EBSCN·2025-10-15 12:16CPI Analysis - In September 2025, the CPI year-on-year decreased by 0.3%, a slight improvement from the previous month's -0.4% and better than the market expectation of -0.1%[2] - The core CPI rose to 1.0% year-on-year, up from 0.9% in the previous month, driven by increases in prices of gold and durable goods[3] - Food prices continued to decline, with a year-on-year decrease of 4.4%, primarily due to falling pork prices, which dropped by 0.7% month-on-month[4] PPI Analysis - The PPI year-on-year decline narrowed to 2.3% in September from 2.9% in August, slightly better than the market expectation of -2.4%[2] - The PPI remained stable month-on-month at 0% for two consecutive months, indicating a stabilization after previous declines[6] - Key sectors such as coal, steel, and photovoltaic industries showed price stabilization, contributing to the reduced PPI decline[6] Future Outlook - CPI is expected to turn positive in the fourth quarter as the impact of last year's high base fades and food price pressures diminish[8] - The PPI is anticipated to continue its upward trend, but the improvement may be limited due to weakening demand and ongoing international oil price declines[8] - The seasonal demand for pork may support prices, potentially leading to a price turning point by mid-next year if breeding stock continues to decrease[8]