宏观周报：PPI降幅扩大 核心CPI创新低

Economic Indicators - In September 2024, the national Consumer Price Index (CPI) increased by 0.4% year-on-year, remaining flat compared to the previous month[6] - The average CPI for January to September 2024 rose by 0.3% compared to the same period last year[6] - The Producer Price Index (PPI) for September 2024 decreased by 2.8% year-on-year, with the decline rate expanding[6] Price Contributions - Food and tobacco prices rose by 2.3%, contributing approximately 0.66 percentage points to the CPI increase[6] - Fresh vegetable prices surged by 22.9%, impacting the CPI by about 0.48 percentage points[6] - Pork prices increased by 16.2%, contributing 0.21 percentage points to the CPI[6] Industrial Production - The average PPI for January to September 2024 fell by 2.0% year-on-year, while the purchase price index decreased by 2.1%[6] - The prices of production materials dropped by 3.3%, contributing approximately 2.41 percentage points to the overall PPI decline[6] - In September 2024, the PPI and purchase price index decreased by 0.6% and 0.8% month-on-month, respectively[6] Fiscal Policy - The Ministry of Finance emphasized four key areas for future fiscal policy: increasing debt limits, issuing special government bonds, supporting the real estate market, and enhancing support for key groups[6] - The Ministry indicated that there is significant room for further debt issuance and deficit increases, signaling a proactive fiscal stance[6]