The Chinese Mainland's Consumer Prices Steady in October Amid Economic Recovery
The Chinese mainland continues to show signs of economic recovery, with consumer demand on the rise. In October, the consumer price index (CPI), a key measure of inflation, increased by 0.3 percent year-on-year (YoY), slightly below the 0.4 percent rise seen in September, according to data released by the National Bureau of Statistics (NBS) on Saturday.
Falling energy prices played a significant role in moderating overall price levels last month, while food prices remained stable, as highlighted by NBS statistician Dong Lijuan. This stability reflects a balanced approach to managing domestic demand amid ongoing economic improvements.
Looking deeper, the core CPI, which excludes the volatile food and energy sectors, rose by 0.2 percent YoY in October, up from 0.1 percent in September. This indicates a gradual strengthening of underlying price pressures within the economy.
On a monthly basis, the CPI saw a slight decline of 0.3 percent in October after holding steady in September. Meanwhile, the producer price index (PPI), which gauges the cost of goods at the factory gate, decreased by 2.9 percent YoY in October, a slight widening from the 2.8 percent decline in September.
Compared to the previous month, the PPI only fell by 0.1 percent in October, a smaller drop than the 0.6 percent decline in September and the 0.7 percent decline in August. This moderation suggests a stabilization in production costs as the economy continues to recover.
Reference(s):
cgtn.com
