2025年9月物价数据点评：促消费对CPI形成支撑作用，低基数推动PPI同比降幅收窄

Group 1: CPI Analysis - In September, the CPI decreased by 0.3% year-on-year, a slight improvement from the previous month's decline of 0.4%[1] - The cumulative year-on-year CPI decline from January to September is 0.1%[1] - The core CPI, excluding volatile food and energy prices, rose to 1.0% in September, reflecting a 0.1 percentage point increase from the previous month[3] - The increase in prices for home appliances and mobile phones contributed to the narrowing of the CPI decline, with home appliance prices rising by 5.5% and mobile phone prices by 1.5% year-on-year[4] Group 2: PPI Analysis - The PPI decreased by 2.3% year-on-year in September, a reduction in the decline from 2.9% in the previous month[1] - The cumulative year-on-year PPI decline from January to September is 2.8%[1] - The year-on-year PPI decline was primarily influenced by a lower base from the previous year[7] - Despite a stable international crude oil price and rising copper prices, domestic demand remains insufficient, leading to a flat PPI month-on-month[6] Group 3: Market Outlook - The low inflation environment is expected to persist, with CPI projected to rise to around 0.1% in October due to the effects of consumption promotion policies[5] - By the end of the year, CPI is anticipated to range between 0.5% and 1.0% as the base effects from the previous year become more favorable[6] - The PPI is expected to see a year-on-year decline of approximately -2.2% in October, with challenges in turning positive by year-end due to ongoing pressures in the real estate market and consumer confidence[9]