ECONOMY

China Consumer Price Rebound Signals Firmer Domestic Demand

Published: Nov. 10, 2025 12:01 p.m. GMT+8

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China’s consumer prices unexpectedly returned to inflation in October after two straight months of declines, while factory-gate deflation eased further, providing fresh signs that domestic demand is stabilizing.

The consumer price index (CPI) rose 0.2% year-on-year in October, reversing September’s drop and marking the fastest growth since January, according to data released Sunday by the National Bureau of Statistics (NBS). The figure surpassed the average forecast of a 0.1% decline in a Caixin survey of economists.

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China’s CPI rose 0.2% year-on-year in October 2024, reversing two months of decline and beating expectations.
The PPI fell 2.1% year-on-year but improved from the prior month and rose 0.1% month-on-month, its first gain since November 2024.
Core CPI grew 1.2% and service prices rose 0.8%, reflecting stronger domestic demand and holiday-driven spending.

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