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]

9月份，工业生产者出厂价格中，生产资料价格下降2.4%，影响工业生产者出厂价格总水平下降约1.81个百分点。其中，采掘工业价格下降9.0%，原材料工 业价格下降2.9%，加工工业价格下降1.7%。生活资料价格下降1.7%，影响工业生产者出厂价格总水平下降约0.45个百分点。其中，食品价格下降1.7%，衣 着价格下降0.3%，一般日用品价格上涨0.7%，耐用消费品价格下降3.9%。 一、工业生产者价格同比变动情况 工业生产者购进价格中，燃料动力类价格下降8.1%，化工原料类价格下降5.5%，农副产品类价格下降5.4%，建筑材料及非金属类价格下降4.5%，黑色金属 材料类价格下降2.9%，纺织原料类价格下降1.7%；有色金属材料及电线类价格上涨6.6%。 国家统计局数据显示，2025年9月份，全国工业生产者出厂价格同比下降2.3%，降幅比上月收窄0.6个百分点，环比继续持平。工业生产者购进价格同比下降 3.1%，降幅比上月收窄0.9个百分点，环比上涨0.1%。1—9月平均，工业生产者出厂价格比上年同期下降2.8%，工业生产者购进价格下降3.2%。 2025年9月份工业生产者出厂价格同比降幅继续收窄 2025年9月 ...

Group 1 - The core viewpoint of the article indicates that China's Consumer Price Index (CPI) for September decreased by 0.3% year-on-year, which was below the expected decline of 0.2% and an improvement from the previous value of -0.4% [1] - The month-on-month CPI for September showed a slight increase of 0.1%, which was lower than the expected 0.2% and compared to a previous value of 0% [1] - For the first nine months of the year, the CPI has decreased by 0.1% year-on-year [1] Group 2 - In September, the prices of food, tobacco, and alcohol increased by 0.5% month-on-month, contributing approximately 0.13 percentage points to the CPI increase [3] - Among the other seven major categories, four experienced price increases, one remained stable, and two saw declines [3] - Specifically, prices for other goods and services, and clothing rose by 1.3% and 0.7% respectively, while prices for living goods and services, and healthcare increased by 0.3% and 0.2% respectively; housing prices remained stable, while transportation and communication, and education and cultural entertainment prices fell by 0.9% and 0.4% respectively [3] Group 3 - Year-on-year, the prices of food, tobacco, and alcohol decreased by 2.6%, which negatively impacted the CPI by approximately 0.74 percentage points [5] - Among the other seven major categories, six saw price increases while one experienced a decline [5] - Notably, prices for other goods and services, living goods and services, and clothing rose by 9.9%, 2.2%, and 1.7% respectively, while healthcare, education and cultural entertainment, and housing prices increased by 1.1%, 0.8%, and 0.1% respectively; transportation and communication prices fell by 2.0% [5]

Group 1: CPI Analysis - The core CPI excluding food and energy prices increased by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3] - In September, the overall consumer price index (CPI) rose by 0.1% month-on-month, while the year-on-year CPI decreased by 0.3%, a reduction that is 0.1 percentage points smaller than the previous month [2][3] - Food prices saw a month-on-month increase of 0.7%, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef ranging from 0.9% to 6.1% [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%, which is a reduction of 0.6 percentage points compared to the previous month [4][5] - The PPI's year-on-year decline was influenced by improved supply-demand structures in certain industries, leading to price stabilization in coal processing, black metal smelting, and photovoltaic equipment manufacturing [4][5] - Input factors such as falling international oil prices contributed to the decrease in domestic oil-related industry prices, with oil extraction prices down by 2.7% and refined oil product manufacturing prices down by 1.5% [4][5]

CPI Trends - CPI同比下降 0.3%，主要受翘尾因素影响，翘尾影响约为 -0.8 个百分点 [1] - 核心 CPI 同比上涨 1.0%，为近 19 个月以来首次回到 1% [1] Food Price Dynamics - 食品价格下降 4.4%，是影响 CPI 同比下降的主要因素 [1] - 猪肉价格下降 17.0% [1] - 鲜菜价格下降 13.7% [1] - 鸡蛋价格下降 13.5% [1] - 鲜果价格下降 4.2% [1]

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。 一、CPI环比由平转涨，核心CPI同比涨幅回升至1% 二、PPI环比持平，同比降幅继续收窄 PPI环比连续两个月持平。本月PPI环比运行的主要特点：一是供需结构改善带动部分行业价格明显企 稳。煤炭加工价格环比上涨3.8%，煤炭开采和洗选业价格上涨2.5%，黑色金属冶炼和压延加工业价格 上涨0.2%，均连续两个月上涨，光伏设备及元器件制造价格由上月下降0.2%转为上涨0.8%；非金属矿 物制品业、锂离子电池制造价格分别下降0.4%和0.2%，降幅比上月分别收窄0.6个和0.3个百分点。二是 输入性因素影响国内石油相关行业价格环比下降。国际油价下行带动国内石油相关行业价格环比下降。 其中石油开采价格下降2.7%，精炼石油产品制造价格下降1.5%，有机化学原料制造价格下降0.6%，化 学纤维制造业价格下降0 ...

PPI同比降幅继续收窄 智通财经APP获悉，10月15日，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， 2025年9月份核心CPI同比涨幅持续扩大，PPI同比降幅继续收窄。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。 原文如下： 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 2025年9月份核心CPI同比涨幅持续扩大 二、PPI环比持平，同比降幅继续收窄 PPI环比连续两个月持平。本月PPI环比运行的主要特点：一是供需结构改善带动部分行业价格明显企 稳。煤炭加工价格环比上涨3.8%，煤炭开采和洗选业价格上涨2.5%，黑色金属冶炼和压延加工业价格 上涨0.2%，均连续两个月上涨，光伏设备及元器件制造价格由上月下降0.2%转为上涨0.8%；非金属矿 物制品业、锂离子电池制造价格分别下降0.4%和0 ...

Group 1 - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, contributing to a CPI decline of approximately 0.74 percentage points [2] - Among food items, fresh vegetable prices fell by 13.7%, impacting CPI by about 0.35 percentage points; egg prices decreased by 11.9%, affecting CPI by approximately 0.08 percentage points; and meat prices dropped by 8.4%, contributing to a CPI decline of around 0.27 percentage points, with pork prices specifically down by 17.0%, impacting CPI by about 0.26 percentage points [2] - Fresh fruit prices decreased by 4.2%, affecting CPI by approximately 0.09 percentage points, while grain prices fell by 0.7%, contributing to a CPI decline of about 0.01 percentage points; seafood prices increased by 0.9%, impacting CPI by approximately 0.02 percentage points [2] Group 2 - In September, food, tobacco, and alcohol prices increased by 0.5% month-on-month, contributing to a CPI rise of about 0.13 percentage points [2] - Within food items, fresh vegetable prices rose by 6.1%, impacting CPI by approximately 0.13 percentage points; egg prices increased by 2.7%, affecting CPI by about 0.02 percentage points; and fresh fruit prices went up by 1.7%, contributing to a CPI increase of around 0.03 percentage points [2] - Seafood prices decreased by 1.8%, impacting CPI by approximately 0.04 percentage points, while pork prices fell by 0.7%, contributing to a CPI decline of about 0.01 percentage points [2]

Group 1: CPI Analysis - In September 2025, the Consumer Price Index (CPI) showed a month-on-month increase of 0.1%, reversing from the previous month's stability, while year-on-year it decreased by 0.3% [3][4] - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [3][5] - Food prices decreased by 4.4% year-on-year, significantly impacting the overall CPI decline, with pork prices dropping by 17.0% and fresh vegetables by 13.7% [5][4] Group 2: PPI Analysis - The Producer Price Index (PPI) remained stable month-on-month, while the year-on-year decline narrowed to 2.3%, a reduction of 0.6 percentage points from the previous month [3][8] - Improvements in supply-demand structures led to price stabilization in several industries, including coal processing and black metal smelting, which saw price increases [6][8] - The decline in oil prices influenced domestic oil-related industry prices, contributing to the overall PPI trend [7][8]