美国 9 月 CPI 通胀点评 美国 9 月 CPI 通胀全面低于预期 9 月 CPI 同比 3.0%，预期 3.1%，前值 2.9%；CPI 环比 0.3%，预期 0.4%，前 值 0.4%。核心 CPI 同比 3.0%，预期 3.1%，前值 3.1%；核心 CPI 环比 0.2%， 预期 0.3%，前值 0.3%。 分项看： 1）食品通胀降温；能源商品价格显著上行。 食品项环比 0.2%（前值 0.5%），同比 3.1%（前值 3.2%），均降温；能源商品 环比大涨 3.8%（前值 1.7%），能源服务环比降至-0.7%（前值-0.2%）；能源项 总体环比 1.5%，较前值大幅提升 0.8 个百分点。 固定收益 | 固定收益点评 12 月降息也在路上？ 证券研究报告 2）核心商品：在新车二手车的带动下，通胀放缓。 核心商品环比 0.2%（前值 0.3%），同比 1.5%持平于前值。核心商品降温的原 因，一是二手车和汽车零部件通胀显著降温，环比从 0.5%降至 0%，同比从 2.6%降至 2.3%；其次，信息技术商品降温，环比从-0.3%降至-0.8%。 而家具家居、服装、休闲商品、医疗保健商品，对通胀贡献 ...

Core Insights - The latest data from the U.S. Bureau of Labor Statistics indicates an increase in overall inflation for August, with the Consumer Price Index (CPI) rising by 0.4% month-over-month, surpassing market expectations of 0.3% [1] - Year-over-year, the CPI recorded a 2.9% increase, aligning with expectations and accelerating by 0.2 percentage points compared to July [1] Detailed Summary - The 0.4% month-over-month increase is the largest since February of this year and is double the increase seen in July, which was 0.2% [2] - In terms of specific categories, food prices rose by 0.5% month-over-month and 3.2% year-over-year, while energy prices increased by 0.7% month-over-month and 0.2% year-over-year [3] - Excluding the more volatile food and energy prices, the core CPI increased by 0.3% month-over-month and 3.1% year-over-year, consistent with the previous month's increases and market expectations [4]