9月CPI、PPI数据公布｜宏观经济

Core Viewpoint - The article discusses the recent trends in consumer prices and industrial producer prices in China, highlighting a decline in consumer prices and industrial producer prices, with specific emphasis on the impact of food prices on the Consumer Price Index (CPI) and the changes in various categories of goods and services [3][5][9]. Consumer Price Trends - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas seeing a decline of 0.2% and rural areas a decline of 0.5% [3]. - Food prices fell by 4.4% year-on-year, while non-food prices increased by 0.7% [3]. - The average CPI from January to September 2025 was down 0.1% compared to the same period last year [3]. Food Price Impact - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, contributing approximately 0.74 percentage points to the CPI decline [5]. - Specific food items such as fresh vegetables, eggs, and pork saw significant price drops of 13.7%, 11.9%, and 17.0% respectively, impacting the CPI by 0.35, 0.08, and 0.26 percentage points [5]. - Conversely, seafood prices increased by 0.9%, contributing 0.02 percentage points to the CPI [5]. Industrial Producer Price Trends - In September 2025, the industrial producer price index decreased by 2.3% year-on-year, with the decline rate narrowing by 0.6 percentage points compared to the previous month [9]. - The average industrial producer price from January to September 2025 was down 2.8% year-on-year [9]. Price Changes in Industrial Inputs - The prices of industrial producer inputs, such as fuel and power, decreased by 8.1%, while chemical raw materials and agricultural products also saw declines of 5.5% and 5.4% respectively [11]. - In September, the prices of industrial producer outputs remained stable, with production material prices unchanged [11]. - Year-on-year, the prices of production materials fell by 2.4%, with significant declines in mining and raw materials sectors [13].