Group 1: CPI Analysis - In September, the national Consumer Price Index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month [1][3][8] - The core CPI, excluding food and energy, rose by 1.0%, marking the first return to a 1% increase in nearly 19 months [6][8] - Food prices fell by 4.4%, contributing significantly to the CPI decline, while non-food prices increased by 0.7% [3][5][7] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 2.3% year-on-year in September, with a month-on-month stability [1][8][11] - The decline in PPI was less severe than in previous months, narrowing by 0.6 percentage points compared to the previous month [1][8][11] - The industrial producer purchase prices also saw a year-on-year decrease of 3.1%, with a month-on-month increase of 0.1% [8][11] Group 3: Economic Insights - Economic policies have shown positive effects, leading to a narrowing of price declines in several industries [11][12] - The construction of a unified national market and the optimization of market competition have contributed to the recovery of prices in certain sectors [11][12] - The demand for high-quality and upgraded consumption has led to price increases in specific manufacturing sectors, such as a 14.7% rise in the price of arts and crafts products [12]

Core Insights - The consumer market in September showed overall stability, with the Consumer Price Index (CPI) rising by 0.1% month-on-month and decreasing by 0.3% year-on-year, indicating a slight improvement in consumer prices [1] - The core CPI, excluding food and energy prices, increased by 1.0% year-on-year, marking the fifth consecutive month of growth in this metric [1] - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [1] CPI Analysis - The month-on-month CPI change shifted from flat to an increase of 0.1%, driven by a 0.7% rise in food prices, which contributed approximately 0.13 percentage points to the CPI increase [1] - Year-on-year, the CPI decreased by 0.3%, with the decline narrowing by 0.1 percentage points from the previous month [1] - Food prices fell by 4.4% year-on-year, which was the primary factor affecting the year-on-year CPI decline, contributing about 0.83 percentage points to the decrease [1] PPI Analysis - The PPI has remained flat for two consecutive months, indicating stability in producer prices [1] - Key characteristics of the PPI's performance include improvements in supply-demand structures leading to price stabilization in certain industries, and a decrease in domestic oil-related industry prices due to external factors [1]

Core Viewpoint - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5%. Food prices fell by 4.4%, while non-food prices increased by 0.7%. The average CPI from January to September showed a decline of 0.1% compared to the same period last year [1][4][8]. Price Changes by Category (Year-on-Year) - In September, the prices of food, tobacco, and alcohol decreased by 2.6%, contributing approximately 0.74 percentage points to the CPI decline. Notably, fresh vegetable prices dropped by 13.7%, impacting the CPI by about 0.35 percentage points, while pork prices fell by 17.0%, contributing 0.26 percentage points to the decline [4][8]. - Other categories showed mixed results, with prices for other goods and services, living goods and services, and clothing rising by 9.9%, 2.2%, and 1.7%, respectively. Medical care, education, culture, and housing prices increased by 1.1%, 0.8%, and 0.1%, while transportation and communication prices decreased by 2.0% [4][8]. Price Changes by Category (Month-on-Month) - In September, food, tobacco, and alcohol prices increased by 0.5%, contributing approximately 0.13 percentage points to the CPI increase. Fresh vegetable prices rose by 6.1%, impacting the CPI by about 0.13 percentage points, while pork prices decreased by 0.7%, contributing to a slight CPI decline [6][8]. - Other categories experienced varied changes, with prices for other goods and services and clothing rising by 1.3% and 0.7%, respectively. Living goods and services, as well as medical care, saw increases of 0.3% and 0.2%, while transportation and education prices fell by 0.9% and 0.4% [6][8]. Summary of Price Changes - The overall CPI for September showed a month-on-month increase of 0.1% and a year-on-year decrease of 0.3%. Urban CPI remained flat, while rural CPI increased by 0.2%. Food prices rose by 0.7% month-on-month but fell by 4.4% year-on-year [1][8]. - The breakdown of CPI changes indicates that while food prices are under pressure, other categories like clothing and services are experiencing price increases, reflecting a complex inflationary environment [4][6][8].

Core Insights - The overall consumer market in September remained stable, with the Consumer Price Index (CPI) rising by 0.1% month-on-month and decreasing by 0.3% year-on-year, while the core CPI (excluding food and energy) increased by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3][4]. CPI Analysis - The month-on-month CPI increase was driven by a 0.7% rise in food prices, contributing approximately 0.13 percentage points to the CPI increase. Seasonal price increases were noted in fresh vegetables, eggs, fresh fruits, lamb, and beef, with price changes ranging from 0.9% to 6.1% [3]. - Year-on-year, the CPI decline was primarily influenced by a 4.4% drop in food prices, which accounted for about 0.83 percentage points of the CPI decrease. Notably, pork, fresh vegetables, eggs, and fresh fruits saw significant price drops of 17.0%, 13.7%, 13.5%, and 4.2%, respectively [4]. - The core CPI's year-on-year growth rate has expanded for five consecutive months, reaching 1%, the highest in nearly 19 months. Prices for industrial consumer goods, excluding food and energy, rose by 1.8%, with notable increases in gold and platinum jewelry prices of 42.1% and 33.6%, respectively [4]. PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, which is a narrowing of the decline by 0.6 percentage points compared to the previous month [5][6]. - The PPI's stability was attributed to improved supply-demand dynamics in certain industries, with coal processing prices rising by 3.8% and black metal smelting prices increasing by 0.2% [6]. - The decline in oil-related industry prices was influenced by falling international oil prices, with oil extraction prices decreasing by 2.7% and refined oil product prices down by 1.5% [6]. Market Dynamics - The construction of a unified national market has led to a narrowing of year-on-year price declines in several industries, including coal processing and black metal smelting, with reductions in PPI's downward pressure by approximately 0.34 percentage points [7]. - Upgrading industrial structures and releasing consumer potential have contributed to price increases in specific sectors, such as aircraft manufacturing and electronic materials, with notable price increases of 1.4% and 1.2%, respectively [7].

Group 1 - The overall consumer market in September remained stable, with the Consumer Price Index (CPI) rising by 0.1% month-on-month, shifting from flat in the previous month [1] - Food prices increased by 0.7%, driven by seasonal price rises in fresh vegetables, eggs, and fresh fruits, while pork and aquatic product prices decreased due to sufficient supply [1] - Clothing prices rose by 0.8% as autumn collections were introduced [1] Group 2 - Year-on-year, the CPI decreased by 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month [4] - Among the eight categories of goods and services that constitute the CPI, six categories saw price increases, while only food, tobacco, alcohol, and transportation and communication prices declined [4] Group 3 - The core CPI, excluding food and energy prices, rose by 1.0% year-on-year, marking the fifth consecutive month of expansion and the first time in 19 months that the growth rate returned to 1% [5] - The increase in core CPI is primarily attributed to rising prices of durable consumer goods and services, supported by effective policies to stimulate domestic demand and consumption [7] Group 4 - Prices of industrial consumer goods, excluding energy, increased by 1.8%, with the growth rate expanding for the fifth consecutive month [8] - Prices for household appliances and communication tools rose by 5.5% and 1.5%, respectively, indicating an upward trend [8] - Service prices increased by 0.6%, showing stable growth [8]

Core Insights - The Consumer Price Index (CPI) in China decreased by 0.3% year-on-year in September 2025, with urban areas seeing a decline of 0.2% and rural areas a decline of 0.5% [2] - The average CPI from January to September 2025 fell by 0.1% compared to the same period last year [2] Price Changes - Food prices dropped by 4.4%, contributing approximately 0.83 percentage points to the CPI decline, making it the primary factor for the decrease [3] - Specific food items such as pork, fresh vegetables, eggs, and fresh fruits saw significant price drops of 17.0%, 13.7%, 13.5%, and 4.2% respectively, collectively impacting the CPI by about 0.78 percentage points [3] - Energy prices decreased by 2.7%, contributing around 0.20 percentage points to the CPI decline [3] Core CPI and Industrial Prices - The core CPI, excluding food and energy, increased by 1.0%, marking the first return to this growth rate in 19 months [3] - Industrial consumer goods prices, excluding energy, rose by 1.8%, with notable increases in gold and platinum jewelry prices of 42.1% and 33.6% respectively [3] Service Prices - Service prices increased by 0.6%, with stable growth observed in medical services and household services, which rose by 1.9% and 1.6% respectively [3] - Prices for hotel accommodations and airline tickets decreased by 1.5% and 1.7% respectively [3]

Group 1 - The core viewpoint of the article is that the consumer price index (CPI) in China showed a year-on-year decline of 0.3% in September, while the core CPI, excluding food and energy, increased by 1.0%, marking the first return to a 1% increase in nearly 19 months [1] Group 2 - In September, food prices decreased by 4.4% year-on-year, while non-food prices rose by 0.7%. Overall, consumer goods prices fell by 0.8%, and service prices increased by 0.6% [1] - The average CPI from January to September decreased by 0.1% compared to the same period last year [1] - The decline in CPI is primarily attributed to the "carryover effect," with the carryover impact accounting for approximately -0.8 percentage points of the CPI change, while new price changes contributed about 0.5 percentage points [1] - The decrease in food prices had a significant impact on the CPI, contributing approximately -0.83 percentage points to the year-on-year decline, while energy prices decreased by 2.7%, contributing about -0.20 percentage points [1]

Group 1 - The core CPI excluding food and energy prices increased by 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months, with the growth rate expanding for the fifth consecutive month [1][4] - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5% [1][4] - Food prices fell by 4.4%, significantly impacting the CPI decline, while non-food prices rose by 0.7% [1][2] Group 2 - 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 [1][2] - Specific food items saw significant price drops: fresh vegetables down 13.7%, eggs down 11.9%, and pork down 17.0% [1][4] - The average CPI for January to September 2025 was down 0.1% compared to the same period last year [1] Group 3 - The PPI (Producer Price Index) decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [7] - The industrial producer purchase prices also fell by 3.1% year-on-year, with a 0.1% increase month-on-month [4][7] - The prices of coal processing and black metal smelting industries showed signs of stabilization, with coal processing prices up by 3.8% month-on-month [5][7]

Group 1: Consumer Price Index (CPI) Insights - In September, the Consumer Price Index (CPI) showed a month-on-month increase of 0.1%, reversing from the previous month where it was flat [1][3] - Year-on-year, the CPI decreased by 0.3%, but the decline was narrower by 0.1 percentage points compared to the previous month [6] - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months [6] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) remained flat month-on-month for the second consecutive month [7] - Year-on-year, the PPI decreased by 2.3%, with the decline narrowing by 0.6 percentage points from the previous month [11] - Factors contributing to the PPI trends include improved supply-demand structures in certain industries and the impact of international oil prices on domestic oil-related industry prices [9][10]

Core Insights - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month [2][4] Group 1: Year-on-Year Changes - The CPI decline was influenced by a 4.4% decrease in food prices, while non-food prices rose by 0.7% [2][4] - Urban areas saw a 0.2% decrease in prices, while rural areas experienced a 0.5% decline [2] - Major contributors to the CPI decline included fresh vegetables (-13.7%), eggs (-11.9%), and pork (-17.0%) [4][5] Group 2: Month-on-Month Changes - In September, the CPI increased by 0.1% month-on-month, with urban prices remaining stable and rural prices rising by 0.2% [2][8] - Food prices rose by 0.7% month-on-month, with fresh vegetables increasing by 6.1% [8] - Other categories showed mixed results, with clothing prices up by 0.7% and transportation and communication prices down by 0.9% [8] Group 3: Industrial Producer Prices - The industrial producer price index (IPP) saw a year-on-year decline of 2.4%, primarily due to a 9.0% drop in mining prices [12] - Life goods prices decreased by 1.7%, impacting the overall IPP [12] - Month-on-month, the IPP remained stable, with mining prices increasing by 1.2% [15]