China News Service, October 14. According to the National Bureau of Statistics website, on the 14th, Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for September 2026. In September, the consumer price index (CPI) increased by 0.2% month-on-month, 0.2 percentage points lower than the previous month; it rose 0.9% year-on-year, and the increase increased 0.1 percentage points from the previous month; core CPI excluding food and energy prices rose 1.0% year-on-year, and the increase was the same as last month. The industrial producer price index (PPI) increased by 1.2% month-on-month, an increase of 0.8 percentage points from the previous month; it increased by 5.0% year-on-year, and an increase of 1.2 percentage points from the previous month.
1. The month-on-month increase in CPI fell, and the year-on-year increase expanded.
From a month-on-month perspective, the national CPI increased by 0.2%, a decrease of 0.2 percentage points from the previous month. Among them, service prices changed from an increase of 0.1% last month to a decrease of 0.2%, and the impact on the CPI month-on-month changed from an increase of about 0.04 percentage points last month to a decrease of about 0.08 percentage points. In terms of services, with the end of the summer vacation, the prices of air tickets, hotel accommodation and travel agencies dropped by 8.7%, 7.0% and 6.0% respectively, which together affected the CPI to fall by about 0.12 percentage points month-on-month. With the start of the fall semester, the price of education services increased by 0.4%, affecting the month-on-month increase in CPI by about 0.03 percentage points. The price of industrial consumer goods increased by 0.7%, a decrease of 0.1 percentage points from the previous month, affecting the month-on-month increase in CPI by approximately 0.22 percentage points. Among industrial consumer goods, affected by price changes in the international market, domestic gasoline prices rose by 4.9%, a decrease of 2.3 percentage points from the previous month. The price of gold jewelry decreased by 2.1% from an increase of 7.6% last month. The two items combined affected the CPI to increase by about 0.14 percentage points month-on-month; affected by higher costs, mobile prices The prices of mobile phones, computers, data storage devices and tablets increased by 3.7%, 2.0%, 1.7% and 1.5% respectively, which together affected the CPI to rise by about 0.04 percentage points month-on-month. The launch of autumn clothing drove the price of clothing to rise by 0.7%, affecting the month-on-month increase in CPI by about 0.03 percentage points. Food prices rose by 0.4%, the same increase as last month, 0.8 percentage points lower than the seasonal level, affecting the month-on-month increase in CPI by about 0.06 percentage points. Among food, the prices of fresh vegetables, pork, eggs and fresh fruits increased between 0.5% and 2.3%, which together affected the CPI by about 0.05 percentage points month-on-month; the prices of beef and mutton continued to rise, rising by 3.1% and 1.4% respectively this month, and the increases were expanded. The total impact on the CPI increased by about 0.04 percentage points month-on-month; the fishing moratorium ended, the supply of aquatic products was sufficient, and prices fell by 0.8%, affecting the month-on-month CPI decrease by about 0.02 percentage points.
From a year-on-year perspective, the national CPI increased by 0.9%, an increase of 0.1 percentage points from the previous month. Among them, gasoline prices rose by 16.6%, an increase of 7.3 percentage points, affecting the CPI to rise by about 0.47 percentage points year-on-year, driving the increase in energy prices to expand from 4.1% last month to 7.3% this month. The price of industrial consumer goods excluding energy increased by 1.6%, and the increase fell back by 0.2 percentage points, affecting the CPI to increase by about 0.39 percentage points year-on-year. Among them, the price of gold jewelry increased by 22.5%, and the increase dropped by 11.1 percentage points, affecting the CPI to increase by about 0.11 percentage points year-on-year; the prices of data storage equipment, tablets, computers, and mobile phones increased by 46.7%, 23.6%, 21.8%, and 14.9% respectively, and the increases all expanded, and the total impact on the CPI increased by about 0.23 percentage points year-on-year. Service prices increased by 0.8%, the same increase as last month, affecting the CPI to increase by about 0.40 percentage points year-on-year. Among services, the price of travel services increased by 2.1%, an increase of 0.8 percentage points; the price of medical services increased by 4.0%, the same increase as last month. Food prices fell by 1.7%, an increase of 0.3 percentage points from the previous month, affecting the CPI to fall by approximately 0.29 percentage points year-on-year. Among food, the prices of pork and fresh vegetables fell by 10.0% and 8.1% respectively, which together affected the CPI to fall by about 0.33 percentage points year-on-year; the prices of grain, edible oil, milk and fresh fruits fell between 0.6% and 1.5%, which together affected the CPI to fall by about 0.07 percentage points year-on-year. Points: egg prices rose by 17.4%, the increase dropped by 1.1 percentage points, affecting the CPI to increase by approximately 0.07 percentage points year-on-year; beef and mutton prices increased by 7.5% and 6.4% respectively, and the increases continued to expand, and the total impact on the CPI increased by approximately 0.08 percentage points year-on-year.
2. PPI month-on-month and year-on-year increases both expanded
From a month-on-month perspective, the national PPI increased by 1.2%, an increase of 0.8 percentage points from the previous month. The main characteristics of this month's PPI month-on-month operation are: First, the rise in international crude oil and non-ferrous metal prices has driven up prices in related domestic industries. The prices of petroleum extraction, refined petroleum product manufacturing, and organic chemical raw material manufacturing increased by 14.5%, 7.4%, and 5.4% respectively. The prices of non-ferrous metal mining and processing industries, and non-ferrous metal smelting and rolling processing industries increased by 1.6% and 1.5% respectively. The five industries together affected the PPI to rise by approximately 0.63 percentage points month-on-month. Second, changes in supply and demand in some energy and raw material industries have driven up prices. Affected by factors such as the increased demand for coal for heating in winter, the periodic tight supply in major mining areas, and the expected effect of rising international coal prices, prices in the coal mining and washing industry and coal processing increased by 9.5% and 13.6% respectively; demand for steel, cement and other building materials increased. Coupled with the increase in raw material costs, the price of non-metallic mineral products industry turned to increase by 0.3% after falling for 7 consecutive months, and the price of ferrous metal smelting and rolling processing industry increased by 0.2%. The four industries combined contributed to the month-on-month increase in PPI by approximately 0.38 percentage points. Third, the accelerated development of artificial intelligence, computing and computer collaboration and other fields has led to increased demand and rising prices in some industries. The prices of electrical machinery and equipment manufacturing, computer communications and other electronic equipment manufacturing all increased by 0.4%, and the two industries together affected the PPI to rise by about 0.07 percentage points month-on-month.
From a year-on-year perspective, the national PPI increased by 5.0%, an increase of 1.2 percentage points from the previous month. In terms of major industries, among the industries with rising prices, the coal mining and washing industry increased by 35.3%, the oil and natural gas mining industry, petroleum coal and other fuel processing industry, chemical raw materials and chemical products manufacturing industry increased by 24.5%, 21.6% and 12.1% respectively, and the non-ferrous metal mining and processing industry, non-ferrous metal smelting and The rolling processing industry rose by 21.4%, the electrical machinery and equipment manufacturing industry rose by 6.2%, and the computer communications and other electronic equipment manufacturing industry rose by 5.8%. The growth rates of the eight industries all expanded compared with the previous month. The total impact on the PPI increased by approximately 5.42 percentage points year-on-year, and the upward impact increased by 1.12 percentage points compared with the previous month. Among the industries with falling prices, the alcoholic beverages and refined tea manufacturing industry fell by 5.3%, the electricity and heat production and supply industry fell by 3.9%, the pharmaceutical manufacturing industry fell by 3.3%, the non-metallic mineral products industry fell by 2.5%, and the automobile manufacturing industry fell by 2.0%. The five industries collectively lowered the PPI by about 0.66 percentage points year-on-year.
