8月CPI、PPI出炉，释放积极信号

Core Insights - The Consumer Price Index (CPI) in August decreased by 0.4% year-on-year and remained flat month-on-month, while the Producer Price Index (PPI) fell by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month [1][6] - The data aligns with market expectations, and attention should be paid to the impact of seasonal consumption, special bond fund implementation, and overseas oil price fluctuations in September and October [1][7] CPI Analysis - The overall consumer market remained stable in August, with the core CPI (excluding food and energy) rising by 0.9% year-on-year, marking the fourth consecutive month of growth [3] - Food prices dropped significantly, with pork, fresh vegetables, and eggs decreasing by 16.1%, 15.2%, and 14.2% year-on-year, respectively, contributing to a downward pressure on the CPI [4] - The core CPI's increase was influenced by rising prices of gold and platinum jewelry, which rose by 36.7% and 29.8% year-on-year, respectively [3] PPI Analysis - The PPI ended an eight-month downward trend, stabilizing month-on-month after a 0.2% decline in the previous month [5][6] - Improvements in supply-demand relationships led to price increases in certain energy and raw material sectors, such as coal processing and black metal smelting [5] - The PPI's year-on-year decline of 2.9% is the first narrowing since March, attributed to a lower comparison base from the previous year and the implementation of proactive macro policies [6] Future Outlook - Analysts suggest that the PPI may enter a recovery phase starting in August due to favorable low base conditions from the previous year [6] - The ongoing optimization of market competition and the rise of new consumption demands are expected to support price improvements in various sectors [6] - The low inflation environment continues to provide room for monetary easing, which may help marginally restore corporate profit expectations [7]