China's consumer and factory-gate prices showed further stabilization in September, driven by recovering domestic demand, industrial upgrading, and policy support. This trend suggests an improvement in underlying inflation momentum and supply-demand conditions.

• The Consumer Price Index (CPI) fell 0.3 percent year-on-year in September, a narrower decline than the 0.4 percent drop in August.
• The core CPI, excluding volatile food and energy prices, increased 1 percent year-on-year in September, up from a 0.9 percent rise in August, marking its first return to 1 percent in 19 months.
• The Producer Price Index (PPI) fell 2.3 percent year-on-year in September, easing from a 2.9 percent drop in August.
• Chief economist Wen Bin at China Minsheng Bank expects China's CPI to show a "mild recovery" in 2025, with full-year growth likely at 0.1 percent.