国家统计局：9月CPI同比下降0.3%，PPI同比下降2.3%

Core Insights - In September, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month. The Producer Price Index (PPI) fell by 2.3% year-on-year and remained flat month-on-month [1][13]. CPI Analysis - The CPI's year-on-year decline was primarily driven by a 4.4% drop in food prices, which contributed approximately 0.83 percentage points to the CPI decrease. Notably, pork prices fell by 17.0%, fresh vegetables by 13.7%, and eggs by 13.5% [12][4]. - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth, the highest increase in 19 months [12][1]. - In September, food prices increased by 0.7% month-on-month, contributing about 0.13 percentage points to the CPI rise [10][11]. PPI Analysis - The PPI's year-on-year decline of 2.3% was a reduction of 0.6 percentage points compared to the previous month, indicating a narrowing of the decline [13][19]. - The prices of production materials decreased by 2.4%, significantly impacting the overall PPI level. The mining industry saw a 9.0% drop in prices, while the processing industry experienced a 1.7% decline [16][19]. - The PPI remained stable month-on-month, with the prices of production materials holding steady and life goods prices decreasing by 0.2% [17][19]. Price Changes by Category - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, with fresh vegetables and pork being the most significant contributors to this decline [4][12]. - The prices of clothing and household goods saw increases of 1.7% and 2.2% year-on-year, respectively, while transportation and communication prices fell by 2.0% [9][12]. - The service prices experienced a 0.3% decrease, influenced by seasonal factors such as the end of summer and the timing of the Mid-Autumn Festival [11][12].