Chine Taux d'inflation

China’s consumer prices rose 0.2% yoy in October 2025, defying expectations for no change and rebounding from a 0.3% decline in the prior month. It was the first increase in consumer inflation since June and the fastest pace since January. Non-food inflation accelerated (0.9% vs 0.7% in September), lifted by the expansion of consumer trade-in programs and increased holiday spending during the Golden Week, both of which helped boost domestic demand. Prices continued to grow for housing (0.1% vs 0.1%), clothing (1.7% vs 1.7%), healthcare (1.4% vs 1.1%), and education (0.9% vs 0.8%). Meantime, transport costs fell at a slower pace (-1.5% vs -2.0%). On the food side, prices logged the smallest decline in three months (-2.9% vs -4.4%). Core inflation, which excludes food and energy, rose 1.2% yoy, the highest in 20 months, after September's 1.0% growth. On a monthly basis, consumer prices also increased 0.2%, following a 0.1% gain in September, reaching the highest level in three months.