China’s September Consumer Price Index: Slight Increase, Yet Remains Below 1% for Third Consecutive Month

Recently NHK News on-line reported the following:

中国 9月消費者物価指数 前月比やや拡大も3か月連続1％下回る

2026年10月14日 14:35

消費者物価指数

中国の9月の消費者物価指数は去年の同じ月と比べて0.9％上昇しました。8月からやや拡大しましたが、3か月連続で1％を下回りました。

中国の国家統計局が14日発表した9月の消費者物価指数は去年の同じ月と比べて0.9％上昇しました。

伸び率は8月から0.1ポイント拡大しましたが、3か月連続で1％を下回りました。

品目別では中東情勢を受けてガソリンが16.6％上昇したほか、半導体の価格高騰を背景にスマートフォンは14.9％上昇しました。

一方、食料品は1.7％、乗用車は1.7％、それぞれ下落し、個人消費の弱さが反映されています。

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9月の生産者物価指数は5.0％上昇し、8月から1.2ポイント拡大しました。

中東情勢を受けた原油や冬の暖房用の石炭の価格の上昇が主な要因で、伸び率は2022年6月以来の高い水準となりました。

Translation

China’s September Consumer Price Index: Slight Increase, Yet Remains Below 1% for Third Consecutive Month

Consumer Price Index (CPI)

China’s Consumer Price Index (CPI) for September rose by 0.9% compared to the same month last year. While this represented a slight increase from August, the figure had remained below 1% for the third consecutive month.

According to data released by China’s National Bureau of Statistics on the 14th, the Consumer Price Index for September increased by 0.9% year-on-year.

Although the growth rate rose by 0.1 percentage points from August, it had stayed under 1% for three months in a row.

By category, gasoline prices climbed 16.6%—affected by the situation in the Middle East—while smartphone prices rose by 14.9%, driven by a sharp surge in semiconductor costs.

Conversely, prices for food items and passenger vehicles both fell by 1.7%, reflecting weakness in personal consumption.

Separately, the Producer Price Index (PPI)—which tracked price changes for products as they left the factory—rose by 5.0% in September, an increase of 1.2 percentage points from August.

This growth, which reached its highest level since June 2022, was primarily driven by rising prices for crude oil affected by the situation in the Middle East, and the prices of coal used for winter heating.

So, the Producer Price Index rose by 5.0% in September, an increase of 1.2 percentage points from August. This growth was primarily driven by rising prices for crude oil coal. Meanwhile, prices for food items and passenger vehicles both fell by 1.7%, reflecting the fact that personal consumption in China is still weak.