More news, continuously updated
China's CPI in December was 0.8% year-on-year, compared to 0.7% previously. China's PPI in December was -1.9% year-on-year, compared to -2.2% previously.
Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interprets the CPI and PPI data for December 2025:
In December, policies and measures to expand domestic demand and promote consumption continued to show results. Combined with New Year's Day approaching, consumer demand increased, the consumer price index (CPI) rose 0.2% month-on-month and 0.8% year-on-year, and the core CPI excluding food and energy prices rose 1.2% year on year. Driven by the transmission of international Commodity prices and the continued effectiveness of policies related to capacity management in key domestic Industry, the Industrial Producer Ex-Factory Price Index (PPI) rose 0.2% month-on-month and decreased 1.9% year-on-year.
1. CPI changed from decline to increase month-on-month. The year-on-year increase continued to expand, and the core CPI rose 1.2%
CPI changed from a 0.1% month-on-month decline to a 0.2% increase. The month-on-month increase was mainly affected by rising prices of industrial consumer goods other than energy. Prices of industrial consumer goods excluding energy rose 0.6%, affecting the CPI increase by about 0.16 percent month-on-month. Among them, the effects of policies to boost consumption continue to show. Combined with New Year's Day approaching, residents' demand for shopping and entertainment has increased, and prices of communication tools, mother and child products, durable consumer goods, and household appliances have all risen, ranging between 1.4%-3.0%; due to the rise in international gold prices, domestic gold Trinket prices have risen 5.6%. Energy prices fell 0.5%. Among them, due to changes in international oil prices, domestic RBOB Gasoline prices fell 1.2%, which affected the CPI decline by about 0.04 percentage points month-on-month. Food prices rose 0.3%, affecting the CPI increase by about 0.05 percent month-on-month. Among them, consumer demand increased before the holiday season, and the prices of fresh fruit and shrimp and crab rose 2.6% and 2.5% respectively; the weather conditions were relatively good, and the price of fresh vegetables rose 0.8%, an increase of 3.3 percentage points lower than the seasonal level; pig production capacity was sufficient, and pork prices fell 1.7%.
The CPI rose 0.8% year on year. The increase was 0.1 percentage points higher than the previous month, and rebounded to the highest level since March 2023. The increase in the year-on-year increase was mainly driven by the increase in food prices. Food prices rose 1.1%, an increase of 0.9 percentage points over the previous month, and the impact on the year-on-year increase in CPI increased by about 0.17 percentage points over the previous month. Among food products, the price increases of fresh vegetables and fruits increased to 18.2% and 4.4%, respectively, increasing the year-on-year increase in CPI by about 0.16 percentage points over the previous month; the prices of beef, lamb and aquatic products rose 6.9%, 4.4%, and 1.6% respectively, all increasing; and pork prices fell 14.6%, narrowing slightly. Energy prices fell 3.8%, an increase of 0.4 percentage points over the previous month, with RBOB Gasoline prices falling to 8.4%. The core CPI, which excludes food and energy prices, rose 1.2% year over year, and remained above 1% for 4 consecutive months. Service prices rose 0.6%, affecting the year-on-year increase in CPI by about 0.25 percent. Among them, the price of household services increased by 1.2%; rent prices decreased by 0.3%. Prices of industrial consumer goods excluding energy rose 2.5%, affecting the year-on-year increase in CPI by about 0.63 percent. Among them, the price increase of gold jewelry continued to expand to 68.5%; the price increase of household appliances and household daily necessities increased to 5.9% and 3.2%, respectively; and the price decline of fuel Cars and new energy vehicles narrowed to 2.4% and 2.2%, respectively.
2. The month-on-month increase in PPI increased, and the year-on-year decline narrowed
PPI rose 0.2% month-on-month, rising for 3 consecutive months, an increase of 0.1 percentage points over the previous month. The main characteristics of this month's PPI month-on-month running: First, improvements in the supply and demand structure have led to price increases in some Industry. Capacity management and comprehensive regulation of market competition in key industries continued to show results. Prices in the coal mining and washing industry and coal processing rose 1.3% and 0.8%, respectively, for 5 consecutive months; lithium-ion battery manufacturing prices rose 1.0% and cement manufacturing prices rose 0.5%, all rising for 3 consecutive months; the manufacturing price of New energy Fund vehicles changed from a 0.2% decrease last month to a 0.1% increase. Seasonal increases in demand led to 1.2% and 1.0% increases in gas production and supply, and 1.0% respectively, while prices in down processing and wool dyeing and finishing processing increased by 1.2% and 1.0% respectively. Second, import factors influence the divergence of price trends in domestic Nonferrous Metals and petroleum related Industry. The rise in international non-ferrous Nonferrous Metals prices led to 3.7% and 2.8% month-on-month increases in the domestic non-ferrous Nonferrous Metals ore mining and processing industry, respectively. Among them, the prices of silver smelting, gold smelting, copper smelting, and aluminum smelting rose 13.5%, 4.8%, 4.6%, and 0.9%, respectively. The decline in international Crude Oil Product prices affected domestic oil extraction and the manufacturing prices of refined petroleum products falling by 2.3% and 0.9%, respectively.
PPI fell 1.9% year on year, and the decline was 0.3 percentage points narrower than the previous month. Various domestic macroeconomic policies have continued to show results, and prices in some Industry have shown positive changes. First, the construction of a unified national market is progressing in depth, and the year-on-year price decline in related Industry continues to narrow. The market competition order has been continuously optimized. The price declines for the coal mining and washing industry, lithium-ion battery manufacturing, photovoltaic equipment and component manufacturing were 2.9, 1.2, and 0.4 percentage points narrower than the previous month, respectively. They have been narrowing continuously for 5, 4, and 9 months, respectively. Second, the cultivation and growth of new quality productivity has led to a year-on-year rise in prices in related Industry. Industries related to the digital economy are developing strongly. Production of new raw materials and materials is growing rapidly, and green transformation continues to empower development. The price of external storage equipment and components rose 15.3%, the price of biomass liquid fuel rose 9.0%, the manufacturing price of graphite and carbon products rose 5.5%, the price of finished Integrated Circuits products rose 2.4%, the price of the comprehensive utilization of waste resources industry rose 0.9%, and the manufacturing price of consumer service Robotics rose 0.4%. Third, the effective release of consumption potential has led to a year-on-year rise in prices in related Industry. Special actions to boost consumption have been implemented in depth. Consumption in the cultural, sports, and quality categories has grown rapidly. The manufacturing price of arts and crafts and ceremonial goods has risen by 23.3%, the manufacturing price of sports balls has risen 4.0%, the manufacturing price of Chinese musical instruments has risen 2.0%, and the manufacturing price of nutritional food has risen 1.5%.
