CPI、PPI点评：反内卷带动煤钢价格环比转正

Inflation Trends - August CPI fell significantly by 0.4 percentage points to -0.4%, the lowest in nearly six months, primarily due to low food prices[3] - Core CPI improved slightly by 0.1 percentage points to 0.9%, driven by rising gold prices and stable service consumption[5] Food Prices - August food CPI decreased by 2.7 percentage points to -4.3%, significantly impacting overall CPI[4] - Fresh food supply was ample, with egg prices rising by 1.5% and fresh fruit prices dropping by 2.8% month-on-month[4] Industrial Prices - PPI's year-on-year decline narrowed by 0.7 percentage points to -2.9%, with month-on-month prices stabilizing after eight months of decline[6] - Coal and steel prices rebounded, with coal mining and washing industries increasing by 2.8% and black metal smelting rising by 1.9% month-on-month[6] Economic Outlook - The recovery of core CPI and PPI is expected to be gradual, influenced by fiscal policy and the real estate market's ongoing challenges[6] - Export demand is showing initial signs of cooling, necessitating close monitoring of economic conditions through 2026[6]