China's October Consumer Price Index Rose for the First Time in Four Months, Deflation Concerns Continued

Recently NHK News On-line reported the following:

中国 10月の消費者物価指数 4か月ぶり上昇 デフレ懸念は続く

2025年11月9日午後0時28分

中国

中国の10月の消費者物価指数は、2024年の同じ月と比べて0.2％のプラスとなり、4か月ぶりに上昇しました。ただ、消費者の節約志向を背景に自動車などが値下がりしていて、デフレへの懸念は続いています。

中国の国家統計局が9日に発表した10月の消費者物価指数は、2024年の同じ月と比べて0.2％のプラスとなりました。消費者物価指数がプラスとなるのは4か月ぶりです。

牛肉の価格が上昇したことなどが要因ですが、消費者の節約志向を背景に自動車などは値下がりしていて、デフレへの懸念が続いています。

あわせて発表された、企業が製品を出荷する際の値動きを示す10月の生産者物価指数は、2024年の同じ月と比べて2.1％の下落となりました。

不動産不況の長期化を背景に内需の停滞が続く中、中国共産党は10月、2026年以降の経済政策などの基本方針として内需拡大に力を入れることを強調していて、今後、物価の押し上げにつながる効果的な対策を打ち出すことができるかが焦点となります。

Translation

China's October Consumer Price Index Rose for the First Time in Four Months, Deflation Concerns Continued

China's October Consumer Price Index rose 0.2% compared to the same month in 2024, marking the first increase in four months. However, prices of automobiles and other commodities had fallen due to consumers' tendency to save money, and concerns about deflation continued.

China's National Bureau of Statistics announced on the 9th that the Consumer Price Index for October was up 0.2% compared to the same month in 2024. This was the first positive in the Consumer Price Index in four months.

While a rising beef prices etc. was a primary factor,  prices of automobiles and other commodities had fallen due to consumers' tendency to save money, concerns about deflation continued.

The Producer Price Index for October, which indicated price movements at the time of product shipment by companies, was also announced, showing a 2.1% decrease compared to the same month in 2024.

As domestic demand continued to stagnate due to the prolonged real estate recession, the Chinese Communist Party emphasized in October that it would focus on expanding domestic demand as a basic policy for economic policy from 2026 onwards. In the future,  the focus would be on whether effective measures to push up prices could come out.

So, China's October Consumer Price Index rose 0.2% compared to the same month in 2024. However, prices of automobiles and other commodities have fallen due to consumers' tendency to save money, and concerns about deflation continue. Let’s wait and see whether China’s new measures can control deflation.