2025年10月，中国消费者价格指数同比上涨0.2%，超出了保持不变的预期，并从上月0.3%的跌幅反弹。这标志着自6月以来消费者通胀首次上升。这是自1月以来的最快速度。非食品类通胀加速（9月份为0.9%对0.7%），这得益于消费者贸易计划的扩大和黄金周假期支出的增加，这两者都有助于提振国内需求。多个类别的价格上涨，包括住房（0.1%对0.1%）、服装（1.7%对1.7%）、医疗保健（1.4%对1.1%）和教育（0.9%对0.8%）。与此同时，运输成本下降速度较慢（-1.5%对-2.0%）。在食品方面，价格录得三个月来最小跌幅（-2.9%对-4.4%）。按月计算，消费者价格指数在9月份上涨0.1%后，也上涨了0.2%，达到三个月来的最高水平。

China’s consumer prices rose 0.2% yoy in October 2025, defying expectations for no change and rebounding from a 0.3% decline in the prior month. It marked the first increase in consumer inflation since June. and the fastest pace since January. Non-food inflation accelerated (0.9% vs 0.7% in September), supported by the expansion of consumer trade-in programs and increased holiday spending during the Golden Week, both of which helped boost domestic demand. Price gains were seen across several categories, including housing (0.1% vs 0.1%), clothing (1.7% vs 1.7%), healthcare (1.4% vs 1.1%), and education (0.9% vs 0.8%). Meanwhile, transport costs fell at a slower pace (-1.5% vs -2.0%). On the food side, prices recorded the smallest decline in three months (-2.9% vs -4.4%). On a monthly basis, consumer prices also increased 0.2%, following a 0.1% gain in September, reaching the highest level in three months.