"The overall inflation is still significantly lower than the policy target and demand is still weak," said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc. "With the effective implementation of existing policies and the launch of new measures, it is expected that consumer and producer confidence and expectations will be effectively boosted with market demand gradually recovering."
China is facing the longest period of deflation since the 1990s, with a broad measure of economy-wide prices falling for five straight quarters through June - a stretch that likely continued through September.
Overall food inflation climbed 3.3% in September from a year ago, while the cost of fresh vegetables surged 22.9% after gaining 21.8% in August, boosting inflation by 0.48 percentage points.
Beijing has cut interest rates and ramped up support for property and stock markets since late September. On Saturday, the Finance Ministry promised more aid for the slumping property sector and indebted local governments.
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