage points in the CPI. Service prices increased by 0.1% from a decrease of 0.2% in the previous month, affecting the month-on-month increase in CPI by approximately 0.04 percentage points. Among services, the number of travelers increased during the National Day holiday, and hotel accommodation, air tickets and travel agency charges increased by 6.5%, 3.3% and 2.4% respectively, which together affected the CPI to rise by about 0.04 percentage points month-on-month. Food prices turned from an increase of 0.4% last month to a decrease of 1.0%, affecting the CPI to fall by about 0.17 percentage points month-on-month. In food, the climate conditions were suitable, and the prices of eggs, fresh vegetables and fresh fruits fell by 6.3%, 5.8% and 0.6% respectively, which together affected the CPI to fall by about 0.13 percentage points month-on-month; the market supply was sufficient, and the prices of aquatic products and pork fell by 1.3% and 1.0% respectively, which together affected the CPI by about 0.04 percentage points month-on-month; the prices of beef and mutton increased by 1.6% and 0.8% respectively, with both increases declining.
From a year-on-year perspective, the national CPI rose by 0.7%, a decrease of 0.2 percentage points from the previous month. Among them, gasoline prices rose by 22.4%, an increase of 5.8 percentage points from the previous month, affecting the CPI to increase 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. The price of industrial consumer goods excluding energy increased by 1.2%, a decrease of 0.4 percentage points from the previous month, affecting the CPI to increase by about 0.30 percentage points year-on-year. Among them, the prices of data storage equipment, tablets, computers and mobile phones increased by 45.4%, 29.3%, 23.0% and 16.7% respectively, and the four items combined affected the CPI to increase by about 0.26 percentage points year-on-year; the price of gold jewelry increased by 4.5%, an increase of 18.0 percentage points lower than last month, affecting the CPI to increase by about 0.02 percentage points year-on-year. Service prices increased by 0.7%, a decrease of 0.1 percentage points from the previous month, affecting the CPI to increase by approximately 0.34 percentage points year-on-year. Among services, the price of medical services increased by 3.6%, an increase of 0.4 percentage points lower than the previous month; the price of travel services increased by 1.5%, an increase of 0.6 percentage points lower than the previous month. Food prices fell by 2.9%, an increase of 1.2 percentage points from the previous month, affecting the CPI to fall by approximately 0.49 percentage points year-on-year. Among foods, the prices of fresh vegetables, pork and fresh fruits fell by 16.9%, 8.6% and 3.8% respectively, which together affected the CPI to fall by about 0.54 percentage points year-on-year; the prices of grain, edible oil and milk fell between 0.5% and 1.2%, which together affected the CPI to fall by about 0.0% year-on-year. 03 percentage points; egg prices rose by 12.3%, 5.1 percentage points lower than last month, affecting the CPI to rise by about 0.05 percentage points year-on-year; beef and mutton prices rose by 8.7% and 5.8% respectively, adding up to a year-on-year increase in CPI of about 0.09 percentage points.
2. The month-on-month increase in PPI fell back
From a month-on-month perspective, the national PPI rose by 0.7%, a decrease of 0.5 percentage points from the previous month. The main characteristics of this month's PPI month-on-month operation are: First, imported and seasonal factors affect price increases in major energy-related industries. The rise in international energy prices has driven up prices in the domestic oil and natural gas mining industry, coal mining and washing industry by 6.0% and 2.7% respectively; affected by factors such as upstream basic energy price transmission and the release of thermal coal and gas demand during the critical preparation period for peak winter, the downstream refined stone Prices in oil product manufacturing, organic chemical raw material manufacturing, coal processing, and gas production and supply industries increased by 6.8%, 6.8%, 3.2%, and 1.5% respectively. The six industries collectively affected the PPI to rise by approximately 0.61 percentage points month-on-month, accounting for more than 80% of the total increase. Second, the orderly advancement of production capacity management and the rapid development of artificial intelligence have driven up prices in some raw materials and equipment manufacturing industries. The production capacity of some industries has been adjusted in an orderly manner, and the relationship between supply and demand has improved. Prices in the non-metallic mineral products industry have increased by 0.8%, and prices in the automobile manufacturing industry have remained flat after falling for three consecutive months. Artificial intelligence continues to empower industrial transformation, driving increased demand and rising prices in related industries. Prices in the electrical machinery and equipment manufacturing industry, computer communications and other electronic equipment manufacturing industries have all increased by 0.1%. Third, the consumer goods market has sufficient supply, stable demand, and overall stable prices. Prices in consumer goods manufacturing-related industries generally remained stable, with prices in the textile industry and agricultural and sideline food processing industries increasing by 0.2% and 0.1% respectively; prices in the paper and paper products industry, alcoholic beverages, and refined tea manufacturing industries fell by 0.4% and 0.1% respectively; prices in the furniture manufacturing industry and tobacco products industry remained unchanged.
From a year-on-year perspective, the national PPI rose by 5.7%, an increase of 0.7 percentage points from the previous month. In terms of major industries, among the industries with rising prices, coal mining and washing industry increased by 36.6%, oil and natural gas mining industry, petroleum coal and other fuel processing industry, chemical raw materials and chemical products manufacturing industry increased by 35.0%, 29.9% and 16.4% respectively, gas production and supply industry increased by 7.9%, computer communications and other electronic equipment manufacturing industry increased by 5.9% , the growth rate expanded from the previous month; the non-ferrous metal mining and processing industry, non-ferrous metal smelting and rolling processing industry rose by 16.3% and 18.6% respectively, and the growth rate dropped from the previous month; the electrical machinery and equipment manufacturing industry rose by 6.2%, the growth rate was the same as last month. The above-mentioned 9 industries collectively affected the PPI to rise by about 6.14 percentage points year-on-year, and the upward impact increased by 0.64 percentage points from the previous month. The five industries with the greatest price drop are: alcoholic beverages and refined tea manufacturing, pharmaceutical manufacturing, non-metallic mineral products, automobile manufacturing, and electricity and heat production and supply. The declines ranged from 1.6% to 5.2%, which were all narrower than last month. The total impact on PPI dropped by about 0.60 percentage points year-on-year, and the impact of the drop was 0.06 percentage points lower than last month.
