Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.1% month-on-month in September, marking a shift from the previous month where it was flat [2] - Year-on-year, the CPI decreased by 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month [3] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth and the first time in 19 months that it returned to a 1% increase [3] Group 2: Food and Energy Prices - Food prices rose by 0.7% month-on-month, contributing approximately 0.13 percentage points to the CPI increase, with seasonal price increases observed in fresh vegetables, eggs, fresh fruits, lamb, and beef [2] - Year-on-year, food prices fell by 4.4%, primarily driven by significant declines in pork, fresh vegetables, eggs, and fresh fruits, which collectively impacted the CPI by approximately 0.78 percentage points [3] - Energy prices decreased by 2.7% year-on-year, contributing to a 0.20 percentage point decline in the CPI [3] Group 3: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, which is a reduction of 0.6 percentage points compared to the previous month [4][5] - The stabilization in PPI is attributed to improved supply-demand dynamics in certain industries, with notable price increases in coal processing and black metal smelting [4] - Input factors, particularly the decline in international oil prices, have led to decreased prices in domestic oil-related industries [5] Group 4: Industry-Specific Insights - The ongoing construction of a unified national market has contributed to a narrowing of price declines in various sectors, with significant improvements noted in coal processing, black metal smelting, and photovoltaic equipment manufacturing [5] - Upgrading industrial structures and releasing consumer potential have led to price increases in high-end manufacturing sectors, such as aircraft manufacturing and electronic materials [5]

9月份，消费市场运行总体平稳，居民消费价格指数（CPI）环比上涨0.1%，同比下降0.3%，扣除食品 和能源价格的核心CPI同比上涨1.0%，涨幅连续第5个月扩大。全国统一大市场建设纵深推进，市场竞 争秩序持续优化，工业生产者出厂价格指数（PPI）环比继续持平；同比下降2.3%，降幅比上月收窄0.6 个百分点。 一、CPI环比由平转涨，核心CPI同比涨幅回升至1% 二、PPI环比持平，同比降幅继续收窄 PPI环比连续两个月持平。本月PPI环比运行的主要特点：一是供需结构改善带动部分行业价格明显企 稳。煤炭加工价格环比上涨3.8%，煤炭开采和洗选业价格上涨2.5%，黑色金属冶炼和压延加工业价格 上涨0.2%，均连续两个月上涨，光伏设备及元器件制造价格由上月下降0.2%转为上涨0.8%；非金属矿 物制品业、锂离子电池制造价格分别下降0.4%和0.2%，降幅比上月分别收窄0.6个和0.3个百分点。二是 输入性因素影响国内石油相关行业价格环比下降。国际油价下行带动国内石油相关行业价格环比下降。 其中石油开采价格下降2.7%，精炼石油产品制造价格下降1.5%，有机化学原料制造价格下降0.6%，化 学纤维制造业价格下降0 ...

Group 1: CPI Analysis - In September 2025, the Consumer Price Index (CPI) showed a month-on-month increase of 0.1%, reversing from the previous month's stability, while year-on-year it decreased by 0.3% [3][4] - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [3][5] - Food prices decreased by 4.4% year-on-year, significantly impacting the overall CPI decline, with pork prices dropping by 17.0% and fresh vegetables by 13.7% [5][4] Group 2: PPI Analysis - The Producer Price Index (PPI) remained stable month-on-month, while the year-on-year decline narrowed to 2.3%, a reduction of 0.6 percentage points from the previous month [3][8] - Improvements in supply-demand structures led to price stabilization in several industries, including coal processing and black metal smelting, which saw price increases [6][8] - The decline in oil prices influenced domestic oil-related industry prices, contributing to the overall PPI trend [7][8]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.1% month-on-month in September, reversing from a flat performance in the previous month [2] - Year-on-year, the CPI decreased by 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month [3] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [3] Group 2: Food and Energy Prices - Food prices increased by 0.7% month-on-month, contributing approximately 0.13 percentage points to the CPI increase, with seasonal price rises observed in fresh vegetables, eggs, fresh fruits, lamb, and beef [2] - Year-on-year, food prices fell by 4.4%, primarily driven by significant declines in pork, fresh vegetables, eggs, and fresh fruits [3] - Energy prices decreased by 2.7% year-on-year, impacting the CPI by approximately 0.20 percentage points [3] Group 3: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, narrowing by 0.6 percentage points from the previous month [4][6] - Improvements in supply-demand structures have stabilized prices in certain industries, such as coal processing and black metal smelting, which saw price increases [4] - The decline in PPI is influenced by external factors, including falling international oil prices, which affected domestic oil-related industry prices [5] Group 4: Industry-Specific Insights - The construction of a unified national market has led to a reduction in the year-on-year price decline across various industries, with notable improvements in coal processing, black metal smelting, and photovoltaic equipment manufacturing [6] - Upgrading industrial structures and releasing consumer potential have contributed to price increases in specific sectors, such as aircraft manufacturing and electronic materials [6] - The demand for quality and upgraded consumption has led to significant price increases in artisanal and ceremonial goods, as well as sports equipment [6]

Group 1 - In September, the producer price index for industrial producers showed a year-on-year decline, with production material prices decreasing by 2.4%, contributing approximately 1.81 percentage points to the overall decline in producer prices [3] - The mining industry experienced a significant price drop of 9.0%, while raw material prices fell by 2.9% and processing industry prices decreased by 1.7% [3] - Prices for living materials also decreased by 1.7%, impacting the overall producer price index by about 0.45 percentage points, with food prices down by 1.7% and durable consumer goods prices down by 3.9% [3] Group 2 - In terms of month-on-month changes in September, the producer prices for industrial producers remained stable for production materials, with mining prices increasing by 1.2% and processing industry prices declining by 0.1% [7] - Living material prices saw a slight decrease of 0.2%, with food prices down by 0.1% and durable consumer goods prices down by 0.4% [7] - The purchasing prices for industrial producers indicated an increase in non-ferrous metal materials and wires by 1.2%, while fuel and power prices rose by 0.5% [7]

2025年9月份，全国居民消费价格同比下降0.3%。其中，城市下降0.2%，农村下降0.5%；食品价格下降4.4%，非食品价格上涨0.7%；消费品价格下降0.8%， 服务价格上涨0.6%。1—9月平均，全国居民消费价格比上年同期下降0.1%。 9月份，全国居民消费价格环比上涨0.1%。其中，城市持平，农村上涨0.2%；食品价格上涨0.7%，非食品价格下降0.1%；消费品价格上涨0.3%，服务价格下 降0.3%。 一、各类商品及服务价格同比变动情况 9月份，食品烟酒类价格同比下降2.6%，影响CPI（居民消费价格指数）下降约0.74个百分点。食品中，鲜菜价格下降13.7%，影响CPI下降约0.35个百分点； 蛋类价格下降11.9%，影响CPI下降约0.08个百分点；畜肉类价格下降8.4%，影响CPI下降约0.27个百分点，其中猪肉价格下降17.0%，影响CPI下降约0.26个 百分点；鲜果价格下降4.2%，影响CPI下降约0.09个百分点；粮食价格下降0.7%，影响CPI下降约0.01个百分点；水产品价格上涨0.9%，影响CPI上涨约0.02 个百分点。 其他七大类价格同比六涨一降。其中，其他用品及服务、生活用 ...

Core Insights - The core CPI excluding food and energy rose by 1.0% year-on-year in September, marking the first return to a 1% increase in nearly 19 months and the fifth consecutive month of growth [1] - The prices of industrial consumer goods excluding energy increased by 1.8%, also reflecting a fifth consecutive month of growth [1] Price Changes in Specific Categories - The prices of gold and platinum jewelry surged by 42.1% and 33.6% respectively, indicating significant inflation in luxury goods [1] - Prices for household appliances, daily necessities, and communication tools rose by 5.5%, 3.2%, and 1.5% respectively, with all categories showing an increase in their growth rates [1]

Group 1 - In September, the producer price index for industrial producers showed a decline in the prices of production materials by 2.4%, contributing approximately 1.81 percentage points to the overall decrease in producer prices [2] - The prices in the extraction industry fell by 9.0%, while raw materials and processing industries saw declines of 2.9% and 1.7%, respectively [2] - Prices for living materials decreased by 1.7%, impacting the overall producer price index by about 0.45 percentage points, with food prices down by 1.7% and durable consumer goods down by 3.9% [2] Group 2 - Year-on-year changes in the producer price index indicated a 0.0% change in the overall producer price index, with a 2.3% decline compared to the previous year [10] - The producer price index for production materials showed a 3.3% year-on-year decrease, with specific declines in extraction (9.9%), raw materials (3.6%), and processing (2.6%) [10] - Living materials experienced a year-on-year decline of 1.5%, with food prices down by 1.6% and durable consumer goods down by 3.3% [10] Group 3 - In terms of month-on-month changes, the producer price index for industrial producers remained stable, with extraction prices increasing by 1.2% and processing prices decreasing by 0.1% [7] - Living materials saw a slight decrease of 0.2%, with food prices down by 0.1% and durable consumer goods down by 0.4% [7] - The purchase price index for industrial producers showed a 0.1% increase month-on-month, with notable increases in non-ferrous metal materials and electrical wire prices by 1.2% [8]

Group 1: Year-on-Year Changes in Industrial Producer Prices - In September, the producer prices for industrial producers saw a decline of 2.3% year-on-year, with production materials prices decreasing by 2.4%, contributing approximately 1.81 percentage points to the overall decline [8][11] - The mining industry experienced a significant price drop of 9.0%, while raw materials and processing industries saw decreases of 2.9% and 1.7%, respectively [8][10] - Consumer goods prices also fell by 1.7%, with food prices down by 1.7% and durable goods prices decreasing by 3.9% [8][10] Group 2: Month-on-Month Changes in Industrial Producer Prices - In September, the producer prices for industrial producers remained flat month-on-month, with production materials prices unchanged [7][10] - The mining industry prices increased by 1.2%, while processing industry prices saw a slight decline of 0.1% [7][10] - Consumer goods prices decreased by 0.2%, with durable goods prices down by 0.4% [7][10] Group 3: Industrial Producer Purchase Prices - The purchase prices for industrial producers decreased by 3.1% year-on-year, with fuel and power prices dropping by 8.1% [10][12] - Notably, prices for non-ferrous metals and wires increased by 6.6% year-on-year [10][12] - Month-on-month, purchase prices increased by 0.1%, driven by a 1.2% rise in non-ferrous metals and wires [10][12] Group 4: Key Industry Price Changes - The coal mining and washing industry saw a year-on-year price drop of 16.8%, while the oil and gas extraction industry experienced an 8.6% decline [10][12] - The non-ferrous metal mining industry reported a year-on-year price increase of 13.9% [10][12] - The food manufacturing industry experienced a slight decline of 1.3% year-on-year [10][12]

Core Insights - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5% [1] - The average CPI for January to September 2025 showed a decline of 0.1% compared to the same period last year [1] - Month-on-month, the CPI increased by 0.1% in September, with urban prices stable and rural prices rising by 0.2% [1] Price Changes by Category - Food and tobacco prices fell by 2.6% year-on-year, contributing approximately 0.74 percentage points to the CPI decline [3] - Fresh vegetable prices dropped by 13.7%, impacting the CPI by about 0.35 percentage points, while pork prices decreased by 17.0%, contributing 0.26 percentage points to the CPI decline [3] - Other categories showed mixed results, with clothing prices up by 1.7% and healthcare costs rising by 1.1% year-on-year [3] Month-on-Month Price Movements - In September, food and tobacco prices rose by 0.5% month-on-month, contributing approximately 0.13 percentage points to the CPI increase [6] - Fresh vegetable prices increased by 6.1% month-on-month, while pork prices saw a slight decrease of 0.7% [6] - Other categories experienced varied changes, with transportation and communication prices declining by 0.9% and 0.4%, respectively [6] Detailed Price Index Data - The CPI for September 2025 was 0.1% higher than the previous month, while the year-on-year change was a decrease of 0.3% [8] - Food prices saw a significant year-on-year decline of 4.4%, while non-food prices increased by 0.7% [8] - The index for clothing and other services showed increases of 1.7% and 9.9% year-on-year, respectively [8]