核心CPI持续走强，反内卷显效PPI回暖

CPI Analysis - In August 2025, the CPI decreased by 0.4% year-on-year and remained flat month-on-month[1] - The food CPI fell by 2.5% year-on-year, contributing approximately 0.72 percentage points to the overall CPI decline[1] - Core CPI has shown continuous growth for six months, reaching a new high in 18 months, driven by strong service consumption[3] PPI Insights - The PPI decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month, and it stabilized month-on-month[1] - The "anti-involution" policy has started to show effects, supporting PPI stabilization, particularly in the coal and steel sectors[4] - Despite short-term improvements in PPI due to low base effects and policy support, concerns about weak consumption demand and real estate momentum persist[4] Future Outlook - The food CPI is expected to continue to drag down overall CPI performance in the short term, with projections indicating CPI may remain around 0 for the year[1] - PPI is anticipated to maintain a warming trend in September, but potential declines in the fourth quarter are expected due to ongoing weak demand and export conditions[1][4]