National Bureau of Statistics Interpretation: Resident consumption continued to recover in November, with the year-on-year increase in the Consumer Price Index expanding, and the core Consumer Price Index continuing to rise.

09:42 10/12/2025

In November, residents' consumption continued to recover, with the Consumer Price Index (CPI) for residents' consumption decreasing slightly by 0.1% compared to the previous month and increasing by 0.7% year-on-year. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year.

On December 10, Dong Lijuan, the chief statistician of the Urban Division of the National Bureau of Statistics, interpreted the CPI and PPI data for November 2025. In November, consumer consumption continued to recover, with the Consumer Price Index (CPI) slightly decreasing by 0.1% month-on-month, and increasing by 0.7% year-on-year. The core CPI, excluding food and energy prices, increased by 1.2% year-on-year. Influenced by the optimization of the supply and demand structure in some domestic industries and the transmission of international commodity prices, the Producer Price Index (PPI) increased by 0.1% month-on-month, but decreased by 2.2% year-on-year. Dong Lijuan stated that the widening year-on-year increase in CPI was mainly driven by the reversal of food prices from decline to increase. The month-on-month decrease in CPI was mainly influenced by the seasonal decline in service prices. The main features of the PPI running month-on-month included the seasonal increase in demand in some domestic industries driving their prices up, and the divergence in price trends in the domestic non-ferrous metal and petroleum-related industries due to input factors. The full article is available on the official website of the National Bureau of Statistics, and it was edited by Feng Qiuyi for GMTEight.

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