Core Viewpoint - In August 2025, the national consumer price index (CPI) showed a year-on-year decline of 0.4%, with urban areas decreasing by 0.3% and rural areas by 0.6% [1] Group 1: Year-on-Year Price Changes - The CPI decline was influenced by a 2.5% decrease in food, tobacco, and alcohol prices, contributing approximately 0.72 percentage points to the CPI drop [2] - Fresh vegetable prices fell by 15.2%, impacting the CPI by about 0.37 percentage points, while egg prices decreased by 12.4%, contributing 0.08 percentage points to the decline [2] - Pork prices saw a significant drop of 16.1%, affecting the CPI by 0.24 percentage points [2] - Other categories showed mixed results, with seven categories experiencing price increases and one category (transportation and communication) declining by 2.4% [2] Group 2: Month-on-Month Price Changes - In August, the food, tobacco, and alcohol prices increased by 0.3%, contributing approximately 0.09 percentage points to the CPI [3] - Fresh vegetable prices rose by 8.5%, impacting the CPI by about 0.16 percentage points, while fresh fruit prices decreased by 2.8%, contributing to a CPI decline of 0.06 percentage points [3] - The healthcare category saw a price increase of 0.3%, while other categories remained stable or experienced slight declines [3]

Group 1: Consumer Price Index (CPI) Analysis - The overall consumer market remained stable in August, with the CPI unchanged month-on-month and down 0.4% year-on-year, while the core CPI, excluding food and energy, rose by 0.9%, marking the fourth consecutive month of increase [1][3] - The year-on-year decline in CPI was primarily due to a high comparison base from the previous year and lower-than-seasonal food price increases, with food prices down 4.3% year-on-year, a decline that expanded by 2.7 percentage points compared to the previous month [2][3] - Non-food prices increased by 0.5%, contributing approximately 0.43 percentage points to the year-on-year CPI increase, with service prices also showing a gradual increase [3] Group 2: Producer Price Index (PPI) Analysis - The PPI month-on-month ended an eight-month downward trend, stabilizing after a 0.2% decline last month, with a year-on-year decrease of 2.9%, a reduction in the decline by 0.7 percentage points compared to the previous month [4][5] - Improvements in supply-demand relationships positively impacted prices in certain energy and raw material sectors, with coal processing prices rising by 9.7% month-on-month [4] - The decline in PPI was mitigated by proactive macroeconomic policies and improved market competition, leading to reduced year-on-year price declines in several industries, including coal processing and black metal smelting [5]

Core Insights - In August 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month, and month-on-month it stabilized from a decrease of 0.2% to flat [1][3][18] - The average PPI from January to August 2025 showed a decline of 2.9% compared to the same period last year [1][3] Year-on-Year Changes - In August, the prices of production materials fell by 3.2%, contributing approximately 2.40 percentage points to the overall PPI decline. The mining industry saw a significant price drop of 11.5%, while raw materials and processing industries experienced declines of 4.1% and 2.2%, respectively [6][11] - Consumer goods prices decreased by 1.7%, impacting the overall PPI by about 0.45 percentage points. Notably, food prices fell by 1.7%, while durable goods prices dropped by 3.7% [6][11] Month-on-Month Changes - In August, the prices of production materials increased by 0.1%, contributing approximately 0.08 percentage points to the overall PPI increase. The mining industry prices rose by 1.3%, while raw materials increased by 0.2% [10][11] - Conversely, consumer goods prices decreased by 0.1%, with food prices rising slightly by 0.1% and durable goods prices declining by 0.3% [10][11] Specific Price Movements - In the industrial producer purchase prices, fuel and power prices fell by 9.7%, while chemical raw materials decreased by 6.2%. Conversely, prices for non-ferrous metals and wires increased by 4.7% [9][11] - The coal mining and washing industry saw a price increase of 2.8%, while black metal smelting and rolling industries experienced a rise of 1.9% [16][18] Economic Context - The narrowing of the PPI decline is attributed to improved supply-demand relationships in certain sectors, as well as the implementation of more proactive macroeconomic policies [18] - The ongoing optimization of market competition and the orderly management of key industry capacities have contributed to the reduction in the year-on-year price decline in several sectors [18]

工业生产者购进价格中，建筑材料及非金属类价格下降1.4%，化工原料类和农副产品类价格均下降0.4%； 燃料动力类价格上涨0.7%，黑色金属材料类价格上涨0.6%，有色金属材料及电线类、纺织原料类价格均上 涨0.1%。 工业生产者购进价格中，燃料动力类价格下降9.7%，化工原料类价格下降6.2%，黑色金属材料类和农副产 品类价格均下降5.6%，建筑材料及非金属类价格下降4.7%，纺织原料类价格下降2.0%；有色金属材料及电 线类价格上涨4.7%。 国家统计局消息，2025年8月份，全国工业生产者出厂价格同比下降2.9%，降幅比上月收窄0.7个百分点， 环比由下降0.2%转为持平。工业生产者购进价格同比下降4.0%，环比持平。1—8月平均，工业生产者出厂 价格比上年同期下降2.9%，工业生产者购进价格下降3.3%。 一、工业生产者价格同比变动情况 8月份，工业生产者出厂价格中，生产资料价格下降3.2%，影响工业生产者出厂价格总水平下降约2.40个百 分点。其中，采掘工业价格下降11.5%，原材料工业价格下降4.1%，加工工业价格下降2.2%。生活资料价 格下降1.7%，影响工业生产者出厂价格总水平下降约0.45个 ...

PPI环比结束连续8个月下行态势，由上月下降0.2%转为持平。本月PPI环比变动的主要特点：一是供需 关系改善影响部分能源和原材料行业价格环比由降转涨。煤炭加工价格由上月下降4.7%转为上涨 9.7%，煤炭开采和洗选业价格由下降1.5%转为上涨2.8%，黑色金属冶炼和压延加工业价格由下降0.3% 转为上涨1.9%，玻璃制造价格由下降1.5%转为上涨0.1%，电力热力生产和供应业价格由下降0.9%转为 上涨0.1%。二是输入性因素影响国内石油和部分有色金属行业价格环比回落。国际有色金属价格高位 震荡，国内有色金属冶炼和压延加工业价格上涨0.2%，涨幅比上月回落0.6个百分点，其中金冶炼、铝 冶炼价格均上涨0.2%，铜冶炼价格下降1.1%。国际油价下行带动国内石油开采、精炼石油产品制造价 格分别下降1.4%和0.6%。 PPI同比下降2.9%，降幅比上月收窄0.7个百分点，为今年3月份以来首次收窄。除受上年同期对比基数 走低影响外，我国加紧实施更加积极有为的宏观政策，一些行业价格呈现积极变化。一是国内市场竞争 秩序持续优化带动相关行业价格同比降幅收窄。全国统一大市场建设纵深推进，企业无序竞争得到治 理、重点行业产 ...

2025年8月份，全国居民消费价格同比下降0.4%。其中，城市下降0.3%，农村下降0.6%；食品价格下降4.3%，非食品价格上涨0.5%；消费品价格下降1.0%， 服务价格上涨0.6%。1—8月平均，全国居民消费价格比上年同期下降0.1%。 8月份，全国居民消费价格环比持平。其中，城市持平，农村上涨0.1%；食品价格上涨0.5%，非食品价格下降0.1%；消费品价格上涨0.1%，服务价格持平。 其他七大类价格环比一涨两平四降。其中，医疗保健价格上涨0.3%；居住、其他用品及服务价格均持平；交通通信价格下降0.3%，衣着、生活用品及服 务、教育文化娱乐价格均下降0.1%。 一、各类商品及服务价格同比变动情况 8月份，食品烟酒类价格同比下降2.5%，影响CPI（居民消费价格指数）下降约0.72个百分点。食品中，鲜菜价格下降15.2%，影响CPI下降约0.37个百分点； 蛋类价格下降12.4%，影响CPI下降约0.08个百分点；畜肉类价格下降8.0%，影响CPI下降约0.25个百分点，其中猪肉价格下降16.1%，影响CPI下降约0.24个 百分点；鲜果价格下降3.7%，影响CPI下降约0.08个百分点；粮食价格下降 ...

2025年8月份，全国工业生产者出厂价格同比下降2.9%，降幅比上月收窄0.7个百分点，环比由下降0.2%转为持平。工业生产者购进价格同比下降4.0%，环比 持平。1—8月平均，工业生产者出厂价格比上年同期下降2.9%，工业生产者购进价格下降3.3%。 8月份，工业生产者出厂价格中，生产资料价格下降3.2%，影响工业生产者出厂价格总水平下降约2.40个百分点。其中，采掘工业价格下降11.5%，原材料工 业价格下降4.1%，加工工业价格下降2.2%。生活资料价格下降1.7%，影响工业生产者出厂价格总水平下降约0.45个百分点。其中，食品价格下降1.7%，衣 着价格持平，一般日用品价格上涨0.4%，耐用消费品价格下降3.7%。 一、工业生产者价格同比变动情况 二、工业生产者价格环比变动情况 8月份，工业生产者出厂价格中，生产资料价格上涨0.1%，影响工业生产者出厂价格总水平上涨约0.08个百分点。其中，采掘工业价格上涨1.3%，原材料工 业价格上涨0.2%，加工工业价格持平。生活资料价格下降0.1%，影响工业生产者出厂价格总水平下降约0.03个百分点。其中，食品价格上涨0.1%，衣着价格 持平，一般日用品价格下降 ...

——国家统计局城市司首席统计师董莉娟解读2025年8月份CPI和PPI数据 8月份，消费市场运行总体平稳，居民消费价格指数（CPI）环比持平，同比下降0.4%，扣除食品和能 源价格的核心CPI同比上涨0.9%，涨幅连续第4个月扩大。国内市场竞争秩序持续优化，部分行业供需 关系改善，工业生产者出厂价格指数（PPI）环比由上月下降0.2%转为持平；同比下降2.9%，降幅比上 月收窄0.7个百分点。 一、核心CPI继续回升 CPI同比由平转降，主要是上年同期对比基数走高叠加本月食品价格涨幅低于季节性水平所致。从翘尾 看，上年价格变动对本月CPI同比的翘尾影响约为-0.9个百分点，下拉影响比上月扩大0.4个百分点；从 新涨价看，本月CPI环比持平，低于季节性水平约0.3个百分点。二者共同导致CPI同比走低。分类别 看，主要是食品价格较低。本月食品价格环比上涨0.5%，涨幅低于季节性水平约1.1个百分点，其中猪 肉、鸡蛋、鲜果价格变动均弱于季节性。食品价格同比下降4.3%，降幅比上月扩大2.7个百分点，对CPI 同比的下拉影响比上月增加约0.51个百分点，高于CPI同比降幅。其中，猪肉、鲜菜和鸡蛋价格同比分 别下降16 ...

Core Points - In August 2025, the national consumer price index (CPI) decreased by 0.4% year-on-year, with urban areas down 0.3% and rural areas down 0.6% [1] - Food prices fell by 4.3%, while non-food prices increased by 0.5% [1] - The average CPI from January to August 2025 decreased by 0.1% compared to the same period last year [1] Year-on-Year Price Changes - In August, the prices of food, tobacco, and alcohol decreased by 2.5%, contributing approximately 0.72 percentage points to the CPI decline [3] - Fresh vegetable prices dropped by 15.2%, impacting the CPI by about 0.37 percentage points; egg prices fell by 12.4%, affecting the CPI by 0.08 percentage points; and pork prices decreased by 16.1%, contributing 0.24 percentage points to the CPI decline [3] - Other categories showed six price increases and one decrease, with notable increases in other goods and services (8.6%), clothing (1.8%), and living goods and services (1.8%) [3] Month-on-Month Price Changes - In August, food, tobacco, and alcohol prices increased by 0.3%, contributing approximately 0.09 percentage points to the CPI [6] - Fresh vegetable prices rose by 8.5%, impacting the CPI by 0.16 percentage points, while fruit prices decreased by 2.8%, affecting the CPI by 0.06 percentage points [6] - Other categories showed mixed results, with healthcare prices increasing by 0.3% and transportation and communication prices decreasing by 0.3% [6] Summary of Price Changes - The overall CPI remained flat month-on-month, with urban prices unchanged and rural prices up by 0.1% [1][8] - Food prices increased by 0.5% month-on-month, while non-food prices decreased by 0.1% [1][8] - The CPI for services remained unchanged, while the CPI excluding food and energy increased by 0.9% year-on-year [8]

2025年8月份核心CPI继续回升 PPI同比降幅收窄 ——国家统计局城市司首席统计师董莉娟解读2025年8月份CPI和PPI数据 资讯编辑：刘佳惠 021-26093916 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 二、PPI同比降幅收窄 PPI环比结束连续8个月下行态势，由上月下降0.2%转为持平。本月PPI环比变动的主要特点：一是供需 关系改善影响部分能源和原材料行业价格环比由降转涨。煤炭加工价格由上月下降4.7%转为上涨 9.7%，煤炭开采和洗选业价格由下降1.5%转为上涨2.8%，黑色金属冶炼和压延加工业价格由下降0.3% 转为上涨1.9%，玻璃制造价格由下降1.5%转为上涨0.1%，电力热力生产和供应业价格由下降0.9%转为 上涨0.1%。二是输入性因素影响国内石油和部分有色金属行业价格环比回落。国际有色金属价格高位 震荡，国内有色金属冶炼和压延加工业价格上涨0.2%，涨幅比上月回落0.6个百分点，其中金冶炼、铝 冶炼价格均上涨0.2%，铜冶炼价格下降1.1%。国际油价下行带动国内石油开采、精炼石油产品制造价 格分别下降1.4%和0.6%。 PPI同比 ...