Core Insights - France's Consumer Price Index (CPI) for September showed a month-on-month decrease of 1%, matching the forecast and previous value of a 1% decline [1] Group 1 - The final CPI figure for September indicates a consistent trend in inflation rates, with no deviation from expectations [1]

Core Viewpoint - The article highlights that while the Consumer Price Index (CPI) remains low, core inflation is showing signs of recovery, and the Producer Price Index (PPI) is experiencing a narrowing decline, indicating marginal improvement in industrial demand [1][2][4]. CPI Analysis - In September, the CPI increased by 0.1% month-on-month but decreased by 0.3% year-on-year, with the core CPI (excluding food and energy) rising by 1.0%, marking the first time in 19 months that it has returned to 1% [1][2]. - The decline in CPI is primarily driven by food prices, which fell by 4.4%, with significant drops in pork, fresh vegetables, and eggs, down 17.0%, 13.7%, and 13.5% respectively [3][4]. - The "tail effect" contributed to a 0.8 percentage point decrease in the year-on-year CPI [3]. PPI Analysis - The PPI remained flat month-on-month and saw a year-on-year decline of 2.3%, with the rate of decline narrowing by 0.6 percentage points compared to the previous month [1][5]. - Certain industries, such as coal processing and black metal smelting, have shown price increases, indicating a stabilization in prices due to improved supply-demand dynamics [5][6]. - The overall improvement in PPI is attributed to the reduction of high base effects from the previous year and the impact of policies aimed at regulating market competition [6][7]. Market Dynamics - The "anti-involution" policies are expected to enhance industrial capacity utilization and promote re-inflation, which may positively influence the capital market and stabilize social confidence [7].

Core Insights - In September, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month. The Producer Price Index (PPI) fell by 2.3% year-on-year and remained flat month-on-month [1][13]. CPI Analysis - The CPI's year-on-year decline was primarily driven by a 4.4% drop in food prices, which contributed approximately 0.83 percentage points to the CPI decrease. Notably, pork prices fell by 17.0%, fresh vegetables by 13.7%, and eggs by 13.5% [12][4]. - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth, the highest increase in 19 months [12][1]. - In September, food prices increased by 0.7% month-on-month, contributing about 0.13 percentage points to the CPI rise [10][11]. PPI Analysis - The PPI's year-on-year decline of 2.3% was a reduction of 0.6 percentage points compared to the previous month, indicating a narrowing of the decline [13][19]. - The prices of production materials decreased by 2.4%, significantly impacting the overall PPI level. The mining industry saw a 9.0% drop in prices, while the processing industry experienced a 1.7% decline [16][19]. - The PPI remained stable month-on-month, with the prices of production materials holding steady and life goods prices decreasing by 0.2% [17][19]. Price Changes by Category - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, with fresh vegetables and pork being the most significant contributors to this decline [4][12]. - The prices of clothing and household goods saw increases of 1.7% and 2.2% year-on-year, respectively, while transportation and communication prices fell by 2.0% [9][12]. - The service prices experienced a 0.3% decrease, influenced by seasonal factors such as the end of summer and the timing of the Mid-Autumn Festival [11][12].

Core Insights - In September, the Consumer Price Index (CPI) increased by 0.1% month-on-month, while year-on-year it decreased by 0.3%, marking a significant change in the consumption market [1] - The core CPI's year-on-year growth rate rose for five consecutive months, reaching 1%, the first time in 19 months that it returned to this level [1] - The Producer Price Index (PPI) remained flat month-on-month and saw a year-on-year decline of 2.3%, with the rate of decline narrowing by 0.6 percentage points compared to the previous month [1] CPI Analysis - The month-on-month increase in CPI was driven by a 0.7% rise in food prices, influenced by seasonal increases in fresh vegetables and eggs, while prices for pork and aquatic products fell [1] - Year-on-year, food prices decreased by 4.4%, and energy prices fell by 2.7%, contributing to the overall decline in CPI [1] - The core CPI, excluding food and energy, saw a year-on-year increase of 1.0% [1] PPI Analysis - The PPI's month-on-month stability is attributed to improved supply-demand dynamics, stabilizing prices in certain industries such as coal processing and photovoltaic equipment [1] - Input factors led to a decline in prices in domestic oil-related industries, including oil extraction and refined petroleum products [1] - The narrowing year-on-year decline in PPI reflects the effects of macroeconomic policies and the construction of a unified national market, which has helped stabilize prices in some sectors [1] Price Trends - In September, the average year-on-year decline in national consumer prices was 0.3%, with an average decline of 0.1% from January to September [1] - The prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, while other categories showed mixed results with six rising and one falling [1] - The industrial producer prices year-on-year fell by 2.3%, with an average decline of 2.8% from January to September [1]

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]

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].

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 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]