1%！近19个月首次！

Core Viewpoint - The consumer market in September showed overall stability, with CPI rising 0.1% month-on-month and falling 0.3% year-on-year, while core CPI excluding food and energy prices increased by 1.0%, marking the fifth consecutive month of growth [1][4][10]. CPI Analysis - The year-on-year decline in CPI of 0.3% was primarily due to the tail effect, with the tail effect contributing approximately -0.8 percentage points, while new price changes contributed about 0.5 percentage points [7][10]. - In September, food prices decreased by 4.4%, significantly impacting the CPI decline, with pork prices dropping by 17.0% [7][11]. - Core CPI's year-on-year increase of 1.0% is the first time it has returned to this level in 19 months, driven by rising prices in industrial consumer goods and services [4][10]. PPI Analysis - The PPI remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, a reduction in the decline rate by 0.6 percentage points compared to the previous month [8][26]. - The improvement in supply-demand structure has stabilized prices in several industries, such as coal processing and black metal smelting, which saw price increases of 3.8% and 0.2% respectively [8][9]. - Input factors, particularly the decline in international oil prices, have led to a decrease in domestic oil-related industry prices [8][9]. Price Changes by Category - In September, food and beverage prices fell by 2.6% year-on-year, with fresh vegetables and eggs seeing significant declines of 13.7% and 11.9% respectively [11][13]. - Other categories such as clothing and healthcare services experienced price increases, with clothing prices rising by 1.7% and healthcare services by 1.1% [11][17]. - The transportation and communication sectors saw a decline in prices, with transportation tools down by 1.9% year-on-year [17][20]. Summary of Key Data - The average CPI for January to September showed a decline of 0.1% year-on-year, while the average PPI for the same period decreased by 2.8% [10][26]. - The industrial producer purchase prices saw a year-on-year decline of 3.1%, with significant drops in fuel and power prices by 8.1% [23][26].