Core Insights - The Consumer Price Index (CPI) decreased by 0.3% year-on-year in September, while the core CPI, excluding food and energy, increased by 1.0%, marking the first return to a 1% increase in nearly 19 months [1][2][4] - The Producer Price Index (PPI) saw a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to August [5][6] CPI Analysis - The decline in CPI was primarily driven by a significant drop in food prices, which fell by 4.4% year-on-year, and energy prices, which decreased by 2.7%, contributing approximately 0.2 percentage points to the overall CPI decline [3] - Seasonal factors, such as the end of summer and the timing of the Mid-Autumn Festival, led to a decrease in prices for air tickets, hotel accommodations, and tourism services by 13.8%, 7.4%, and 6.1% respectively [3] Core CPI Insights - The continuous rise in core CPI reflects the effectiveness of domestic demand expansion policies and an improving market supply-demand relationship [4][7] - The core CPI's increase for five consecutive months indicates a positive trend in consumer spending and economic circulation [4] PPI Insights - The PPI remained flat month-on-month for two consecutive months, with certain industries showing positive price changes due to effective macroeconomic policies and capacity management [6] - Specific industries, such as coal processing and battery manufacturing, experienced a narrowing of price declines, indicating a potential recovery in those sectors [6] Future Outlook - Experts suggest that further efforts are needed to expand domestic demand and regulate competition among enterprises to promote reasonable price recovery [1][7] - The government is expected to continue implementing measures to boost consumption and effective investment, which may positively impact both CPI and PPI in the coming months [7]

Group 1: Consumer Price Index (CPI) Insights - In September, the Consumer Price Index (CPI) increased by 0.1% month-on-month, while year-on-year it decreased by 0.3% [1][2] - The 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 [4] - Food prices saw a month-on-month increase of 0.7%, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef, while pork and aquatic product prices fell by 0.7% and 1.8% respectively [3][4] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to the previous month [5][6] - Key industries such as coal processing and black metal smelting saw price increases, while oil-related industries experienced price declines due to falling international oil prices [5][6] - The ongoing construction of a unified national market and improvements in market competition have contributed to a narrowing of price declines in various sectors [7]

Core Insights - The Producer Price Index (PPI) in September decreased by 2.3% year-on-year, with a narrowing decline of 0.6 percentage points compared to the previous month, and remained stable month-on-month for two consecutive months [1] Group 1: PPI Trends - The narrowing year-on-year decline in PPI is attributed to lower comparison bases from the previous year and the ongoing effectiveness of macroeconomic policies [1] - The construction of a unified national market has led to a reduction in the year-on-year price decline in related industries, with significant improvements in market competition and capacity management [1] - Specific industries such as coal processing, black metal smelting, and photovoltaic equipment manufacturing saw their price decline rates narrow by 8.3, 3.4, and 2.4 percentage points respectively, contributing to a reduced downward impact on PPI by approximately 0.34 percentage points [1] Group 2: Industry Performance - Upgrades in industrial structure and the release of consumer potential have resulted in year-on-year price increases in certain sectors, including a 1.4% increase in aircraft manufacturing and a 1.2% increase in electronic materials manufacturing [1] - The overall industrial product market is characterized by a "strong supply and weak demand" situation, with no fundamental changes expected in this trend [2] - Future PPI trends may face downward pressure due to fluctuations in the external economic environment and a steady increase in the PPI comparison base from October onwards, making it challenging for PPI to turn positive by year-end [4][5]

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 Insights - The Consumer Price Index (CPI) and Producer Price Index (PPI) have shown a narrowing decline in September, benefiting from low base effects and the effectiveness of anti-involution and consumption promotion policies [1][3]. CPI Analysis - In September, the CPI increased by 0.1% month-on-month, while the year-on-year decline was 0.3%, a reduction of 0.1 percentage points from the previous month [1]. - 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 [1][3]. - Food prices fell by 4.4%, contributing significantly to the overall CPI decline, with the tail effect accounting for approximately -0.8 percentage points of the CPI change [3]. PPI Analysis - The PPI remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, narrowing by 0.6 percentage points from the previous month [1][5]. - Factors contributing to the PPI's performance include improved supply-demand structures and the impact of international oil price declines on domestic oil-related industries [5]. - Certain industries, such as coal processing and black metal smelting, saw reduced year-on-year price declines, contributing to a decrease in the overall PPI decline by approximately 0.34 percentage points [5]. Industry Trends - The modernization of the industrial system and the release of consumption potential have led to price increases in related industries, with aircraft manufacturing prices rising by 1.4% and electronic materials by 1.2% year-on-year [6]. - Policies aimed at boosting consumption are showing effects, with significant price increases in high-quality and upgraded consumer goods, such as a 14.7% rise in arts and crafts products [6]. - Analysts predict that the year-on-year decline in PPI may narrow to below -2.0% in the fourth quarter due to various supportive policies and market conditions [6].

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.1% month-on-month in September, marking a shift from the previous month where it was flat [2] - Year-on-year, the CPI decreased by 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month [3] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [3] Group 2: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month, continuing a trend for two months [4] - Year-on-year, the PPI decreased by 2.3%, with the decline narrowing by 0.6 percentage points compared to the previous month [5] - Improvements in supply-demand structure have stabilized prices in certain industries, such as coal processing and black metal smelting, which saw price increases [4][5]

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: 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]

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。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 0.2%。 PPI同比下降2.3%，降幅比上月收窄0.6个百分点。除受上年同期对比基数走低影响外，我国各项宏观政 策效果持续显现，一些行业价格呈现积极变化。一是全国统一大市场建设纵深推进带动相关行业价格同 比降幅收窄。部分行业产能治理成效显现，市场竞争秩序持续优化，价格同比降幅收窄。煤炭加工、黑 色金属冶炼和压延加工业、煤炭开采和洗 ...

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。 央视网消息：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。 CPI同比下降0.3%，降幅比上月收窄0.1个百分点。CPI同比下降，主要是翘尾影响所致。本月CPI-0.3% 的同比变动中，翘尾影响约为-0.8个百分点，今年价格变动的新影响约为0.5个百分点。分类别看，食品 和能源价格下降。其中，食品价格下降4.4%，降幅比上月扩大0.1个百分点，影响CPI同比下降约0.83个 百分点，是影响CPI同比下降的主要因素。食品中，猪肉、鲜菜、鸡蛋和鲜果价格分别下降17.0%、 13.7%、13.5%和4.2%，合计影响CPI同比下降约0.78个百分点；牛肉和羊肉价格分别上涨4.6%和0.8%， 其中羊肉价格为连续下降44个月后首次转涨。能源价格下降2.7%，影响CPI同比下降约0.2 ...