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]