China records fall in October CPI and PPI
Updated 18:26, 09-Nov-2023

China's consumer price index (CPI), a main gauge of inflation, edged down 0.2 percent year on year in October, according to the National Bureau of Statistics (NBS) on Thursday.

Core CPI data, which excludes the more volatile food and energy prices, went up 0.6 percent year on year last month, with the pace of increase moderating slightly compared with September.

On a monthly basis, the CPI dipped 0.1 percent from the previous month.

An abundant supply of agricultural produce and a fall in consumer demand after the recent holiday period were reasons behind the slight drop in October consumer prices, said NBS Statistician Dong Lijuan in a statement.

Meanwhile, China's producer price index (PPI), which measures the costs for goods at the factory gate, went down 2.6 percent year on year last month.

On a monthly basis, the October PPI stayed flat, caused by price fluctuations of the international crude oil and non-ferrous metals as well as a high base in the same period last year, said Dong.

Commenting on the latest CPI and PPI data release, Bruce Pang, chief economist and head of research at JLL Greater China, told CGTN that an appropriate policy mix and more supportive measure are needed. These could prevent a drop in inflation expectations that could threaten business confidence and household spending, he said.

(With input from Xinhua)

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