China’s CPI rose +0.2% MoM (vs 0.0% MoM expected) and +0.2% YoY in October 2025, a modest rebound in prices that pushed the annual rate up to its highest since the beginning of this year.

• Excluding food and energy, core CPI rose +0.2% MoM and +1.2% YoY, indicating underlying inflation remained moderate despite the headline softness.

• Urban CPI increased +0.2% MoM and +0.3% YoY, while rural CPI rose +0.1% MoM but declined -0.2% YoY, showing persistent urban-rural divergence in price trends.

• Food prices rose +0.3% MoM but fell -2.9% YoY, continuing to weigh on the overall index; pork prices dropped -2.5% MoM and -16.0% YoY, contributing roughly -0.23 ppts to the YoY CPI change.

• Non-food prices rose +0.2% MoM and +0.9% YoY, driven by higher service costs (+0.2% MoM, +0.8% YoY), which helped offset declines in consumer goods prices (-0.2% YoY).

• Among major categories, transportation and communication prices fell -0.2% MoM and -1.5% YoY, reflecting lower fuel costs (-0.8% MoM, -5.4% YoY), while health care and education both rose +0.3% MoM and around +1% YoY.

• Prices for daily necessities and services decreased -0.2% MoM but increased +1.9% YoY, while housing costs edged down -0.1% MoM and were nearly flat YoY (+0.1%).

• “Other goods and services” showed the strongest price growth, surging +3.8% MoM and +12.8% YoY, standing out as the key upward driver in the October data.

• Overall, October’s CPI report showed continued price stability at the national level, with mild increases in services and non-food prices offsetting broad declines across food and energy components.