China’s CPI fell rose +0.1% MoM (vs +0.2% MoM expected) in September 2025 and was down -0.3% YoY (vs -0.1% YoY expected) slightly above -0.4% YoY in August, reflecting ongoing food price weakness offset by modest non-food gains.

• Core CPI was flat on the month, but up 1.0% YoY in September, the strongest increase since February 2024.
• Food prices dropped -4.4% YoY, subtracting roughly 0.74 ppts from the CPI, led by fresh vegetables (-13.7% YoY), pork (-17.0% YoY), and eggs (-11.9% YoY).
• Fuel prices were also notably weak, down -1.7% MoM and -6.0% YoY in September, dragging down the headline inflation rate.
• Non-food prices increased +0.7% YoY, supported by higher costs in other supplies and services (+9.9% YoY), daily necessities and services (+2.2% YoY), and clothing (+1.7% YoY).
• Service prices rose +0.6% YoY, while consumer goods prices fell -0.8% YoY, reflective of the weakness in food prices.
• On a MoM basis, food prices climbed +0.7%, driven by fresh vegetables (+6.1% MoM), eggs (+2.7% MoM), and fruit (+1.7% MoM), though aquatic products (-1.8% MoM) and pork (-0.7% MoM) fell.
• Non-food prices declined -0.1% MoM, with transportation and communication (-0.9% MoM) and education, culture, and entertainment (-0.4% MoM) posting notable decreases.
• For January-September 2025, average CPI edged down -0.1% YoY, indicating broadly flat consumer price trends through the year.