2024年9月物价数据解读：物价视角看政策转向

Group 1: CPI Analysis - In September 2024, the CPI month-on-month change was 0.0%, a decrease of 0.4 percentage points from the previous month[1] - Year-on-year, the CPI increased by 0.4%, down 0.2 percentage points from the previous value, and below market expectations of 0.7%[1] - Food prices contributed significantly to the CPI increase, with a month-on-month rise of 0.8%, down from 3.4% in the previous month[8] Group 2: PPI Analysis - The PPI month-on-month change in September was -0.6%, a slight narrowing of the decline by 0.1 percentage points from the previous month[1] - Year-on-year, the PPI decreased by 2.8%, which was lower than the market expectation of -2.5%, and the decline widened by 1.0 percentage points from the previous value[1] - The decline in PPI was primarily driven by insufficient domestic demand and falling prices of some international commodities[18] Group 3: Sector Performance - The tourism-related services saw a significant month-on-month decline in CPI, with a drop of -6.3%, compared to -0.7% in the previous month[10] - In the upstream sector, domestic oil and gas extraction prices fell by 3.2% due to the downward trend in international commodity prices[16] - Downstream consumer goods sectors experienced widespread declines, indicating ongoing weakness in domestic demand[16]