解读：2025年8月份核心CPI继续回升 PPI同比降幅收窄

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]