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China's consumer price index (CPI) rose by 0.3 percent year-on-year in October 2024, with an average increase of 0.3 percent from January to October compared to the previous year, the National Bureau of Statistics (NBS) announced on Saturday.

Food prices rose 2.9 percent year-on-year in October, while non-food prices fell 0.3 percent. Consumer goods prices increased 0.2 percent year-on-year, and services rose 0.4 percent.

Among food items, fresh vegetable prices rose 21.6 percent, contributing approximately 0.44 percentage points to the overall CPI, while fresh fruit prices rose 4.7 percent, contributing around 0.10 percentage points.

Month-over-month, China's CPI fell by 0.3 percent in October. Food prices dropped 1.2 percent, while non-food prices remained flat; consumer goods prices declined 0.4 percent, and services held steady.

"The 0.3 percent CPI increase indicates modest growth. As a major manufacturing country with relatively abundant supply, China sees a slower pace in price index growth. Stable commodity prices, such as oil, have also further limited CPI growth this year," Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Saturday.

Bian noted that China's CPI continues to rise steadily, driven by seasonal increases in vegetable and meat prices during autumn and winter. Recent government policies to boost infrastructure, key projects, and support for real estate and small and medium-sized enterprises (SMEs) may also impact CPI. 

"As economic vitality strengthens, rising incomes and increased consumer activity are also likely to support moderate CPI growth,"Bian said.

Against a backdrop of inflation and declining consumer price indexes in many developed countries, China's modest CPI increase indicates a gradual economic recovery, with increasing momentum and vitality. A slight upward trend is expected in the coming period, Bian added.


Global Times