Core Insights - The consumer price index (CPI) in August remained stable month-on-month but decreased by 0.4% year-on-year, with the core CPI (excluding food and energy) rising by 0.9%, marking the fourth consecutive month of growth [1][3] Group 1: CPI Analysis - The year-on-year decline in CPI is attributed to a high comparison base from the previous year and lower-than-seasonal food price increases in August [1][2] - The year-on-year drop in food prices, particularly for pork, fresh vegetables, and eggs, has intensified, contributing significantly to the overall CPI decline [2][3] - The core CPI's growth indicates a stable consumer market, supported by ongoing policies aimed at boosting domestic demand and consumption [3] Group 2: Food Price Dynamics - In August, food prices increased by 0.5% month-on-month but were below seasonal expectations, with significant year-on-year declines in pork (16.1%), fresh vegetables (15.2%), and eggs (14.2%) [2][3] - The overall food price index saw a year-on-year decrease of 4.3%, with the downward pressure on CPI increasing compared to the previous month [2] Group 3: Future Outlook - Analysts predict that CPI may remain weak until the end of the year, influenced by low base effects and policies aimed at supporting consumer prices [4] - The stability in food prices and the potential for a recovery in CPI readings are expected as the impact of "anti-involution" policies on consumer goods prices becomes more pronounced [4]

Core Insights - The consumer market in China remained generally stable in August, with the Consumer Price Index (CPI) unchanged month-on-month and a year-on-year decrease of 0.4% [1][2] - 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 [1][2] Group 1: Price Trends - Food prices saw a year-on-year decline of 4.3% [3] - Non-food prices experienced a year-on-year increase of 0.5% [3] - Overall consumer goods prices decreased by 1.0% year-on-year, while service prices rose by 0.6% year-on-year [3] Group 2: Policy Impact - The sustained effectiveness of domestic demand policies has contributed to consumer spending [1][2]

Core Viewpoint - In August 2025, the national consumer price index (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%. The average CPI from January to August showed a decline of 0.1% compared to the same period last year [1][2]. Price Changes by Category Year-on-Year Changes - In August, the prices of food, tobacco, and alcohol decreased by 2.5%, contributing approximately 0.72 percentage points to the CPI decline. Notable decreases included fresh vegetables down 15.2% (impacting CPI by -0.37 percentage points), eggs down 12.4% (-0.08 percentage points), and pork down 16.1% (-0.24 percentage points). Conversely, water product prices increased by 2.2% (+0.04 percentage points) [2]. - Other categories saw price increases, with other goods and services up 8.6%, clothing up 1.8%, and living goods and services up 1.8%. Education, culture, and entertainment prices rose by 1.0%, healthcare by 0.9%, and housing by 0.1%. Transportation and communication prices decreased by 2.4% [2]. Month-on-Month Changes - In August, food, tobacco, and alcohol prices increased by 0.3%, contributing approximately 0.09 percentage points to the CPI increase. Fresh vegetable prices surged by 8.5% (+0.16 percentage points), while egg prices rose by 1.5% (+0.01 percentage points). Fresh fruit prices fell by 2.8% (-0.06 percentage points), and water product prices decreased by 0.9% (-0.02 percentage points) [5]. - Other categories showed mixed results, with healthcare prices up 0.3%, while transportation and communication prices fell by 0.3%. Clothing, living goods and services, and education, culture, and entertainment prices all decreased by 0.1% [5]. Summary of Price Changes - The overall CPI remained stable month-on-month, with urban areas unchanged and rural areas up 0.1%. Food prices increased by 0.5%, while non-food prices decreased by 0.1%. Consumer goods prices rose by 0.1%, and service prices remained unchanged [8]. - The detailed breakdown of price changes indicated that food prices experienced significant fluctuations, with fresh vegetables and pork showing the most substantial declines year-on-year, while other categories like healthcare and other goods and services saw increases [8].

具体来看，8月CPI同比下降0.4%，扣除食品和能源价格的核心CPI同比上涨0.9%，涨幅连续第四个月扩大。工业生产者出 厂价格指数（PPI）环比由上月下降0.2%转为持平；同比下降2.9%，降幅比上月收窄0.7个百分点。 接受券商中国记者采访的市场人士认为，核心CPI涨幅连续扩大释放物价运行积极信号，但CPI较长时间在0值附近运行， 后续物价表现改善还需要持续提振居民消费需求。 食品价格等拖累CPI同比、环比表现 8月份，CPI同比下降0.4%。其中，食品价格下降4.3%，非食品价格上涨0.5%。1—8月平均，CPI比上年同期下降0.1%。 对于CPI同比由平转降，国家统计局城市司首席统计师董莉娟分析，这主要是上年同期对比基数走高叠加当月食品价格涨 幅低于季节性水平所致。 最新数据显示，8月份受基数走高影响和食品价格拖累，居民消费价格指数（CPI）走弱，但与工业品价格相关指标改 善，表明国内市场竞争秩序持续优化，部分行业供需关系改善。 光大证券研究所分析师刘星辰表示，从结构来看，扣除能源的工业消费品价格上涨主要受三方面因素带动。一是，受黄 金价格上涨带动金饰品和铂金饰品价格涨幅扩大；二是，7月以来，整治低价 ...

Core Insights - In August, Nanjing's consumer price index (CPI) decreased by 0.7% year-on-year, with food prices dropping by 5.1% and non-food prices increasing by 0.3% [1][2] - The core CPI, excluding food and energy, rose by 0.6% year-on-year, marking an increase of 0.4 percentage points from the previous month [2] - Month-on-month, the CPI increased by 0.3%, driven by a 1.7% rise in food prices [3] Year-on-Year Price Changes - Eight categories of prices showed a mixed trend with five categories increasing and three decreasing [2] - Categories that saw price increases include clothing (1.7%), household goods and services (2.6%), education and culture (0.8%), healthcare (2.0%), and other goods and services (10.0%) [2] - Categories with price declines include food and tobacco (3.0%), housing (0.6%), and transportation and communication (3.1%) [2] Month-on-Month Price Changes - Month-on-month, five categories increased while three decreased [3] - Notable increases were seen in food and tobacco (1.2%), healthcare (1.7%), and education and culture (0.4%) [3] - Decreases were observed in clothing (0.8%), housing (0.3%), and household goods and services (0.5%) [3] Food Price Dynamics - Food prices year-on-year decreased by 5.1%, significantly impacting the overall price level by approximately 0.91 percentage points [2] - Specific food items such as fresh vegetables, pork, and shrimp saw declines of 17.4%, 15.7%, and 5.9% respectively, while freshwater fish prices increased by 7.0% [2] - Month-on-month, food prices rose by 1.7%, contributing about 0.28 percentage points to the overall price level [3] Non-Food Price Trends - Non-food prices shifted from a 0.1% decline to a 0.3% increase year-on-year, contributing approximately 0.24 percentage points to the overall price level [2] - Industrial consumer goods prices increased by 0.6%, while service prices remained stable [2] - Month-on-month, industrial consumer goods prices decreased by 0.3%, with notable declines in gasoline and diesel prices [3]

经济观察网 2025年8月份，全国居民消费价格同比下降0.4%。其中，城市下降0.3%，农村下降0.6%；食 品价格下降4.3%，非食品价格上涨0.5%；消费品价格下降1.0%，服务价格上涨0.6%。1—8月平均，全 国居民消费价格比上年同期下降0.1%。 （原标题：国家统计局：8月份CPI同比下降0.4%，环比持平） 8月份，全国居民消费价格环比持平。其中，城市持平，农村上涨0.1%；食品价格上涨0.5%，非食品价 格下降0.1%；消费品价格上涨0.1%，服务价格持平。 ...

Group 1: CPI Analysis - In August, the Consumer Price Index (CPI) is expected to show a month-on-month increase of 0.3% but a year-on-year decrease of 0.1% [1] - Food prices are under dual constraints from weak downstream Producer Price Index (PPI) and overall market demand, leading to a projected year-on-year decline in CPI of 0.4% [1] - Wholesale agricultural product prices increased by 1.9% month-on-month in August, with vegetable prices rising by 8.0% due to adverse weather conditions [1] Group 2: PPI Analysis - The Producer Price Index (PPI) is expected to remain flat month-on-month in August, with a year-on-year decline narrowing to approximately -2.9% [2] - The recovery in commodity prices, along with a low base effect, may support a slight rebound in PPI, with significant increases in the prices of steel and coal observed [3] - However, the decline in international oil prices and low capacity utilization in midstream and downstream sectors may limit the extent of PPI recovery [3]

Group 1 - The overall supply of the food market in Yongzhou is sufficient, with the Consumer Price Index (CPI) in July showing a year-on-year decrease of 0.9% and a month-on-month increase of 0.2% [1] - Prices of eight major categories of goods showed a "three increases, three decreases, and two stable" trend year-on-year, with other goods and services up by 9.3%, daily necessities up by 1.1%, and healthcare up by 0.1% [1] - Year-on-year price changes for food, tobacco, and alcohol decreased by 2.8%, transportation and communication decreased by 2.2%, and housing decreased by 1.5%, while clothing and education, culture, and entertainment remained stable [1] Group 2 - Fresh food prices mainly decreased, with fresh vegetable prices increasing by 1.1% month-on-month, while pork prices decreased by 0.9% and fresh fruit prices decreased by 3.7% [2] - Non-food prices increased by 0.4% month-on-month, contributing approximately 0.34 percentage points to the CPI increase, with service prices rising by 0.3% [2] - The rise in service prices was driven by the peak travel season, leading to a 15.7% increase in airfare and a 4.5% increase in travel agency fees [2]

Core Insights - In July, Guangzhou's Consumer Price Index (CPI) increased by 0.5% month-on-month and remained flat year-on-year, while the average CPI from January to July decreased by 0.2% compared to the same period last year [1] Price Movements - Food prices decreased by 0.8% month-on-month, while non-food prices increased by 0.8% [1] - The prices of education, culture, and entertainment rose by 3.0%, driven by increased travel demand during the summer season, with travel agency fees up by 15.0% and other travel prices up by 12.5% [1] - Transportation and communication prices rose by 2.0%, with air ticket prices increasing by 30.6% due to high demand and fuel surcharges [1] - The prices of food, tobacco, and alcohol decreased by 0.6%, with fresh fruit prices down by 3.5% and shrimp and crab prices down by 3.8% [1] Other Price Categories - Prices for daily necessities and services increased by 1.3%, while other goods and services rose by 1.1% [2] - Housing prices increased slightly by 0.1%, and medical care prices also rose by 0.1%, while clothing prices decreased by 0.6% [2]

Core Insights - In July 2025, the Consumer Price Index (CPI) in Jinan experienced a year-on-year decrease of 0.2% and a month-on-month increase of 0.3%, with an average increase of 0.3% from January to July compared to the previous year [1] Price Changes Overview - In July, Jinan's prices showed a "four increases and four decreases" trend across eight major categories. Prices for other goods and services, education, culture and entertainment, clothing, and daily necessities increased by 10.5%, 5.4%, 1.3%, and 1.3% respectively. Conversely, transportation and communication, medical care, food and tobacco, and housing prices decreased by 3.2%, 2.5%, 2.2%, and 0.8% respectively [3] - Within food prices, significant declines were noted for eggs (down 18.4%), pork (down 16.1%), fresh vegetables (down 11.0%), and fresh fruits (down 5.5%). In contrast, potato prices increased by 15.5%, beef by 4.1%, and grain by 1.0% [3] Month-on-Month Price Changes - Month-on-month price changes in July also reflected a "four increases, two stable, and two decreases" pattern. Prices for transportation and communication, education, daily necessities, and other goods and services rose by 1.7%, 1.4%, 1.2%, and 0.7% respectively, while medical care and clothing prices fell by 2.7% and 0.4% respectively [3] - In the food category, fresh vegetables saw an increase of 8.9%, pork by 2.9%, and eggs by 1.0%. However, fresh fruits decreased by 4.0%, and cooking oil fell by 1.4% [3]