Core Insights - The report from the Guangdong Investigation Team of the National Bureau of Statistics highlights the economic performance of Guangdong residents in the first three quarters of the year, showing a nominal increase in per capita disposable income and consumption expenditure. Income Analysis - In the first three quarters, the per capita disposable income of Guangdong residents reached 42,842 yuan, reflecting a year-on-year growth of 4.4%, with a real growth of 4.7% after adjusting for price factors [1] - Urban residents had a per capita disposable income of 51,187 yuan, growing by 3.9%, while rural residents saw a higher growth rate of 5.5%, with a per capita disposable income of 22,308 yuan [1] - All four major income sources experienced growth: per capita wage income was 28,909 yuan (up 4.6%), per capita operating net income was 5,629 yuan (up 5.1%), per capita property net income was 5,375 yuan (up 2.8%), and per capita transfer net income was 2,929 yuan (up 3.7%) [1] Consumption Expenditure - The per capita consumption expenditure for Guangdong residents was 27,912 yuan, marking a year-on-year increase of 4.3% [1] - Urban residents had a per capita consumption expenditure of 32,166 yuan (up 4.3%), while rural residents spent 17,446 yuan (up 3.2%) [1] Consumption Categories - Among eight major categories of consumption expenditure, six categories saw increases while two categories experienced declines. Notable increases included education, culture, and entertainment (up 14.4%) and other goods and services (up 15.3%) [2] - Conversely, clothing and medical care saw declines in expenditure, with clothing down 1.8% and medical care down 4.8% [2] Price Trends - The Consumer Price Index (CPI) for Guangdong residents decreased by 0.3% year-on-year, with a slight narrowing of the decline compared to the first half of the year [2] - The core CPI, excluding food and energy prices, increased by 0.2%, reflecting a growth acceleration compared to the previous year and the first half of the year [2] - The Producer Price Index (PPI) for industrial producers fell by 1.5%, with a slight narrowing of the decline compared to the previous year [2]

人民日报海外版记者 徐佩玉 国家统计局近日发布的数据显示，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。 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。 CPI环比有所回升，由上月持平转为上涨0.1%。其中，食品价格环比上涨0.7%，涨幅比上月扩大0.2 个百分点，影响CPI环比上涨约0.13个百分点。扣除能源的工业消费品价格上涨0.5%，影响CPI环比上涨 约0.12个百分点，其中受国际金价上涨影响，国内金饰品价格上涨6.5%；秋装换季上新，服装价格上涨 0.8%；文娱耐用消费品、家用器具和家庭日用杂品价格分别上涨0.9%、0.6%和0.6%。受服务和能源价 格下降影响，CPI环比涨幅略低于季节性水平。服务价格下降0.3%，影响CPI环比下降约0.12个百分点。 其中，受暑期结束和中秋节较往年错月叠加影响，飞机票、宾馆住宿和旅游价格分别下降13.8%、7.4% 和6.1%，合计影响CPI环比下降约0.17个百分点。 CPI同比下降0.3%，降幅 ...

Group 1: CPI Analysis - In September, the national Consumer Price Index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month [1][3][8] - The core CPI, excluding food and energy, rose by 1.0%, marking the first return to a 1% increase in nearly 19 months [6][8] - Food prices fell by 4.4%, contributing significantly to the CPI decline, while non-food prices increased by 0.7% [3][5][7] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 2.3% year-on-year in September, with a month-on-month stability [1][8][11] - The decline in PPI was less severe than in previous months, narrowing by 0.6 percentage points compared to the previous month [1][8][11] - The industrial producer purchase prices also saw a year-on-year decrease of 3.1%, with a month-on-month increase of 0.1% [8][11] Group 3: Economic Insights - Economic policies have shown positive effects, leading to a narrowing of price declines in several industries [11][12] - The construction of a unified national market and the optimization of market competition have contributed to the recovery of prices in certain sectors [11][12] - The demand for high-quality and upgraded consumption has led to price increases in specific manufacturing sectors, such as a 14.7% rise in the price of arts and crafts products [12]

Core Insights - The consumer market in September showed overall stability, with the Consumer Price Index (CPI) rising by 0.1% month-on-month and decreasing by 0.3% year-on-year, indicating a slight improvement in consumer prices [1] - The core CPI, excluding food and energy prices, increased by 1.0% year-on-year, marking the fifth consecutive month of growth in this metric [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] CPI Analysis - The month-on-month CPI change shifted from flat to an increase of 0.1%, driven by a 0.7% rise in food prices, which contributed approximately 0.13 percentage points to the CPI increase [1] - Year-on-year, the CPI decreased by 0.3%, with the decline narrowing by 0.1 percentage points from the previous month [1] - Food prices fell by 4.4% year-on-year, which was the primary factor affecting the year-on-year CPI decline, contributing about 0.83 percentage points to the decrease [1] PPI Analysis - The PPI has remained flat for two consecutive months, indicating stability in producer prices [1] - Key characteristics of the PPI's performance include improvements in supply-demand structures leading to price stabilization in certain industries, and a decrease in domestic oil-related industry prices due to external factors [1]

Core Insights - The overall consumer market in September remained stable, with the Consumer Price Index (CPI) rising by 0.1% month-on-month and decreasing by 0.3% year-on-year, while the core CPI (excluding food and energy) increased by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3][4]. CPI Analysis - The month-on-month CPI increase was driven by a 0.7% rise in food prices, contributing approximately 0.13 percentage points to the CPI increase. Seasonal price increases were noted in fresh vegetables, eggs, fresh fruits, lamb, and beef, with price changes ranging from 0.9% to 6.1% [3]. - Year-on-year, the CPI decline was primarily influenced by a 4.4% drop in food prices, which accounted for about 0.83 percentage points of the CPI decrease. Notably, pork, fresh vegetables, eggs, and fresh fruits saw significant price drops of 17.0%, 13.7%, 13.5%, and 4.2%, respectively [4]. - The core CPI's year-on-year growth rate has expanded for five consecutive months, reaching 1%, the highest in nearly 19 months. Prices for industrial consumer goods, excluding food and energy, rose by 1.8%, with notable increases in gold and platinum jewelry prices of 42.1% and 33.6%, respectively [4]. PPI Analysis - The Producer Price Index (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 [5][6]. - The PPI's stability was attributed to improved supply-demand dynamics in certain industries, with coal processing prices rising by 3.8% and black metal smelting prices increasing by 0.2% [6]. - The decline in oil-related industry prices was influenced by falling international oil prices, with oil extraction prices decreasing by 2.7% and refined oil product prices down by 1.5% [6]. Market Dynamics - The construction of a unified national market has led to a narrowing of year-on-year price declines in several industries, including coal processing and black metal smelting, with reductions in PPI's downward pressure by approximately 0.34 percentage points [7]. - Upgrading industrial structures and releasing consumer potential have contributed to price increases in specific sectors, such as aircraft manufacturing and electronic materials, with notable price increases of 1.4% and 1.2%, respectively [7].

Group 1 - The core CPI excluding food and energy prices increased by 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months, with the growth rate expanding for the fifth consecutive month [1][4] - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5% [1][4] - Food prices fell by 4.4%, significantly impacting the CPI decline, while non-food prices rose by 0.7% [1][2] Group 2 - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, contributing approximately 0.74 percentage points to the CPI decline [1][2] - Specific food items saw significant price drops: fresh vegetables down 13.7%, eggs down 11.9%, and pork down 17.0% [1][4] - The average CPI for January to September 2025 was down 0.1% compared to the same period last year [1] Group 3 - The PPI (Producer Price Index) decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [7] - The industrial producer purchase prices also fell by 3.1% year-on-year, with a 0.1% increase month-on-month [4][7] - The prices of coal processing and black metal smelting industries showed signs of stabilization, with coal processing prices up by 3.8% month-on-month [5][7]

Group 1: Consumer Price Index (CPI) Insights - In September, the Consumer Price Index (CPI) showed a month-on-month increase of 0.1%, reversing from the previous month where it was flat [1][3] - Year-on-year, the CPI decreased by 0.3%, but the decline was narrower by 0.1 percentage points compared to the previous month [6] - 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 [6] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) remained flat month-on-month for the second consecutive month [7] - Year-on-year, the PPI decreased by 2.3%, with the decline narrowing by 0.6 percentage points from the previous month [11] - Factors contributing to the PPI trends include improved supply-demand structures in certain industries and the impact of international oil prices on domestic oil-related industry prices [9][10]

Core Insights - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month [2][4] Group 1: Year-on-Year Changes - The CPI decline was influenced by a 4.4% decrease in food prices, while non-food prices rose by 0.7% [2][4] - Urban areas saw a 0.2% decrease in prices, while rural areas experienced a 0.5% decline [2] - Major contributors to the CPI decline included fresh vegetables (-13.7%), eggs (-11.9%), and pork (-17.0%) [4][5] Group 2: Month-on-Month Changes - In September, the CPI increased by 0.1% month-on-month, with urban prices remaining stable and rural prices rising by 0.2% [2][8] - Food prices rose by 0.7% month-on-month, with fresh vegetables increasing by 6.1% [8] - Other categories showed mixed results, with clothing prices up by 0.7% and transportation and communication prices down by 0.9% [8] Group 3: Industrial Producer Prices - The industrial producer price index (IPP) saw a year-on-year decline of 2.4%, primarily due to a 9.0% drop in mining prices [12] - Life goods prices decreased by 1.7%, impacting the overall IPP [12] - Month-on-month, the IPP remained stable, with mining prices increasing by 1.2% [15]

Core Insights - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, while it increased by 0.1% month-on-month [2][12][14] - The average CPI from January to September 2025 showed a decline of 0.1% compared to the same period last year [3][10] Price Changes - Urban CPI fell by 0.2% and rural CPI decreased by 0.5% year-on-year [3][10] - Food prices dropped by 4.4% year-on-year, significantly impacting the overall CPI, while non-food prices rose by 0.7% [3][14] - In September, food prices increased by 0.7% month-on-month, contributing to a 0.13 percentage point rise in CPI [8][12] Detailed Price Movements - Fresh vegetables saw a significant year-on-year price drop of 13.7%, while pork prices decreased by 17.0% [5][14] - Other categories showed mixed results, with clothing prices rising by 1.7% year-on-year, while transportation and communication prices fell by 2.0% [5][10] Core CPI Insights - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [12][14] - This increase in core CPI indicates a stabilization in consumer demand and pricing trends [11][12] Producer Price Index (PPI) Trends - The PPI remained flat month-on-month but decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [12][17] - Improvements in supply-demand structures have led to price stabilization in several industries, including coal and metal processing [15][17] Sector-Specific Insights - The prices in the coal processing sector increased by 3.8% month-on-month, indicating a recovery in that industry [15][17] - The prices of high-end manufacturing sectors, such as aircraft and electronic materials, showed positive year-on-year growth, reflecting an upward trend in consumer demand [17]

Group 1: Consumer Price Index (CPI) Insights - In August, Guangdong's CPI decreased by 0.2% year-on-year and increased by 0.1% month-on-month, indicating a narrowing decline compared to July [1] - The core CPI, excluding food and energy prices, rose by 0.6% year-on-year, an increase of 0.2 percentage points from July [1] - Food prices fell by 1.9% year-on-year, with pork prices dropping by 8.6%, and egg prices decreasing by 5.2%, while marine fish prices increased by 6.1% [1] Group 2: Producer Price Index (PPI) Insights - In August, Guangdong's PPI decreased by 1.8% year-on-year and by 0.1% month-on-month, with both declines narrowing compared to July [2] - The black metal mining and processing sectors saw price increases, with black metal mining prices rising by 2.7% and prices in the black metal smelting and rolling processing industry increasing by 2.0% [2] - Policy factors, international price fluctuations, and supply-demand changes influenced the PPI trends observed [2]