① In November, the national consumer price index (CPI) increased by 0.7% year-on-year; ② In November, the producer price index (PPI) for industrial producers rose by 0.1% month-on-month and fell by 2.2% year-on-year; ③ Official interpretation: The year-on-year increase in CPI in November 2025 expanded, with core CPI continuing to rise.
According to data released by the National Bureau of Statistics on December 10 by Cailian Press, in November 2025, the national consumer price index (CPI) increased by 0.7% year-on-year. Specifically, prices in urban areas rose by 0.7%, while those in rural areas increased by 0.4%; food prices went up by 0.2%, and non-food prices rose by 0.8%; consumer goods prices increased by 0.6%, and service prices rose by 0.7%. On average from January to November, the national consumer price level remained unchanged compared to the same period last year.
In November, influenced by factors such as optimization of supply-demand structures in certain domestic industries and the transmission of international commodity prices, the producer price index (PPI) for industrial producers rose by 0.1% month-on-month and fell by 2.2% year-on-year.
Dong Lijuan, Chief Statistician of the Urban Division at the National Bureau of Statistics, interpreted the CPI and PPI data for November 2025.
In November 2025, the consumer price index (CPI) increased by 0.7% year-on-year.
In November 2025, the national consumer price index (CPI) increased by 0.7% year-on-year. Specifically, prices in urban areas rose by 0.7%, while those in rural areas increased by 0.4%; food prices went up by 0.2%, and non-food prices rose by 0.8%; consumer goods prices increased by 0.6%, and service prices rose by 0.7%. On average from January to November, the national consumer price level remained unchanged compared to the same period last year.
In November, the national consumer price index (CPI) decreased by 0.1% month-on-month. Specifically, prices in urban areas fell by 0.1%, while those in rural areas remained stable; food prices increased by 0.5%, and non-food prices dropped by 0.2%; consumer goods prices rose by 0.1%, and service prices declined by 0.4%.
I. Year-on-Year Changes in Prices of Various Goods and Services
In November, the year-on-year increase in the food, alcohol, and tobacco category was 0.3%, contributing approximately 0.09 percentage points to the CPI increase. Among food items, fresh vegetable prices surged by 14.5%, contributing about 0.31 percentage points to the CPI increase; aquatic product prices rose by 1.5%, contributing approximately 0.03 percentage points to the CPI increase; fresh fruit prices increased by 0.7%, contributing around 0.01 percentage points to the CPI increase; egg prices dropped by 12.5%, leading to a decrease of about 0.08 percentage points in the CPI; meat prices fell by 6.6%, resulting in a decline of approximately 0.20 percentage points in the CPI, with pork prices dropping by 15.0%, causing a reduction of about 0.21 percentage points in the CPI; grain prices declined by 0.4%, contributing to a decrease of approximately 0.01 percentage points in the CPI.
Among the other seven major categories, five saw increases, one remained stable, and one declined. Specifically, prices for miscellaneous goods and services, household goods and services, and clothing increased by 14.2%, 2.1%, and 1.9%, respectively, while healthcare and education, culture, and entertainment prices rose by 1.6% and 0.8%, respectively; housing prices remained flat; transportation and communication prices fell by 2.3%.
II. Month-on-Month Changes in Prices of Various Goods and Services
In November, the prices of food, alcohol, and tobacco rose by 0.3% month-on-month, contributing to a 0.07 percentage point increase in the CPI. Among food items, fresh vegetable prices increased by 7.2%, contributing to a 0.17 percentage point increase in the CPI; aquatic product prices fell by 1.8%, leading to a 0.03 percentage point decline in the CPI; egg prices dropped by 1.8%, resulting in a 0.01 percentage point decline in the CPI; meat prices decreased by 1.0%, contributing to a 0.03 percentage point drop in the CPI, with pork prices falling by 2.2%, causing a 0.03 percentage point decrease in the CPI; fresh fruit prices declined by 0.3%, contributing to a 0.01 percentage point decline in the CPI.
Among the other seven major categories, three registered price increases while four experienced declines. Specifically, prices for miscellaneous goods and services, clothing, and medical care increased by 1.2%, 0.7%, and 0.1%, respectively; transportation and communication, as well as education, culture, and entertainment prices, fell by 0.9% and 0.8%, respectively; prices for household goods and services and housing decreased by 0.4% and 0.1%, respectively.
Producer Price Index (PPI) for Industrial Producers Continues to Rise Month-on-Month in November 2025
In November 2025, China’s producer price index (PPI) for industrial producers fell by 2.2% year-on-year, and the purchase price index for industrial producers dropped by 2.5% year-on-year; both the PPI and the purchase price index for industrial producers rose by 0.1% month-on-month, with the same growth rate as the previous month. From January to November, on average, the PPI for industrial producers decreased by 2.7% compared to the same period last year, while the purchase price index for industrial producers fell by 3.1%.
I. Year-on-Year Changes in Industrial Producer Prices
In November, the prices of producer goods within the PPI for industrial producers decreased by 2.4%, contributing to a 1.79 percentage point decline in the overall level of the PPI for industrial producers. Specifically, mining industry prices fell by 6.1%, raw materials industry prices declined by 2.9%, and processing industry prices dropped by 1.9%. The prices of consumer goods fell by 1.5%, contributing to a 0.38 percentage point decrease in the overall level of the PPI for industrial producers. Within this category, food prices declined by 1.5%, apparel prices dropped by 0.3%, general daily necessities prices increased by 1.1%, and durable consumer goods prices fell by 3.6%.
Within the purchase price index for industrial producers, fuel and power prices decreased by 6.9%, building materials and non-metallic mineral products prices fell by 5.8%, chemical raw materials prices dropped by 5.0%, agricultural and sideline products prices declined by 4.9%, ferrous metal material prices fell by 3.0%, textile raw material prices decreased by 1.9%; non-ferrous metal materials and wire prices increased by 8.1%.
II. Month-on-Month Changes in Industrial Producer Prices
In November, the prices of producer goods within the PPI for industrial producers rose by 0.1%, contributing to a 0.08 percentage point increase in the overall level of the PPI for industrial producers. Specifically, mining industry prices increased by 1.7%, raw materials industry prices fell by 0.2%, and processing industry prices rose by 0.1%. The prices of consumer goods remained unchanged. Within this category, food prices dropped by 0.1%, clothing prices increased by 0.1%, general daily necessities prices rose by 0.2%, and durable consumer goods prices fell by 0.2%.
Within the purchase price index for industrial producers, non-ferrous metal materials and wire prices increased by 1.8%, building materials and non-metallic mineral products prices rose by 0.2%, and fuel and power prices climbed by 0.1%; chemical raw materials prices fell by 0.6%, agricultural and sideline products and textile raw materials prices both declined by 0.3%, and ferrous metal material prices dropped by 0.2%.
Year-on-Year Increase in CPI Expands in November 2025, Core CPI Continues to Rise
Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the November 2025 CPI and PPI data.
In November, household consumption continued to recover. The Consumer Price Index (CPI) decreased slightly by 0.1% month-on-month but increased by 0.7% year-on-year. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year. Influenced by factors such as the optimization of supply and demand structures in certain domestic industries and the transmission of international commodity prices, the Producer Price Index (PPI) increased by 0.1% month-on-month but declined by 2.2% year-on-year.
I. CPI year-on-year increase expanded, with core CPI rising by 1.2%.
The CPI increased by 0.7% year-on-year, with the growth rate expanding by 0.5 percentage points compared to the previous month, reaching the highest level since March 2024. The expansion in year-on-year growth was primarily driven by a shift from a decline to an increase in food prices. Food prices, which fell by 2.9% in the previous month, turned positive with a 0.2% increase, shifting their impact on the CPI year-on-year from a drag of 0.54 percentage points last month to a lift of 0.04 percentage points. Within food categories, fresh vegetable prices, which dropped by 7.3% in the previous month, surged by 14.5%, marking the first increase after nine consecutive months of decline, contributing approximately 0.49 percentage points more to the CPI year-on-year rise than the previous month; fresh fruit prices shifted from a 2.0% decrease to a 0.7% increase; beef and mutton prices increased by 6.2% and 3.7%, respectively, with wider growth margins; pork and poultry meat prices dropped by 15.0% and 0.6%, respectively, with narrowing declines. Energy prices fell by 3.4%, with the decline widening by 1.0 percentage point compared to the previous month, including a 7.5% drop in gasoline prices. Excluding food and energy prices, core CPI rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months. Service prices and industrial consumer goods prices excluding energy increased by 0.7% and 2.1%, respectively, contributing approximately 0.29 and 0.53 percentage points to the year-on-year CPI increase. Among these, domestic demand-expansion policies continued to take effect, with home appliance and apparel prices increasing by 4.9% and 2.0%, respectively, and airfare, housekeeping services, and dining-out prices rising by 7.0%, 2.4%, and 1.2%, respectively. Gold jewelry prices saw an increase of 58.4%. Additionally, fuel-powered and new energy compact cars experienced price drops of 2.5% and 2.4%, respectively.
The CPI decreased by 0.1% month-on-month, mainly due to seasonal declines in service prices. Service prices fell by 0.4%, affecting the month-on-month CPI decrease by about 0.16 percentage points. Post-holiday seasonal declines in travel demand led to decreases in hotel accommodation, airfare, travel agency fees, and vehicle rental costs by 10.4%, 10.2%, 6.2%, and 3.6%, respectively, collectively impacting the month-on-month CPI decrease by about 0.13 percentage points. Entering the off-season for housing rentals, rent prices fell by 0.2%. Affected by fluctuations in international oil prices, domestic gasoline prices dropped by 2.2%, influencing the month-on-month CPI decrease by about 0.07 percentage points. Industrial consumer goods prices excluding energy increased by 0.3%, with domestic gold jewelry prices rising by 7.3% influenced by international gold price changes and clothing prices increasing by 0.8% due to winter collection updates. Food prices rose by 0.5%, exceeding the seasonal level by 0.9 percentage points, mainly due to the impact of rising fresh vegetable prices. Rainfall and cooling in some regions affected the production and transportation of fresh vegetables, leading to a 7.2% price increase, significantly higher than the average seasonal decline of 3.2%, impacting the month-on-month CPI increase by about 0.17 percentage points. Market supplies remained relatively abundant, with pork, egg, and aquatic product prices decreasing by 2.2%, 2.1%, and 1.8%, respectively, collectively affecting the month-on-month CPI decrease by about 0.07 percentage points.
II. PPI continues to rise month-on-month, with a slight expansion in year-on-year decline.
The PPI increased by 0.1% month-on-month, marking two consecutive months of growth. Key characteristics of this month’s PPI movement include: First, seasonal increases in demand in some domestic industries drove their prices up. With the onset of 'winter peak shaving' across various regions, coal and gas demands seasonally increased, leading to a 4.1% month-on-month rise in coal mining and washing industry prices, a 3.4% increase in coal processing prices, and a 0.7% increase in gas production and supply industry prices. Since the onset of winter, cold-weather products have entered their peak consumption season, with woolen fabric processing prices rising by 0.6% and down product processing prices increasing by 0.2%. Second, exogenous factors influenced the divergence in price trends of domestic non-ferrous metals and petroleum-related industries. Rising international non-ferrous metal prices propelled domestic non-ferrous metal ore mining and selection industry prices up by 2.6% month-on-month, while non-ferrous metal smelting and rolling processing industry prices increased by 2.1%, with copper smelting, gold smelting, and aluminum smelting prices rising by 2.9%, 1.4%, and 0.2%, respectively. Declining international oil prices affected domestic oil and natural gas extraction industry prices, causing a 2.4% decrease, and refined oil product manufacturing prices fell by 2.2%.
The PPI decreased by 2.2% year-on-year, with the decline marginally expanding by 0.1 percentage points compared to the previous month, primarily due to the elevated base of comparison from the same period last year. China's macroeconomic policies are progressively taking effect, bringing about positive changes in pricing. First, comprehensive measures to address 'internecine competition' have shown results, with year-on-year declines in relevant industries narrowing. Continuous efforts in capacity governance in key industries have optimized market competition order, with year-on-year declines in coal mining and washing, photovoltaic equipment and component manufacturing, and lithium-ion battery manufacturing narrowing by 3.8, 2.0, and 0.7 percentage points, respectively, all having narrowed consecutively for multiple months; the decline in new energy vehicle manufacturing prices narrowed by 0.6 percentage points from the previous month. Second, rapid development in emerging industries has driven year-on-year price increases in related sectors. As China's new materials, embodied intelligence, and other industries rapidly develop alongside the deepening advancement of green and low-carbon transition, demand in relevant sectors has increased, leading to a 13.9% year-on-year increase in external storage device and component prices, a 3.8% increase in graphite and carbon product manufacturing prices, a 1.7% rise in integrated circuit manufacturing prices, a 1.1% increase in service consumption robot manufacturing prices, a 0.4% rise in control micro-motor prices, and a 0.4% increase in waste resource utilization industry prices. Third, effective release of consumption potential has driven year-on-year price recovery in related industries. Ongoing effectiveness of special actions to boost consumption has renewed and enhanced consumer demand, leading to a 20.6% year-on-year increase in arts and crafts and ceremonial goods manufacturing prices, a 4.3% rise in sports ball manufacturing prices, and a 1.1% increase in nutritional food manufacturing prices; year-on-year declines in home washing machines, television manufacturing, and room air conditioner prices narrowed by 3.7, 0.5, and 0.1 percentage points, respectively.
