国家统计局：9月CPI同比下降0.3% 核心CPI同比涨幅持续扩大

Core Insights - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month [2][12][14] - The average CPI from January to September 2025 showed a decline of 0.1% compared to the same period last year [3][10] Price Changes - Urban CPI fell by 0.2% and rural CPI decreased by 0.5% year-on-year [3][10] - Food prices dropped by 4.4% year-on-year, significantly impacting the overall CPI, while non-food prices rose by 0.7% [3][14] - In September, food prices increased by 0.7% month-on-month, contributing to a 0.13 percentage point rise in CPI [8][12] Detailed Price Movements - Fresh vegetables saw a significant year-on-year price drop of 13.7%, while pork prices decreased by 17.0% [5][14] - Other categories showed mixed results, with clothing prices rising by 1.7% year-on-year, while transportation and communication prices fell by 2.0% [5][10] Core CPI Insights - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [12][14] - This increase in core CPI indicates a stabilization in consumer demand and pricing trends [11][12] Producer Price Index (PPI) Trends - The PPI remained flat month-on-month but decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [12][17] - Improvements in supply-demand structures have led to price stabilization in several industries, including coal and metal processing [15][17] Sector-Specific Insights - The prices in the coal processing sector increased by 3.8% month-on-month, indicating a recovery in that industry [15][17] - The prices of high-end manufacturing sectors, such as aircraft and electronic materials, showed positive year-on-year growth, reflecting an upward trend in consumer demand [17]