2025年9月通胀点评：政策效果持续扩散，核心CPI与PPI同比继续上升

Inflation Trends - Core CPI in September increased by 0.9% year-on-year, continuing its upward trend, significantly outperforming the overall CPI which decreased by 0.3% due to falling pork prices[6] - Industrial consumer goods prices rose by 1.8%, marking the fifth consecutive month of growth, driven partly by rising prices of gold and copper[6] Price Dynamics - Gold jewelry and platinum prices increased by 42.1% and 33.6% year-on-year, respectively, reflecting the impact of international commodity price fluctuations[6] - The PPI decline narrowed to 2.3% year-on-year in September, with significant contributions from coal processing and black metal smelting industries, reducing the downward pressure on PPI by approximately 0.34 percentage points[6] Consumer Behavior - The shift from a "price war" to a "value war" in consumer goods indicates an improvement in supply quality, with household appliance CPI trends diverging from copper price movements[6] - Strong demand for personalized and upgraded products is evident, with prices for certain categories like arts and crafts increasing by 14.7% year-on-year[6] Economic Outlook - The report suggests that the main drivers of economic growth are shifting from external demand to high-quality domestic demand, indicating a structural transformation in the economy[6] - Future inflation dynamics will largely depend on internal policies, with expectations for continued support for domestic demand through fiscal and monetary measures[6]