Zhitong Finance App learned that on November 9, Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interpreted the CPI and PPI data for October 2026. Dong Lijuan said that in October, the consumer price index (CPI) remained flat from month to month; it rose 0.7% year on year, down 0.2 percentage points from the previous month; the core CPI excluding food and energy prices rose 0.8% year on year, down 0.2 percentage points from the previous month. The Industrial Producer Ex-Factory Price Index (PPI) rose 0.7% month-on-month, down 0.5 percentage points from the previous month; the year-on-year increase was 5.7%, up 0.7 percentage points from the previous month. On a month-on-month basis, the national PPI rose 0.7%, down 0.5 percentage points from the previous month.
The original text is as follows:
CPI continued to rise year-on-year in October 2026, and PPI's month-on-month increase declined
——Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interprets the CPI and PPI data for October 2026
In October, the consumer price index (CPI) remained flat month-on-month; it rose 0.7% year on year, down 0.2 percentage points from the previous month; the core CPI excluding food and energy prices rose 0.8% year on year, down 0.2 percentage points from the previous month. The Industrial Producer Ex-Factory Price Index (PPI) rose 0.7% month-on-month, down 0.5 percentage points from the previous month; the year-on-year increase was 5.7%, up 0.7 percentage points from the previous month.
1. CPI continued to rise year on year
On a month-on-month basis, the national CPI changed from a 0.2% increase last month to a flat rate. Among them, the price of industrial consumer goods rose 0.3%, down 0.4 percentage points from the previous month, affecting the CPI increase by about 0.10 percent month-on-month. Among industrial consumer goods, due to price changes in the international market, domestic gasoline prices rose 4.2%, down 0.7 percentage points from the previous month, affecting the CPI increase by about 0.14 percentage points month-on-month; the price of gold jewelry fell 5.9%, an increase of 3.8 percentage points over the previous month, affecting the CPI decline by about 0.03 percentage points month-on-month. Service prices changed from a 0.2% drop last month to a 0.1% increase, affecting the CPI increase by about 0.04 percent month on month. In terms of services, the number of travelers increased during the National Day holiday, and hotel accommodation, airline tickets, and travel agency fees increased by 6.5%, 3.3%, and 2.4% respectively, which together affected the CPI increase by about 0.04 percent month on month. Food prices changed from a 0.4% increase last month to a 1.0% decline, affecting the CPI decline by about 0.17 percent month-on-month. Among food products, the climatic conditions were suitable, and the prices of eggs, fresh vegetables and fresh fruit fell by 6.3%, 5.8% and 0.6% respectively, which together affected the CPI decline by about 0.13 percentage points month-on-month; due to sufficient market supply, the prices of aquatic products and pork fell by 1.3% and 1.0%, respectively, which together affected the CPI decline by about 0.04 percentage points month-on-month; the prices of beef and lamb rose 1.6% and 0.8% respectively, and the increases all declined somewhat.
On a year-on-year basis, the national CPI rose 0.7%, down 0.2 percentage points from the previous month. Among them, gasoline prices rose 22.4%, an increase of 5.8 percentage points over the previous month, affecting the CPI increase by about 0.63 percent year-on-year, driving the increase in energy prices from 7.3% last month to 9.9% this month. Prices of industrial consumer goods excluding energy rose 1.2%, down 0.4 percentage points from the previous month, affecting the CPI increase by about 0.30 percent year on year. Among them, the prices of data storage devices, tablets, computers and mobile phones rose by 45.4%, 29.3%, 23.0%, and 16.7%, respectively. The four items together affected the CPI increase by about 0.26 percent year on year; the price of gold jewelry rose 4.5%, down 18.0 percentage points from the previous month, affecting the CPI increase by about 0.02 percent year on year. Service prices rose 0.7%, down 0.1 percentage points from the previous month, affecting the year-on-year increase in CPI by about 0.34 percent. Among services, medical service prices rose 3.6%, down 0.4 percentage points from the previous month; travel service prices rose 1.5%, down 0.6 percentage points from the previous month. Food prices fell 2.9%, an increase of 1.2 percentage points over the previous month, affecting the year-on-year decline in CPI by about 0.49 percentage points. Among food products, the prices of fresh vegetables, pork and fresh fruit fell by 16.9%, 8.6% and 3.8%, respectively, affecting the CPI decline by about 0.54 percentage points; the price decline of food, cooking oil and milk was between 0.5% and 1.2%, which together affected the CPI decline by about 0.03 percentage points year on year; egg prices rose 12.3%, down 5.1 percentage points from the previous month, affecting the CPI increase by about 0.05 percentage points year on year; beef and lamb prices rose by 8.7% and 5.8% respectively, which together affected the CPI increase by about 0.09 percentage points year on year.
2. The month-on-month increase in PPI declined
On a month-on-month basis, the national PPI rose 0.7%, down 0.5 percentage points from the previous month. The main characteristics of this month's PPI month-on-month operation: First, import and seasonal factors affect price increases in major energy-related industries. The rise in international energy prices led domestic oil and gas extraction, coal mining and washing prices to rise 6.0% and 2.7% respectively; due to factors such as upstream basic energy price transmission and the release of demand for electricity, coal and gas during the critical preparation period for peak winter, the prices of downstream refined petroleum products manufacturing, organic chemical raw materials manufacturing, coal processing, gas production and supply industries rose 6.8%, 6.8%, 3.2%, and 1.5%, respectively. Together, the six industries affected the PPI increase by about 0.61 percent, more than 80% of the total increase. Second, the orderly progress of production capacity management and the rapid development of artificial intelligence are driving up prices in some raw materials and equipment manufacturing industries. Production capacity in some industries was adjusted in an orderly manner, and the relationship between supply and demand improved. Prices in the non-metallic mineral products industry rose 0.8%, and prices in the automobile manufacturing industry remained flat after 3 months of continuous decline; artificial intelligence continued to empower industrial transformation to drive up demand and prices in related industries. Prices in the electrical machinery and equipment manufacturing industry, computer communications, and other electronic equipment manufacturing industries all rose 0.1%. Third, the consumer goods market has sufficient supply, stable demand, and generally stable prices. Prices in industries related to consumer goods manufacturing remained stable. Among them, prices in the textile industry and agricultural and sideline food processing industry rose 0.2% and 0.1% respectively; prices in the paper and paper products industry, alcoholic beverages, and refined tea manufacturing industries fell 0.4% and 0.1%, respectively; and prices in the furniture manufacturing industry and tobacco products remained flat.
On a year-on-year basis, the national PPI rose 5.7%, an increase of 0.7 percentage points over the previous month. By major industries, among the industries where prices have risen, the coal mining and washing industry rose 36.6%, the oil and gas extraction industry, petroleum coal and other fuel processing industry, chemical raw materials and chemical products manufacturing industry rose 35.0%, 29.9% and 16.4% respectively, the gas production and supply industry rose 7.9%, computer communications and other electronic equipment manufacturing industries rose 5.9%, an average increase over the previous month; the non-ferrous metal mining and selection industry and the non-ferrous metal smelting and rolling processing industry rose 16.3% and 18.6% respectively, both down from the previous month; electrical machinery and equipment manufacturing The industry rose 6.2%, the same increase as last month. Together, the nine industries mentioned above affected the PPI increase by about 6.14 percent year on year, and the upward impact increased 0.64 percent over the previous month. The five industries most affected by the price drop were alcohol, beverage and refined tea manufacturing, pharmaceutical manufacturing, non-metallic mineral products, automobile manufacturing, and electricity and heat production and supply. The decline was between 1.6% and 5.2%, which was narrower than the previous month. In total, the impact of the drop in PPI was about 0.60 percentage points year-on-year, and the impact of the drop down was 0.06 percentage points lower than the previous month.
This article was compiled from the official website of the “National Bureau of Statistics”. Zhitong Finance Editor: Xu Wenqiang.