Group 1 - The overall consumer market in August remained stable, with the Consumer Price Index (CPI) unchanged month-on-month and down 0.4% year-on-year, while the core CPI, excluding food and energy, rose by 0.9% year-on-year, marking the fourth consecutive month of increase [2] - The Producer Price Index (PPI) month-on-month ended an eight-month decline, stabilizing after a 0.2% drop in the previous month, while the year-on-year decline was 2.9%, narrowing by 0.7 percentage points compared to the previous month [3][4] - The improvement in supply-demand relationships in certain industries has positively influenced prices, with some energy and raw material sectors experiencing price increases month-on-month [3][4] Group 2 - The "old-for-new" consumption policy has been strengthened, providing significant support for prices of covered goods, with transportation tool prices stabilizing month-on-month and the year-on-year decline narrowing from 2.1% to 1.9% [3] - Service prices have shown a continuous upward trend since March, with household services, medical services, and educational services leading the increase, indicating the ongoing release of service consumption potential [3] - The overall low price level since the beginning of the year is expected to continue, providing ample space for future growth stabilization policies [5]

Core Insights - The consumer market in China is operating steadily, with the Consumer Price Index (CPI) remaining flat month-on-month in August and showing a year-on-year decline of 0.4% [2] - The core CPI, which excludes food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth in this metric [2] Economic Indicators - The national statistics bureau reported that the overall consumer market is stable, indicating resilience in consumer spending [2] - The flat month-on-month CPI suggests that inflationary pressures are currently subdued, which may influence monetary policy decisions [2] - The year-on-year decline in the overall CPI could reflect changes in consumer behavior and economic conditions [2]

Group 1 - The overall consumer market in August remained stable, with the Consumer Price Index (CPI) unchanged month-on-month and down 0.4% year-on-year [1] - The core CPI, excluding food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1] - The Producer Price Index (PPI) month-on-month shifted from a decline of 0.2% in the previous month to being flat [1] Group 2 - The year-on-year decline in CPI was attributed to a high comparison base from the previous year and lower-than-seasonal food price increases this month [1] - Food prices rose by 0.5% month-on-month in August, which was 1.1 percentage points lower than the seasonal average [1] - The PPI ended an eight-month downward trend, with improvements in supply-demand relationships causing some energy and raw material prices to rise month-on-month [1] - Year-on-year, the PPI decreased by 2.9%, but the decline narrowed by 0.7 percentage points compared to the previous month, marking the first narrowing since March of this year [1]

Group 1 - The consumer market in August showed overall stability, with the Consumer Price Index (CPI) remaining flat month-on-month and decreasing by 0.4% year-on-year, while the core CPI, excluding food and energy, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1][2] - The Producer Price Index (PPI) month-on-month changed from a decline of 0.2% in the previous month to flat, with a year-on-year decrease of 2.9%, which is a narrowing of the decline by 0.7 percentage points compared to the previous month, marking the first contraction since March of this year [1][3] - The improvement in supply-demand relationships in certain industries has contributed to the stabilization of prices, with the transportation equipment prices remaining flat month-on-month and the year-on-year decline narrowing from 2.1% to 1.9% [2][3] Group 2 - The ongoing implementation of policies to stimulate domestic demand and consumption is becoming a key driver for a moderate recovery in basic price levels, as evidenced by the increase in household appliance prices by 1.1% month-on-month and a year-on-year increase from 2.8% to 4.6% [2][4] - The service prices have shown a continuous upward trend since March, with a year-on-year increase of 0.6% in August, indicating the potential for service consumption to be further released [2][3] - The overall low price level trend since the beginning of the year is expected to continue, providing ample space for future growth-stabilizing policies [3][4]

Core Insights - The consumer market in August remained generally stable, with the Consumer Price Index (CPI) unchanged month-on-month and down 0.4% year-on-year [1] - The core CPI, excluding food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1] - The Producer Price Index (PPI) month-on-month shifted from a decline of 0.2% in the previous month to flat [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 this month [1] - Food prices rose by 0.5% month-on-month, which is approximately 1.1 percentage points lower than the seasonal average [1] PPI Analysis - The PPI ended an eight-month downward trend, with month-on-month changes influenced by improved supply-demand relationships leading to price increases in some energy and raw material sectors [1] - Year-on-year, the PPI decreased by 2.9%, but the decline narrowed by 0.7 percentage points compared to the previous month, marking the first contraction in the decline since March of this year [1]

Group 1 - The Consumer Price Index (CPI) remained flat month-on-month in August, with a year-on-year decrease of 0.4%, while the core CPI, excluding food and energy, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1][3] - The rise in core CPI is attributed to effective policies aimed at boosting domestic demand and consumption, with industrial consumer goods prices excluding energy also showing an increase [1][3] - The decline in overall CPI year-on-year is primarily due to a high comparison base from the previous year and lower-than-seasonal food price increases, with food prices dropping by 4.3% year-on-year [3][4] Group 2 - The Producer Price Index (PPI) showed a narrowing year-on-year decline, ending an eight-month downward trend, indicating improved supply-demand relationships in certain industries [4][5] - Specific industries, such as coal processing and photovoltaic equipment manufacturing, experienced a reduction in price declines, reflecting better market conditions [7][8] - Emerging industries and technological innovations are contributing to positive price changes, with certain sectors like integrated circuit packaging and testing seeing price increases [8]

Core Insights - The Consumer Price Index (CPI) remained flat month-on-month in August, with a year-on-year decline of 0.4%, while the core CPI, excluding food and energy, rose by 0.9%, marking the fourth consecutive month of growth [1][2] - The Producer Price Index (PPI) showed a month-on-month stabilization after a 0.2% decline in the previous month, with a year-on-year decrease of 2.9%, which is a narrowing of the decline by 0.7 percentage points compared to the previous month [1][3] CPI Analysis - The year-on-year decline in CPI was primarily attributed to a high comparison base from the previous year and lower-than-seasonal food price increases in August [1][2] - Food prices fell by 4.3% year-on-year, with a significant impact on CPI, contributing approximately 0.51 percentage points to the decline [2] - The core CPI's growth indicates the effectiveness of policies aimed at expanding domestic demand and promoting consumption [2] PPI Analysis - The PPI's month-on-month stabilization is attributed to improved supply-demand relationships in certain industries, leading to price increases in energy and raw materials [2][3] - The year-on-year decline in PPI has narrowed due to a combination of lower comparison bases from the previous year and proactive macroeconomic policies [3] - Analysts suggest that PPI may enter a recovery phase, supported by improved market competition and rising demand for upgraded consumption [3]

转自：中华工商时报 （来源：中华工商时报） 9月10日，消费者在山东省青州市一家超市选购商品。国家统计局9月10日发布数据显示，8月份，消费 市场运行总体平稳，全国居民消费价格指数（CPI）环比持平，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4个月扩大。新华社发王继林/摄 ...

Group 1 - The Consumer Price Index (CPI) remained flat month-on-month in August, with a year-on-year decrease of 0.4%, while the core CPI, excluding food and energy, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1][2] - The rise in core CPI is attributed to effective consumption-boosting policies, with the industrial consumer goods prices excluding energy also seeing an increase of 0.3 percentage points compared to the previous month [2][4] - Food prices showed a year-on-year decline of 4.3%, contributing significantly to the overall CPI decrease, as the supply of food remained ample [3][5] Group 2 - The Producer Price Index (PPI) showed a narrowing year-on-year decline of 2.9%, the first reduction in the decline since March, indicating improved supply-demand relationships in certain industries [3][4] - Prices in key industries such as coal processing and photovoltaic equipment manufacturing experienced a reduction in year-on-year decline, reflecting better market conditions due to the ongoing construction of a unified national market [5][6] - Emerging industries and technological innovations are positively impacting prices, with specific sectors like integrated circuit packaging and testing seeing a year-on-year price increase of 1.1% [7][8]

王鹏认为，PPI同比跌幅收窄，既有政策调整、需求韧性等的支撑，也有2024年同期低基数的影响。随 着扩内需、"反内卷"等政策持续落地，相关行业供需格局出现改善，部分行业原材料采购和产品销售价 格有所上涨。 银河期货首席宏观分析师王鹏在接受期货日报记者采访时表示，8月，食品烟酒类价格同比下降2.5%， 影响CPI下降约0.72个百分点。农副产品价格走弱，一方面与近期食品消费较弱、农产品供给技术提升 和居民饮食结构变化有关；另一方面也与农产品基本面有关，从库存消费比看，农副产品整体供应充 足，这是价格上行动力有限的原因之一。 对此，格林大华期货首席专家王骏认为，农产品贸易商和供应企业后期需要加大卖出保值力度，对冲企 业风险敞口。另外，部分生鲜商品正处在收获季节，可根据产量预估情况和新季商品质量进行相应保值 操作。 国家统计局城市司首席统计师董莉娟分析称，随着扩内需、促消费政策持续显效，8月PPI同比下降 2.9%，降幅比上月收窄0.7个百分点，为今年3月以来首次收窄。我国加紧实施更加积极有为的宏观政 策，一些行业价格呈现积极变化。一是国内市场竞争秩序持续优化，带动相关行业价格同比降幅收窄。 全国统一大市场建设纵深 ...