Zhitong Finance App learned that on October 14, Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interpreted the CPI and PPI data for September 2026. Dong Lijuan said that in September, the consumer price index (CPI) rose 0.2% month-on-month, down 0.2 percentage points from the previous month; the year-on-year increase was 0.9%, an increase of 0.1 percentage points over the previous month; the core CPI excluding food and energy prices rose 1.0% year on year, the same increase as last month. The Industrial Producer Ex-Factory Price Index (PPI) rose 1.2% month-on-month, an increase of 0.8 percentage points over the previous month; the year-on-year increase was 5.0%, an increase of 1.2 percentage points over the previous month.
The original text is as follows:
The year-on-year increases in CPI and PPI both increased in September 2026
——Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interprets CPI and PPI data for September 2026
In September, the consumer price index (CPI) rose 0.2% month-on-month, down 0.2 percentage points from the previous month; the year-on-year increase was 0.9%, an increase of 0.1 percentage points over the previous month; the core CPI excluding food and energy prices rose 1.0% year on year, the same increase as last month. The Industrial Producer Ex-Factory Price Index (PPI) rose 1.2% month-on-month, an increase of 0.8 percentage points over the previous month; the year-on-year increase was 5.0%, an increase of 1.2 percentage points over the previous month.
1. The month-on-month increase in CPI declined, and the year-on-year increase increased
On a month-on-month basis, the national CPI rose 0.2%, down 0.2 percentage points from the previous month. Among them, service prices changed from a 0.1% increase last month to a 0.2% decrease, and the impact on CPI changed from a month-on-month increase of about 0.04 percentage points last month to a decrease of about 0.08 percentage points. Among services, with the end of the summer vacation, the prices charged by air tickets, hotel accommodations, and travel agencies fell by 8.7%, 7.0%, and 6.0% respectively, which collectively affected the CPI drop by about 0.12 percentage points month-on-month; with the start of the fall school, the price of education services rose 0.4%, affecting the CPI increase by about 0.03 percent month-on-month. Industrial consumer goods prices rose 0.7%, down 0.1 percentage points from the previous month, affecting the CPI increase by about 0.22 percent month-on-month. Among industrial consumer goods, due to price changes in the international market, domestic gasoline prices rose 4.9%, down 2.3 percentage points from the previous month. The price of gold jewelry changed from a 7.6% increase in the previous month to a 2.1% decrease. Together, the two factors affected the CPI increase by about 0.14 percent month-on-month; due to higher costs, the prices of mobile phones, computers, data storage devices and tablets rose by 3.7%, 2.0%, 1.7% and 1.5%, respectively. The total impact on the CPI increase was about 0.04 percent month-on-month; the fall market led to a 0.7% month-on-month increase in CPI. The CPI rose by about 0.03 percent month-on-month. Food prices rose 0.4%, the same increase as last month, 0.8 percentage points lower than the seasonal level, affecting the CPI increase by about 0.06 percent month-on-month. Among food products, prices of fresh vegetables, pork, eggs, and fresh fruit increased by 0.5% to 2.3%, which together affected the CPI increase by about 0.05 percentage points; beef and lamb prices continued to rise, rising 3.1% and 1.4% respectively this month. The increases all increased, which together affected the CPI increase by about 0.04 percentage points month-on-month; at the end of the fishing break period, the supply of aquatic products was sufficient, and prices fell 0.8%, affecting the CPI decline by about 0.02 percentage points month-on-month.
On a year-on-year basis, the national CPI rose 0.9%, an increase of 0.1 percentage points over the previous month. Among them, gasoline prices rose 16.6%, an increase of 7.3 percentage points, affecting the CPI increase by about 0.47 percent year-on-year, driving the increase in energy prices from 4.1% last month to 7.3% this month. Prices of industrial consumer goods excluding energy rose 1.6%, and the increase fell 0.2 percentage points, affecting the CPI increase by about 0.39 percent year on year. Among them, the price of gold jewelry rose 22.5%, and the increase fell 11.1 percentage points, affecting the CPI increase by about 0.11 percent; the prices of data storage devices, tablets, computers and mobile phones rose 46.7%, 23.6%, 21.8%, and 14.9%, respectively. The increases all increased, which together affected the CPI increase by about 0.23 percent year on year. Service prices rose 0.8%, the same increase as last month, affecting the year-on-year increase in CPI by about 0.40 percent. Among services, travel service prices rose 2.1%, an increase of 0.8 percentage points; medical service prices rose 4.0%, the same increase as last month. Food prices fell 1.7%, an increase of 0.3 percentage points over the previous month, affecting the year-on-year decline in CPI by about 0.29 percentage points. Among food products, pork and fresh vegetable prices fell 10.0% and 8.1%, respectively, affecting the CPI decline by about 0.33 percentage points; the price decline of food, cooking oil, milk and fresh fruit was between 0.6% and 1.5%, which together affected the CPI decline by about 0.07 percentage points; egg prices rose 17.4%, falling 1.1 percentage points, affecting the CPI increase by about 0.07 percentage points year on year; beef and lamb prices increased 7.5% and 6.4%, respectively, and the increase continued to expand, affecting the CPI increase by about 0.08 percentage points year on year.
2. Both month-on-month and year-on-year increases in PPI increased
On a month-on-month basis, the national PPI rose 1.2%, an increase of 0.8 percentage points over the previous month. The main characteristics of this month's PPI month-on-month operation: First, rising international crude oil and non-ferrous metal prices are driving up prices in related domestic industries. Prices of petroleum extraction, refined petroleum products manufacturing, and organic chemical raw materials increased by 14.5%, 7.4%, and 5.4%, respectively. Prices in the non-ferrous metal ore mining and processing industry rose 1.6% and 1.5% respectively. The five industries together affected the PPI increase by about 0.63 percent month-on-month. Second, changes in supply and demand conditions in some energy and raw materials industries are driving up prices. Affected by factors such as increased demand for heating and coal preparation in winter, phased supply in major mining areas, and the expected effects of rising international coal prices, the coal mining and washing industry and coal processing prices rose 9.5% and 13.6% respectively; demand for construction materials such as steel and cement rebounded. Coupled with rising raw material costs, prices in the non-metallic mineral products industry rose 0.3% after 7 months of continuous decline. Prices in the ferrous metal smelting and rolling processing industry rose 0.2%. The four industries combined affected the PPI increase by about 0.38 percent over the previous month. Third, accelerated development in fields such as artificial intelligence and computing collaboration has led to an increase in demand and price increases in some industries. Prices in the electrical machinery and equipment manufacturing industry, computer communications, and other electronic equipment manufacturing industries all rose 0.4%. Together, the two industries affected the PPI increase by about 0.07 percent month-on-month.
On a year-on-year basis, the national PPI rose 5.0%, an increase of 1.2 percentage points over the previous month. Looking at major industries, among the industries where prices have risen, the coal mining and washing industry rose 35.3%; the oil and gas extraction industry, petroleum coal and other fuel processing industry, chemical raw materials and chemical products manufacturing industry rose 24.5%, 21.6%, and 12.1% respectively; the non-ferrous metal ore mining and processing industry all rose 21.4%; the electrical machinery and equipment manufacturing industry rose 6.2%; the computer communications and other electronic equipment manufacturing industry rose 5.8%. The total increase in PPI increased by about 5.42 percent year-on-year. In points, the upward impact increased by 1.12 percentage points over the previous month. Among the industries where prices fell, the alcoholic beverage and refined tea manufacturing industry fell 5.3%, the electricity and heat production and supply industry fell 3.9%, the pharmaceutical manufacturing industry fell 3.3%, the non-metallic mineral products industry fell 2.5%, and the automobile manufacturing industry fell 2.0%. The total PPI of the five industries dropped by about 0.66 percentage points year on year.
This article was compiled from the official website of the “National Bureau of Statistics”. Zhitong Finance Editor: Xu Wenqiang.