Core Insights - The consumer price index (CPI) in September showed a month-on-month increase of 0.1% and a year-on-year decrease of 0.3%, with the core CPI (excluding food and energy) rising 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months [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] Group 1: CPI Analysis - The month-on-month increase in CPI was influenced by a 0.7% rise in food prices, contributing approximately 0.13 percentage points to the CPI increase [1] - The core CPI's year-on-year decline of 0.3% was primarily due to a "tail effect," with the tail effect accounting for about -0.8 percentage points [1] Group 2: PPI Analysis - The month-on-month stability in PPI was attributed to improved supply-demand dynamics, with coal processing prices rising by 3.8% and coal mining prices increasing by 2.5% [2] - The year-on-year decline in PPI was influenced by macroeconomic policies, leading to a narrowing of price declines in various industries, supported by the ongoing construction of a unified national market [2]

Group 1: Consumer Price Index (CPI) Insights - In September, the Consumer Price Index (CPI) increased by 0.1% month-on-month, while year-on-year it decreased by 0.3% [1][2] - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth and the first time in 19 months that it returned to a 1% increase [4] - Food prices saw a month-on-month increase of 0.7%, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef, while pork and aquatic product prices fell by 0.7% and 1.8% respectively [3][4] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to the previous month [5][6] - Key industries such as coal processing and black metal smelting saw price increases, while oil-related industries experienced price declines due to falling international oil prices [5][6] - The ongoing construction of a unified national market and improvements in market competition have contributed to a narrowing of price declines in various sectors [7]

Core Insights - The Producer Price Index (PPI) in September decreased by 2.3% year-on-year, with a narrowing decline of 0.6 percentage points compared to the previous month, and remained stable month-on-month for two consecutive months [1] Group 1: PPI Trends - The narrowing year-on-year decline in PPI is attributed to lower comparison bases from the previous year and the ongoing effectiveness of macroeconomic policies [1] - The construction of a unified national market has led to a reduction in the year-on-year price decline in related industries, with significant improvements in market competition and capacity management [1] - Specific industries such as coal processing, black metal smelting, and photovoltaic equipment manufacturing saw their price decline rates narrow by 8.3, 3.4, and 2.4 percentage points respectively, contributing to a reduced downward impact on PPI by approximately 0.34 percentage points [1] Group 2: Industry Performance - Upgrades in industrial structure and the release of consumer potential have resulted in year-on-year price increases in certain sectors, including a 1.4% increase in aircraft manufacturing and a 1.2% increase in electronic materials manufacturing [1] - The overall industrial product market is characterized by a "strong supply and weak demand" situation, with no fundamental changes expected in this trend [2] - Future PPI trends may face downward pressure due to fluctuations in the external economic environment and a steady increase in the PPI comparison base from October onwards, making it challenging for PPI to turn positive by year-end [4][5]

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 Viewpoint - The article discusses the trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting a decline in CPI and a narrowing decline in PPI, indicating a complex economic environment with varying price movements across different sectors [2][5][7]. CPI Analysis - In September 2025, the national CPI decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5% [2]. - Food prices fell by 4.4%, significantly impacting the CPI, while non-food prices increased by 0.7% [2]. - The core CPI, excluding food and energy, rose by 1.0%, marking the first return to this level in 19 months [5]. - Specific food price declines included fresh vegetables down 13.7%, eggs down 11.9%, and pork down 17.0%, collectively influencing the CPI negatively [2][5]. PPI Analysis - The PPI decreased by 2.3% year-on-year, but the decline was narrower than the previous month, indicating some stabilization in industrial prices [7]. - The PPI's performance was influenced by improved supply-demand structures in certain industries, with coal processing prices up 3.8% and black metal smelting prices up 0.2% [6][7]. - The article notes that the construction of a unified national market is helping to optimize market competition and reduce price declines in various sectors [7]. Price Movements - In September, the CPI increased by 0.1% month-on-month, with food prices rising by 0.7% and non-food prices slightly declining [3][4]. - The article highlights that the prices of services decreased due to seasonal factors, such as the end of summer and the timing of the Mid-Autumn Festival, which affected travel and accommodation costs [4]. Conclusion - Overall, the article presents a mixed picture of the economic landscape in China, with declining CPI driven by food prices and a stabilizing PPI reflecting improvements in certain industrial sectors [5][7].

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.1% month-on-month in September, while year-on-year it decreased by 0.3% [1][2] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3] - Food prices increased by 0.7% month-on-month, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef, while pork and aquatic products saw price declines [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month, with a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to the previous month [4][5] - Improvements in supply-demand structure led to price stabilization in certain industries, such as coal processing and black metal smelting, which saw price increases [4][5] - Input factors, particularly the decline in international oil prices, contributed to lower prices in domestic oil-related industries [4][5]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.1% month-on-month in September, reversing from the previous month’s flat performance, with food prices rising by 0.7% [2] - Year-on-year, the CPI decreased by 0.3%, but the decline was narrower by 0.1 percentage points compared to the previous month, primarily due to the tail effect [3] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth and the first time in 19 months that it returned to a 1% increase [3] Group 2: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month for two consecutive months, with improvements in supply-demand structure stabilizing prices in certain industries [4] - Year-on-year, the PPI decreased by 2.3%, but the decline was reduced by 0.6 percentage points compared to the previous month, influenced by macroeconomic policies and market competition [5] - Specific industries such as coal processing and black metal smelting showed reduced price declines, contributing positively to the PPI [5]

国家统计局解读：PPI同比下降2.3%，降幅比上月收窄0.6个百分点。除受上年同期对比基数走低影响外，各项宏观政策效果持续显现，一些行业价格呈现积极变化。一是全国统一大市场建设纵深推进带动相关行业价格同比降幅收窄。二是产业结构升级和消费潜力释放带动相关行业价格同比上涨。 ...

Core Insights - The Producer Price Index (PPI) remained stable month-on-month for two consecutive months, indicating a stabilization in prices across various industries driven by improved supply-demand dynamics [1][2] - Year-on-year, the PPI decreased by 2.3%, but the decline was less severe than the previous month, reflecting the positive impact of macroeconomic policies and structural adjustments in certain industries [2] Group 1: Month-on-Month PPI Analysis - The PPI showed notable month-on-month price increases in coal processing (up 3.8%), coal mining and washing (up 2.5%), and black metal smelting and rolling (up 0.2%), all of which have risen for two consecutive months [1] - Prices for photovoltaic equipment and components shifted from a decrease of 0.2% last month to an increase of 0.8% this month, indicating a recovery in this sector [1] - Conversely, prices in the petroleum-related industries declined due to falling international oil prices, with oil extraction prices down 2.7% and refined petroleum product manufacturing prices down 1.5% [1] Group 2: Year-on-Year PPI Trends - The year-on-year decline in PPI was influenced by a lower comparison base from the previous year, with several industries showing reduced price declines, including coal processing and black metal smelting [2] - The construction of a unified national market has led to improved price stability in various sectors, with significant reductions in price declines for coal processing (down 8.3%), black metal smelting (down 3.4%), and coal mining (down 3.0%) [2] - Upgrades in industrial structure and the release of consumer potential have resulted in price increases in specific sectors, such as aircraft manufacturing (up 1.4%) and electronic materials (up 1.2%) [2]

9月份，消费市场运行总体平稳，居民消费价格指数（CPI）环比上涨0.1%，同比下降0.3%，扣除 食品和能源价格的核心CPI同比上涨1.0%，涨幅连续第5个月扩大。全国统一大市场建设纵深推进，市 场竞争秩序持续优化，工业生产者出厂价格指数（PPI）环比继续持平；同比下降2.3%，降幅比上月收 窄0.6个百分点。 央视网消息：国家统计局城市司首席统计师董莉娟解读2025年9月份CPI和PPI数据。 CPI同比下降0.3%，降幅比上月收窄0.1个百分点。CPI同比下降，主要是翘尾影响所致。本月CPI-0.3% 的同比变动中，翘尾影响约为-0.8个百分点，今年价格变动的新影响约为0.5个百分点。分类别看，食品 和能源价格下降。其中，食品价格下降4.4%，降幅比上月扩大0.1个百分点，影响CPI同比下降约0.83个 百分点，是影响CPI同比下降的主要因素。食品中，猪肉、鲜菜、鸡蛋和鲜果价格分别下降17.0%、 13.7%、13.5%和4.2%，合计影响CPI同比下降约0.78个百分点；牛肉和羊肉价格分别上涨4.6%和0.8%， 其中羊肉价格为连续下降44个月后首次转涨。能源价格下降2.7%，影响CPI同比下降约0.2 ...