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 ...

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。 ↑ 9月10日，消费者在山东省滕州市一家超市选购商品。新华社发（孙杨摄） ↑ 9月10日，消费者在山东省青州市一家超市选购商品。新华社发（王继林摄） ↑ 9月10日，消费者在云南省蒙自市一家超市选购商品。新华社发（薛莹莹摄） ↑ 9月10日，消费者在江苏省无锡市一家超市选购食品。新华社发（还月亮摄） ↑ 9月10日，消费者在湖北省武汉市一家手机专卖店选购手机。新华社发（赵军摄） ↑ 9月10日，消费者在山东省枣庄市一家超市选购商品。新华社发（孙中喆摄） ↑ 9月10日，消费者在山东省枣庄市一家超市选购调味品。新华社发（孙中喆摄） ↑ 9月10日，消费者在山东省临沂市平邑县一家超市选购蔬菜。新华社发（武纪全摄） ↑ 9月10日，消费者在江苏省连云港市海州区一家超市选购蔬菜。新华社发（耿玉和摄） ...

Core Insights - The Consumer Price Index (CPI) in August decreased by 0.4% year-on-year and remained flat month-on-month, while the Producer Price Index (PPI) fell by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month [1][6] - The data aligns with market expectations, and attention should be paid to the impact of seasonal consumption, special bond fund implementation, and overseas oil price fluctuations in September and October [1][7] CPI Analysis - The overall consumer market remained stable in August, with the core CPI (excluding food and energy) rising by 0.9% year-on-year, marking the fourth consecutive month of growth [3] - Food prices dropped significantly, with pork, fresh vegetables, and eggs decreasing by 16.1%, 15.2%, and 14.2% year-on-year, respectively, contributing to a downward pressure on the CPI [4] - The core CPI's increase was influenced by rising prices of gold and platinum jewelry, which rose by 36.7% and 29.8% year-on-year, respectively [3] PPI Analysis - The PPI ended an eight-month downward trend, stabilizing month-on-month after a 0.2% decline in the previous month [5][6] - Improvements in supply-demand relationships led to price increases in certain energy and raw material sectors, such as coal processing and black metal smelting [5] - The PPI's year-on-year decline of 2.9% is the first narrowing since March, attributed to a lower comparison base from the previous year and the implementation of proactive macro policies [6] Future Outlook - Analysts suggest that the PPI may enter a recovery phase starting in August due to favorable low base conditions from the previous year [6] - The ongoing optimization of market competition and the rise of new consumption demands are expected to support price improvements in various sectors [6] - The low inflation environment continues to provide room for monetary easing, which may help marginally restore corporate profit expectations [7]

国家统计局最新数据显示，8月份，消费市场运行总体平稳，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。 冯琳则表示，去年9月食品价格基数小幅抬高，加之当前食品价格走势平稳，或导致今年9月食品CPI同 比降幅进一步扩大。不过，去年同期国际原油价格基数大幅下沉，预计今年9月国内成品油价格同比降 幅会进一步收窄。另外，促消费、"反内卷"对汽车价格等主要商品价格的支撑作用在9月会有进一步显 现。 CPI同比为何由平转降？国家统计局城市司首席统计师董莉娟认为，主要是上年同期对比基数走高叠加 8月食品价格涨幅低于季节性水平所致。从翘尾看，上年价格变动对8月CPI同比的翘尾影响约为-0.9个 百分点，下拉影响比7月扩大0.4个百分点；从新涨价看，8月CPI环比持平，低于季节性水平约0.3个百 分点。二者共同导致CPI同比走低。 值得关注的是，随着扩内需促消费政策持续显效，核心CPI同比涨幅连续第4个月扩大。8月份，扣除食 品和能源价格的核心CPI同比上涨0.9%，涨幅比上月扩大0.1个百分点。其中，扣除能源的工业消费品价 格同比上涨1.5%，涨幅 ...

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]