Core Insights - The overall consumer market in September remained stable, with CPI rising 0.1% month-on-month and falling 0.3% year-on-year, while core CPI excluding food and energy prices increased by 1.0%, marking the fifth consecutive month of growth [1][2][3] CPI Analysis - The year-on-year decline in CPI of 0.3% was primarily due to the tail effect, with a contribution of approximately -0.8 percentage points from this effect, while new price changes contributed about 0.5 percentage points [1][3] - Food prices decreased by 4.4% year-on-year, significantly impacting CPI, with pork prices down 17.0% and fresh vegetables down 13.7% [3][8] - Core CPI's year-on-year increase of 1.0% is the first time it has returned to 1% in nearly 19 months, indicating a potential stabilization in consumer prices [1][3] PPI Analysis - The 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 [1][6][10] - The improvement in supply-demand structure has led to price stabilization in certain industries, such as coal processing and black metal smelting, which saw price increases of 3.8% and 0.2% respectively [4][6] - Input factors, particularly the decline in international oil prices, have negatively impacted domestic oil-related industry prices [4][5] Price Changes by Category - In September, food and beverage prices fell by 2.6% year-on-year, contributing approximately 0.74 percentage points to the CPI decline [8] - The prices of various goods and services showed mixed results, with some categories like other goods and services, and clothing prices increasing by 9.9% and 1.7% respectively [8][9] - The prices of industrial producer goods showed a decline in production materials by 2.4%, with significant drops in mining and raw materials sectors [11][12]

Core Viewpoint - The consumer market in September showed overall stability, with CPI rising 0.1% month-on-month and falling 0.3% year-on-year, while core CPI excluding food and energy prices increased by 1.0%, marking the fifth consecutive month of growth [1][4][10]. CPI Analysis - The year-on-year decline in CPI of 0.3% was primarily due to the tail effect, with the tail effect contributing approximately -0.8 percentage points, while new price changes contributed about 0.5 percentage points [7][10]. - In September, food prices decreased by 4.4%, significantly impacting the CPI decline, with pork prices dropping by 17.0% [7][11]. - Core CPI's year-on-year increase of 1.0% is the first time it has returned to this level in 19 months, driven by rising prices in industrial consumer goods and services [4][10]. PPI Analysis - The PPI remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, a reduction in the decline rate by 0.6 percentage points compared to the previous month [8][26]. - The improvement in supply-demand structure has stabilized prices in several industries, such as coal processing and black metal smelting, which saw price increases of 3.8% and 0.2% respectively [8][9]. - Input factors, particularly the decline in international oil prices, have led to a decrease in domestic oil-related industry prices [8][9]. Price Changes by Category - In September, food and beverage prices fell by 2.6% year-on-year, with fresh vegetables and eggs seeing significant declines of 13.7% and 11.9% respectively [11][13]. - Other categories such as clothing and healthcare services experienced price increases, with clothing prices rising by 1.7% and healthcare services by 1.1% [11][17]. - The transportation and communication sectors saw a decline in prices, with transportation tools down by 1.9% year-on-year [17][20]. Summary of Key Data - The average CPI for January to September showed a decline of 0.1% year-on-year, while the average PPI for the same period decreased by 2.8% [10][26]. - The industrial producer purchase prices saw a year-on-year decline of 3.1%, with significant drops in fuel and power prices by 8.1% [23][26].

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: 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%, with the core CPI (excluding food and energy) rising by 1.0%, marking the fifth consecutive month of growth [1][2][3] - Food prices rose by 0.7% month-on-month, contributing approximately 0.13 percentage points to the CPI increase, with seasonal price increases observed in fresh vegetables, eggs, fresh fruits, lamb, and beef, ranging from 0.9% to 6.1% [2] - Year-on-year, food prices fell by 4.4%, primarily driven by significant declines in pork, fresh vegetables, eggs, and fresh fruits, which collectively impacted the CPI by approximately 0.78 percentage points [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 has narrowed by 0.6 percentage points compared to the previous month [4][5] - The stabilization of prices in certain industries is attributed to improved supply-demand dynamics, with notable month-on-month price increases in coal processing (3.8%) and black metal smelting (0.2%) [4] - The ongoing development of a unified national market has led to a reduction in the year-on-year price decline in several industries, including coal processing and black metal smelting, with the downward impact on PPI decreasing by approximately 0.34 percentage points [5]

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].

Core Insights - The Consumer Price Index (CPI) and Producer Price Index (PPI) have shown a narrowing decline in September, benefiting from low base effects and the effectiveness of anti-involution and consumption promotion policies [1][3]. CPI Analysis - In September, the CPI increased by 0.1% month-on-month, while the year-on-year decline was 0.3%, a reduction of 0.1 percentage points from the previous month [1]. - 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 [1][3]. - Food prices fell by 4.4%, contributing significantly to the overall CPI decline, with the tail effect accounting for approximately -0.8 percentage points of the CPI change [3]. PPI Analysis - The PPI remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, narrowing by 0.6 percentage points from the previous month [1][5]. - Factors contributing to the PPI's performance include improved supply-demand structures and the impact of international oil price declines on domestic oil-related industries [5]. - Certain industries, such as coal processing and black metal smelting, saw reduced year-on-year price declines, contributing to a decrease in the overall PPI decline by approximately 0.34 percentage points [5]. Industry Trends - The modernization of the industrial system and the release of consumption potential have led to price increases in related industries, with aircraft manufacturing prices rising by 1.4% and electronic materials by 1.2% year-on-year [6]. - Policies aimed at boosting consumption are showing effects, with significant price increases in high-quality and upgraded consumer goods, such as a 14.7% rise in arts and crafts products [6]. - Analysts predict that the year-on-year decline in PPI may narrow to below -2.0% in the fourth quarter due to various supportive policies and market conditions [6].

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]

Core Viewpoint - In September 2025, the Consumer Price Index (CPI) experienced a year-on-year decline of 0.3%, with the decrease narrowing by 0.1 percentage points compared to the previous month, primarily due to tailing effects [1] Summary by Relevant Categories CPI Analysis - The year-on-year change of CPI at -0.3% was significantly influenced by tailing effects, which accounted for approximately -0.8 percentage points [1] - The new price changes this year contributed about 0.5 percentage points to the CPI [1] PPI Context - The article does not provide specific details regarding the Producer Price Index (PPI) for September 2025, focusing primarily on the CPI data [1]

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]

Group 1 - In September, China's Consumer Price Index (CPI) decreased by 0.3% year-on-year, with the decline narrowing by 0.1 percentage points compared to August [1] - The decline in CPI is primarily attributed to the tail effect, with the tail effect contributing approximately -0.8 percentage points to the CPI change, while new price changes contributed about 0.5 percentage points [1] - Food prices fell by 4.4% year-on-year, with pork prices decreasing by 17% and fresh vegetable prices down by 13.7% [1] Group 2 - Non-food prices increased by 0.7% in September, with service prices rising by 0.6%, remaining stable compared to the previous month [2] - 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 [2] - Industrial consumer goods prices, excluding energy, increased by 1.8%, with notable price increases in gold and platinum jewelry at 42.1% and 33.6%, respectively [2] Group 3 - The low price level trend observed since the beginning of the year is attributed to a prolonged adjustment in the real estate market and a decline in consumer confidence [4] - External factors, such as significant drops in international oil prices, have also influenced domestic CPI [4] - The "old-for-new" policy is expected to support price increases in automobiles and home appliances [4] Group 4 - Looking ahead, the CPI is expected to rise in October due to the significant drop in the price base from the previous year and the continued impact of policies like "old-for-new" [5] - Three main factors are expected to keep CPI under pressure: oversupply and weak demand, increased regulation on low-price competition, and weak internal consumption dynamics [5]