China CPI and PPI today: October inflation at 0.7%, factory prices up 5.7%

Updated November 2026

Published 9 November 2026

China's consumer price index (CPI) rose 0.7% in October 2026 from a year earlier, down from 0.9% in September, and was flat on the month. Its producer price index (PPI), which tracks the prices factories charge at the gate, rose 5.7% on the year, up from 5.0%, and 0.7% on the month.

The National Bureau of Statistics (NBS) published both figures at 09:30 Beijing time, 01:30 in the UK. This page sets out what was released, where the changes came from, and what the release feeds into. It reports the data; it does not forecast the next print.

What was released

Two monthly releases came out together: consumer prices for October and producer prices for October. The table sets them beside September's figures, from the September CPI release and the September PPI release.

Measure	October 2026	September 2026
CPI, year on year	+0.7%	+0.9%
CPI, month on month	0.0%	+0.2%
Core CPI (excluding food and energy), year on year	+0.8%	+1.0%
Food prices, year on year	-2.9%	-1.7%
Non-food prices, year on year	+1.5%	+1.5%
PPI (factory-gate prices), year on year	+5.7%	+5.0%
PPI, month on month	+0.7%	+1.2%
Industrial purchase prices, year on year	+7.9%	+6.9%
Industrial purchase prices, month on month	+1.1%	+1.2%

Over January to October, consumer prices averaged 0.9% above the same period a year earlier, factory-gate prices 2.7% above, and purchase prices 4.0% above.

Where the consumer price change came from

Food pulled the CPI down and transport pushed it up. The NBS figures for October, year on year:

Food: fresh vegetables fell 16.9%, taking about 0.31 percentage points off the CPI. Pork fell 8.6% and fresh fruit 3.8%. Eggs rose 10.1%.
Transport and communications: up 5.5%, the largest rise of the non-food groups. Within it, fuel for vehicles rose 20.2%.
Services: up 0.7%. Housing was the only non-food group to fall, down 0.3%.

On the month, food fell 1.0% while non-food prices rose 0.2%, which is how the headline index ended flat.

Where the factory price change came from

The PPI rise came almost entirely from producer goods, the materials and equipment factories sell to other businesses. Their prices rose 7.4% on the year and added about 5.77 percentage points to the 5.7% total. Consumer goods prices fell 0.1%.

Mining: up 27.9%. Coal mining and washing rose 36.6%, and oil and gas extraction 35.0%.
Raw materials: up 11.6%, with petroleum and coal processing up 29.9% and non-ferrous metal smelting up 18.6%.
Manufacturing: up 3.5%.
Falls: ferrous metal mining was down 6.4%.

The purchase-price index shows the same pattern from the buyer's side. What factories paid for fuel and power rose 18.6% on the year, chemical raw materials 16.8%, and non-ferrous metals and wire 16.7%. These are the same raw materials that trade as commodities, which is where the release connects to how commodities are traded.

The gap between the two indices

October's factory-gate inflation of 5.7% sat five percentage points above consumer inflation of 0.7%. In the NBS figures, the rise is concentrated in energy and mined materials, while food, the group that pulled the CPI down, fell. A gap of this size says prices are rising faster at the start of the supply chain than at the till; the release itself does not say how much of it will pass through.

One technical note from the NBS: both indices now use 2025 as their base period. The bureau estimates the change moves the CPI's year-on-year readings by about 0.06 percentage points on average, and lowers the PPI's by about 0.08 points.

What the release feeds into

China's own policy debate. The CPI is the household inflation measure, and core CPI leaves out food and energy. In October, core CPI rose 0.8%, below the 1.0% of September.
Input costs for industry. The PPI and purchase prices show what Chinese factories charge and pay, broken down by fuel, metals and chemicals.
The week's other inflation data. US CPI follows on Tuesday 10 November at 13:30 UK and US producer prices on Friday 13 November; the dates are in this week's Financial agenda.

What comes next

The NBS calendar puts October's industrial production, retail sales and fixed-asset investment on Monday 16 November at 10:00 Beijing time (02:00 UK), and November's CPI and PPI on Wednesday 9 December at 09:30 Beijing time (01:30 UK). The NBS says these dates are preliminary and subject to adjustment.

For how traders read figures like these alongside price charts, see fundamental analysis explained.