ECONOMY

China’s Consumer Prices Continue to Decline

Published: Oct. 15, 2025 4:31 p.m. GMT+8

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China’s consumer prices fell year-on-year in September, though the decline narrowed, while factory-gate deflation eased for a second straight month.

The consumer price index (CPI) dropped 0.3% year-on-year last month, a smaller contraction than the 0.4% decline in August, data from the National Bureau of Statistics (NBS) showed Wednesday. The reading was slightly weaker than the average forecast of a 0.2% decline in a Caixin survey of economists.

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China’s CPI fell 0.3% year-on-year in September, with food prices dropping 4.4%, but core CPI rose 1%, its fastest pace since February 2024.
Factory-gate prices (PPI) declined 2.3% year-on-year, easing from August’s 2.9% drop.
Prices for manufactured consumer goods rose for the fifth month, and gold/platinum jewelry soared by 42.1% and 33.6%, respectively.

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