通胀数据点评：CPI小幅波动，PPI同比承压

Group 1: CPI Analysis - In September, China's CPI increased by 0.4% year-on-year, a decrease from August's growth rate[1] - The food, tobacco, and alcohol prices contributed to a 0.15 percentage point increase in CPI month-on-month, with fresh vegetables and fruits driving increases of 0.11 and 0.04 percentage points respectively[2] - Year-on-year, clothing prices rose by 1.3% and food, tobacco, and alcohol prices increased by 2.3%[1] Group 2: PPI Analysis - In September, PPI decreased by 2.8% year-on-year, with the decline widening by 1.3 percentage points compared to August[3] - The production materials prices fell by 3.3% year-on-year, while living materials prices dropped by 1.3%[3] - Coal mining and washing industry prices decreased by 2.6% year-on-year, while oil and gas extraction prices fell by 10.1%, a significant increase in the rate of decline compared to August[5] Group 3: Price Trends - Fresh vegetables saw a significant year-on-year price increase of 22.9% in September[2] - The prices of transportation and communication services decreased by 1.3% month-on-month, while education, culture, and entertainment prices fell by 0.3%[1] - The decline in PPI for production materials was marginally improved month-on-month, decreasing by 0.8%[3] Group 4: Risk Factors - Potential risks include unexpected macroeconomic changes, geopolitical events, and significant fluctuations in overseas markets[6]