On December 11, data released by the Sichuan Survey Team of the National Bureau of Statistics showed that in November, Sichuan's Consumer Price Index (CPI) rose by 0.1% year-on-year but fell by 0.1% month-on-month. From January to November, the average CPI in Sichuan declined by 0.3% compared to the previous year.
The year-on-year CPI increase of 0.1% indicates a clear recovery trend. For instance, in a Chengdu farmers' market, pork hind leg was priced at 13 yuan per jin (approximately 0.5 kg). Despite the traditional peak season for pork demand, prices have remained low in recent months, dragging down the CPI.
The Sichuan Survey Team attributed the 0.1% month-on-month CPI decline to fading holiday effects from the National Day and Mid-Autumn Festival, as well as falling pork prices. However, rising service and industrial goods prices contributed to the slight year-on-year increase—the highest since February, with a 0.7-percentage-point rebound from October.
Pork prices fell by 2.2% month-on-month in November, with the decline widening by 0.2 percentage points. The drop was driven by ample hog supply, reduced consumer enthusiasm for making sausages and cured meats, and seasonal shifts toward mutton consumption.
Meanwhile, fresh vegetable and fruit prices rose by 7.3% and 0.9%, respectively, due to colder weather and reduced supply during the transition between autumn and winter harvests.
Service prices fell by 0.6% month-on-month, reversing October’s 0.7% increase, as tourism demand weakened post-holiday season. Industrial consumer goods prices remained flat, though gold and silver jewelry prices surged by 6.0% and 6.2%, respectively, influenced by international gold trends.
Despite low overall CPI levels, Sichuan’s core CPI (excluding food and energy) rose by 0.9% year-on-year, unchanged from October and marking nine consecutive months of growth. This resilience reflects rising service prices and improved industrial goods pricing amid "anti-involution" efforts.
On the industrial front, the Producer Price Index (PPI) fell by 2.8% year-on-year and 0.2% month-on-month, pressured by declining energy prices (down 7.9% year-on-year) and weak demand. Notably, durable goods prices dropped by 2.2% month-on-month, with auto manufacturing prices down 1.4%.
However, the nonferrous metals sector bucked the trend, with smelting and processing prices rising by 1.8% month-on-month—extending a five-month rally—and 6.0% year-on-year. Mining prices also climbed by 1.2%, supported by strong demand from new energy and electronics sectors, tight global supply, and dollar index fluctuations.
Additionally, liquor and beverage manufacturing prices edged up by 0.1% month-on-month and 0.7% year-on-year, signaling resilient consumer demand.
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