On October 21, the Guangdong Investigation Team of the National Bureau of Statistics published key livelihood data for the first three quarters of 2025. According to the data, the per capita disposable income of Guangdong residents reached 42,842 yuan in the first three quarters, with a year-on-year nominal growth of 4.4%; after adjusting for price factors, the real growth rate was 4.7%.

Breaking it down by urban and rural areas, the per capita disposable income for urban residents was 51,187 yuan, up by 3.9% year-on-year, while for rural residents, it was 22,308 yuan, reflecting a year-on-year increase of 5.5%. The growth rate of rural residents' per capita disposable income exceeded that of urban residents by 1.6 percentage points.

By income source, all four major categories of income showed growth. In the first three quarters of 2025, the average wage income for Guangdong residents was 28,909 yuan, marking a year-on-year increase of 4.6%; per capita net operating income was 5,629 yuan, up 5.1%; per capita net property income reached 5,375 yuan, growing by 2.8%; and per capita net transfer income was 2,929 yuan, with a year-on-year increase of 3.7%.

Additionally, per capita consumption expenditure for Guangdong residents in the first three quarters amounted to 27,912 yuan, an increase of 4.3% year-on-year. Urban residents had an average consumption expenditure of 32,166 yuan, up 4.3%, whereas rural residents’ consumption expenditure averaged 17,446 yuan, showing a year-on-year increase of 3.2%.

Examining consumption categories, Guangdong residents experienced rises in six out of eight key expenditure categories. The average per capita expenditures for food and alcohol, clothing, housing, household goods and services, transportation and communication, education and entertainment, healthcare, and other goods and services increased by 1.4%, decreased by 1.8%, increased by 3.7%, increased by 7.4%, increased by 6.8%, increased by 14.4%, decreased by 4.8%, and increased by 15.3%, respectively.

Regarding price levels, the Consumer Price Index (CPI) for Guangdong residents declined by 0.3% year-on-year in the first three quarters, a decrease of 0.1 percentage points compared to the first half of the year. Excluding food and energy prices, the core CPI increased by 0.2%, marking an expansion of 0.1 percentage points compared to the same period last year and the first half of the year. Among the eight categories of goods and services that comprise the CPI, five saw price increases while three declined. Notably, prices for other goods and services rose by 4.5%; prices for clothing, healthcare, education and culture, and household goods and services increased by 1.1%, 1.0%, 0.4%, and 0.4%, respectively; while transportation and communication prices fell by 3.3%, and prices for housing and food and alcohol dropped by 0.3%.

At the same time, the Producer Price Index (PPI) for Guangdong's industrial producers decreased by 1.5% year-on-year, with a narrowing decrease of 0.1 percentage points compared to the same period last year; the Industrial Producer Purchase Price Index (IPI) declined by 2.9%, with a wider decrease of 1.6 percentage points compared to the prior year.