国家统计局：扩内需促消费政策持续显效，核心CPI同比涨幅连续第4个月扩大

Core CPI Continues to Rise - The Consumer Price Index (CPI) remained flat month-on-month in August, with a year-on-year decrease of 0.4%. The core CPI, excluding food and energy prices, increased by 0.9%, marking the fourth consecutive month of growth in this metric [1][2][3] - The year-on-year decline in CPI is attributed to a high comparison base from the previous year and lower-than-seasonal food price increases. The tail effect from last year's price changes contributed approximately -0.9 percentage points to the CPI year-on-year [2] Food Prices Impact - Food prices rose by 0.5% month-on-month but were below seasonal expectations by about 1.1 percentage points. Year-on-year, food prices decreased by 4.3%, with significant declines in pork, fresh vegetables, and eggs, which fell by 16.1%, 15.2%, and 14.2% respectively [2][3] - The decline in food prices had a greater downward impact on the CPI year-on-year than the overall CPI decline, increasing the downward pressure by approximately 0.51 percentage points [2] PPI Decline Narrowed - The Producer Price Index (PPI) saw a month-on-month change from a decline of 0.2% to flat, with a year-on-year decrease of 2.9%, a narrowing of 0.7 percentage points from the previous month. This is the first narrowing since March of this year [4][5] - The improvement in supply-demand relationships in certain sectors led to price increases in energy and raw materials, with coal processing prices rising by 9.7% month-on-month [4][5] Market Dynamics - The narrowing of the PPI decline is influenced by the implementation of more proactive macro policies and improvements in market competition, which have led to reduced price declines in several industries, including coal processing and black metal smelting [5][6] - Emerging industries and technological innovations are contributing to price increases in sectors such as integrated circuit packaging and testing, with prices rising by 1.1% [5][6]