8月PPI明显回升

Core Viewpoint - The article discusses the recent trends in China's CPI and PPI for August 2025, highlighting a decline in CPI and a narrowing drop in PPI, indicating potential shifts in consumer prices and industrial production costs [1][5]. CPI Analysis - In August 2025, the national CPI decreased by 0.4% year-on-year, with urban areas down 0.3% and rural areas down 0.6%. Food prices fell by 4.3%, while non-food prices rose by 0.5% [1][2]. - The average CPI for January to August 2025 showed a decline of 0.1% compared to the same period last year [1]. - The month-on-month CPI remained flat, with urban prices stable and rural prices increasing by 0.1%. Food prices increased by 0.5%, while non-food prices decreased by 0.1% [1][2]. PPI Analysis - The PPI for August 2025 saw a year-on-year decline of 2.9%, but this was a narrowing of the drop by 0.7 percentage points compared to the previous month. Month-on-month, PPI shifted from a decline of 0.2% to flat [5][6]. - The average PPI for January to August 2025 showed a decrease of 2.9% year-on-year, with industrial producer purchase prices down by 3.3% [5]. - The month-on-month PPI ended an eight-month downward trend, indicating a potential stabilization in industrial prices [5][6]. Core CPI Insights - The core CPI, excluding food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth in this metric [3][6]. Industry Price Changes - Certain industries experienced price increases due to rising consumer demand, with notable price hikes in the manufacturing of arts and crafts (up 13.0%), sports balls (up 4.7%), and musical instruments (up 1.6%) [7]. - The article notes that the implementation of proactive macro policies and improved market competition have contributed to a narrowing of price declines in various sectors [6][8]. Future Outlook - The article suggests that with ongoing domestic demand expansion policies and improved market competition, prices may see a moderate recovery. The PPI is expected to enter a recovery phase, supported by structural improvements in exports and economic growth [8][9].