China's CPI picks up, PPI stabilizes on demand recovery

中国居民消费价格指数回升，工业生产者出厂价格指数因需求回暖企稳

Customers select vegetables at a market in Wuhan, central China's Hubei Province, Dec. 10, 2025. China's consumer price index (CPI), a main gauge of inflation, grew at a faster pace in November, driven by rising food prices, official data showed Wednesday. (Photo by Zhao Jun/Xinhua)

2025年12月10日，在位于中国中部湖北省武汉市的一处市场内，顾客正在挑选蔬菜。周三官方数据显示，在食品价格上涨的推动下，作为衡量通货膨胀水平主要指标的全国居民消费价格指数（CPI）在11月份同比涨幅有所扩大。（赵军摄/新华社）

BEIJING, Dec. 10 (Xinhua) -- China's consumer inflation accelerated at its fastest pace in 21 months in November, while factory-gate prices showed signs of stabilizing, underscoring that a recovery in domestic demand is gaining traction amid government support measures.

新华社北京12月10日电11月全国居民消费价格指数同比上涨幅度创21个月以来新高，工业生产者出厂价格指数则呈现企稳态势，突显出在政府支持措施的推动下，国内需求复苏势头正逐步增强。

The consumer price index (CPI), a main gauge of inflation, climbed 0.7 percent year on year in November, quickening from October's rise of 0.2 percent and marking the fastest pace of growth since March 2024, according to the National Bureau of Statistics (NBS).

根据国家统计局数据显示，11月份全国居民消费价格指数（CPI）同比上涨0.7%，涨幅较10月的0.2%有所扩大，创下2024年3月以来最高增速。

NBS statistician Dong Lijuan attributed the pick-up in CPI growth to rising food prices, which rebounded 0.2 percent in November, compared with a fall of 2.9 percent in October.

国家统计局统计师董莉娟表示，居民消费价格（CPI）涨幅回升主要受食品价格上行推动。11月食品价格同比上涨0.2%，而10月为同比下降2.9%。

Prices of fresh vegetables surged 14.5 percent year on year last month, ending a nine-month declining streak. Energy prices slid 3.4 percent from a year earlier, a sharper drop than the previous month, according to the NBS.

上月新鲜蔬菜价格同比上涨14.5%，结束了连续九个月的下降态势。国家统计局数据显示，能源价格同比下降3.4%，降幅较上月进一步扩大。

The country's policies to boost domestic consumption continued to bolster demand, with prices of home appliances and clothing up 4.9 percent and 2 percent year on year, respectively.

国家促进国内消费的政策继续提振需求，家电与服装类商品价格同比分别上涨4.9%和2%。

The core CPI, which excludes food and energy prices, increased by 1.2 percent year on year in November, unchanged from the rise in the previous month.

11月份剔除食品和能源价格的核心消费者价格指数同比上涨1.2%，与上月涨幅持平。

On a monthly basis, the CPI dipped 0.1 percent in November, as prices for hotels, flights and travel agencies cooled after the extended holiday period in October, according to Dong.

董指出，按月计算，11月居民消费价格指数（CPI）微降0.1%，主要由于10月长假结束后，酒店住宿、航班及旅行社价格普遍回落。

The average CPI for the first 11 months of this year remained flat compared with the same period of last year.

今年前11个月的平均消费者物价指数与去年同期持平。

Wednesday's data also revealed that the producer price index (PPI), which measures costs for goods at the factory gate, fell 2.2 percent year on year in November. The decline slightly widened from October's 2.1-percent fall, largely because of a higher comparative basis last year.

周三公布的数据同时显示，11月全国工业生产者出厂价格指数（PPI）同比降幅为2.2%。受去年同期对比基数抬升影响，降幅较10月的2.1%略有扩大。

However, signs of stabilization emerged on a monthly basis. The PPI edged up 0.1 percent from the previous month in November, marking a second straight month of gains as effects of the country's macro policies continued to filter through to the industrial sector.

不过从环比来看已显现企稳态势。随着国家宏观政策效果持续向工业领域传导，11月份工业生产者出厂价格指数（PPI）环比微涨0.1%，连续第二个月保持回升势头。

Dong attributed the improvements in specific industries to the government's efforts to manage production capacity and curb disorderly competition, noting that price declines further narrowed in the coal mining, solar equipment and lithium-ion battery sectors, among others.

董将特定行业状况的改善得益于政府在产能管理和遏制无序竞争方面的工作，并特别指出，煤炭开采、太阳能设备及锂离子电池等行业的价格降幅已进一步收窄。

The Chinese authorities noted this week that the country is on track to achieve its main goals for this year's economic and social development.

中国有关部门本周指出，全年经济社会发展主要目标任务有望如期完成。

China had targeted GDP growth of around 5 percent for 2025, and its economy expanded 5.2 percent year on year in the first three quarters.

中国将2025年经济增长目标设定在5%左右，今年前三季度国内生产总值（GDP）已实现同比增长5.2%。

During a meeting of the Political Bureau of the Communist Party of China Central Committee held on Monday, attendees agreed that for 2026, China must implement more proactive and effective macro policies, and make policies more forward-looking, targeted and synergistic. It is also imperative to continuously expand domestic demand and improve supply.

在周一召开的中共中央政治局会议上，与会同志一致认为，2026年我国须实施更加积极有力的宏观政策，增强政策的前瞻性、针对性和协调性。同时，必须持续扩大内需、优化供给，推动经济实现质的有效提升和量的合理增长。

Looking ahead to 2026, Wen Bin, chief economist at China Minsheng Bank, said that with policies to expand domestic demand and other measures further taking effect, the country is expected to see mild price recovery next year.

展望2026年，中国民生银行首席经济学家温彬分析指出，随着扩内需等政策措施持续发力显效，预计明年我国物价水平将呈现温和回升态势