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China’s consumer prices fall again in September, more than expected
China’s consumer prices fell again in September, dropping more sharply than expected amid weak household spending and persistent deflationary pressures, according to official data released on Wednesday.
The world’s second-largest economy continues to face challenges from sluggish exports and weak domestic consumption since the Covid-19 pandemic, weighed down by a prolonged real estate crisis.
The International Monetary Fund (IMF) said on Tuesday that a “rebalancing” toward consumption through fiscal measures could help China contain deflation risks as its economy slows significantly.
According to the National Bureau of Statistics (NBS), the consumer price index (CPI) — a key gauge of inflation — dropped 0.3% year-on-year in September, compared with a 0.2% decline expected by economists surveyed by Bloomberg.
Although the decline was less severe than in August (-0.4%), deflation remains a concern. Month-on-month, consumer prices edged up 0.1%.
While falling prices may seem positive for consumers, deflation is widely seen as harmful for the economy because it encourages households to delay purchases in anticipation of even lower prices.
A sluggish property sector and high youth unemployment have long undermined Chinese consumer confidence.
The situation has been worsened by the trade war with the United States that began earlier this year.
The producer price index (PPI) — measuring the cost of goods leaving factories — also remained negative, falling 2.3% year-on-year in September, though this was a smaller decline than in August (-2.9%) and the mildest since February 2025.
A negative PPI signals shrinking profit margins for companies caught in an intense price war, which authorities are struggling to contain.
