PPI环比由9月持平转为上涨0.1%，为年内首次上涨。本月PPI环比运行的主要特点：一是供需关系改善 带动部分行业价格上涨。煤炭开采和洗选业价格环比上涨1.6%，煤炭加工价格上涨0.8%，光伏设备及 元器件制造价格上涨0.6%，均连续2个多月上涨。水泥制造、计算机整机制造、锂离子电池制造、集成 电路制造价格均由降转涨，分别上涨1.6%、0.5%、0.2%和0.2%。二是输入性因素影响国内有色金属和 石油相关行业价格走势分化。国际有色金属价格上行带动国内有色金属矿采选业价格环比上涨5.3%， 有色金属冶炼和压延加工业价格上涨2.4%，其中金冶炼、铜冶炼价格分别上涨8.7%和4.3%；国际油价 下行影响国内石油和天然气开采业价格下降2.3%，精炼石油产品制造价格下降0.8%。 编辑 王进雨 新京报贝壳财经讯 11月9日，国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据。 10月份，受国内部分行业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数 （PPI）环比由9月持平转为上涨0.1%，为年内首次上涨；同比下降2.1%，降幅比9月收窄0.2个百分点， 连续第3个月收窄。 ...

Group 1 - The core point of the article is that the Producer Price Index (PPI) in October decreased by 2.1% year-on-year, but the decline has narrowed compared to the previous month, with a month-on-month increase of 0.1%, marking the first increase this year [1][2] - The narrowing of the year-on-year decline in PPI is attributed to ongoing capacity management in key industries, leading to reduced price declines in related sectors [1] - The increase in prices in certain industries is driven by the accelerated construction of a modern industrial system and the orderly release of consumption potential, with notable price increases in sectors such as non-ferrous metal smelting and processing, which rose by 6.8% year-on-year [2] Group 2 - The article discusses the impact of external factors on PPI, including the effects of tariffs and intensified competition in certain industries, which have contributed to a wider year-on-year decline in PPI earlier in the year [4] - Analysts suggest that while the "anti-involution" policy is expected to improve market competition and support PPI recovery, there are still downward pressures on PPI due to weak consumer confidence and a struggling real estate market [4][5] - The report highlights that M1 money supply growth is a supportive factor for PPI improvement, but challenges remain due to weak investment and consumption willingness among businesses and households [5]

智通财经APP获悉，11月9日，国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据， 10月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费价格指数环比上涨0.2%， 同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大。受国内部分行 业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数环比由上月持平转为上 涨0.1%，为年内首次上涨；同比下降2.1%，降幅比上月收窄0.2个百分点，连续第3个月收窄。 CPI同比由上月下降0.3%转为上涨0.2%。其中，食品和能源价格仍处低位，但降幅均有收窄。食品价 格下降2.9%，降幅比上月收窄1.5个百分点，影响CPI同比下降约0.54个百分点。食品中，猪肉、鸡蛋和 鲜菜价格降幅在7.3%—16.0%之间，降幅均有收窄；牛肉、羊肉和水产品价格涨幅在2.0%—5.6%之间， 涨幅均有扩大。能源价格下降2.4%，其中汽油价格下降5.5%，影响CPI同比下降约0.18个百分点。扣除 食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大，为2024年3月以来最高。服务价格自 3月份 ...

Core Viewpoint - The Producer Price Index (PPI) has decreased by 2.1% year-on-year, with the decline rate narrowing by 0.2 percentage points compared to the previous month, marking the third consecutive month of narrowing [1] Group 1: Industry Performance - Continuous progress in capacity governance in key industries has led to a reduction in the year-on-year price decline in related sectors [1] - The coal mining and washing industry saw a year-on-year price decline narrowing by 1.2 percentage points due to increased demand for winter storage and electricity [1] - The price declines in photovoltaic equipment and components manufacturing, battery manufacturing, and automotive manufacturing narrowed by 1.4, 1.3, and 0.7 percentage points respectively, reflecting an improvement in market competition and the exit of outdated capacity [1] Group 2: Modern Industrial System and Consumption - The accelerated construction of a modern industrial system and the orderly release of consumption potential have driven price increases in related industries [1] - Prices in the non-ferrous metal smelting and rolling processing industry increased by 6.8%, while electronic special materials manufacturing prices rose by 2.3% [1] - Other notable price increases include microwave communication equipment (1.8%), shipbuilding and related equipment (0.9%), waste resource recycling (0.7%), and aircraft manufacturing (0.5%) [1]

Core Viewpoint - The Producer Price Index (PPI) has increased by 0.1% month-on-month for the first time in 2023, indicating an improvement in supply-demand relationships across various industries [1] Group 1: PPI Trends - The month-on-month PPI has shifted from flat to an increase of 0.1%, marking the first rise this year [1] - Key industries experiencing price increases include coal mining and washing (up 1.6%), coal processing (up 0.8%), and photovoltaic equipment manufacturing (up 0.6), all of which have seen continuous price rises for over two months [1] - Other sectors such as cement manufacturing, computer assembly, lithium-ion battery manufacturing, and integrated circuit manufacturing have also transitioned from price declines to increases, with respective rises of 1.6%, 0.5%, 0.2%, and 0.2% [1] Group 2: Impact of External Factors - Domestic prices in the non-ferrous metals and petroleum-related industries have shown a divergence due to external factors [1] - The rise in international non-ferrous metal prices has led to a 5.3% increase in domestic non-ferrous metal mining prices and a 2.4% increase in non-ferrous metal smelting and rolling prices, with gold and copper smelting prices rising by 8.7% and 4.3%, respectively [1] - Conversely, the decline in international oil prices has resulted in a 2.3% decrease in domestic oil and natural gas extraction prices and a 0.8% decrease in refined petroleum product manufacturing prices [1]

Group 1: CPI Analysis - In October 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, marking a shift from a decline to an increase [1][3] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, the highest increase since March 2024, and has expanded for six consecutive months [3][6] - Service prices turned from a decline of 0.3% last month to an increase of 0.2%, driven by high travel demand during the National Day and Mid-Autumn Festival [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking the first rise of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [1][4] - Key industries such as coal mining and photovoltaic equipment manufacturing experienced price increases due to improved supply-demand relationships [4][5] - The year-on-year decline in PPI has been narrowing for three consecutive months, indicating a potential stabilization in industrial pricing [5][18] Group 3: Price Changes by Category - Food prices decreased by 2.9% year-on-year, with significant declines in pork (16.0%) and eggs (11.6%), impacting the overall CPI [3][8] - Non-food prices increased by 0.9% year-on-year, with notable increases in other categories such as medical care (1.4%) and education (0.9%) [6][12] - The average CPI for the first ten months of 2025 showed a decline of 0.1% compared to the same period last year [6][12]

央视网消息：据国家统计局网站消息，2025年10月份，全国工业生产者出厂价格同比下降2.1%，降幅比上月收窄0.2个百分点；环比由上月持平转为上涨 0.1%。工业生产者购进价格同比下降2.7%，降幅比上月收窄0.4个百分点；环比上涨0.1%，涨幅与上月相同。1—10月平均，工业生产者出厂价格比上年同期 下降2.7%，工业生产者购进价格下降3.2%。 10月份，工业生产者出厂价格中，生产资料价格上涨0.1%，影响工业生产者出厂价格总水平上涨约0.08个百分点。其中，采掘工业价格上涨1.0%，原材料工 业价格持平，加工工业价格上涨0.1%。生活资料价格持平。其中，食品、衣着价格均下降0.1%，一般日用品价格上涨0.7%，耐用消费品价格下降0.3%。 工业生产者购进价格中，有色金属材料及电线类价格上涨2.4%，黑色金属材料类价格上涨0.2%；农副产品类价格下降1.3%，化工原料类价格下降0.6%，建 筑材料及非金属类、纺织原料类价格均下降0.2%，燃料动力类价格下降0.1%。 2025年10月 工业生产者价格主要数据 10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1.7 ...

2025 年 10 月份 CPI 由降转涨 PPI 降幅收窄 ——国家统计局城市司首席统计师董莉娟解读 2025 年 10 月份 CPI 和 PPI 数据 10 月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费价格指数（ CPI ）环比上涨 0.2% ，同比上涨 0.2% ，扣除食品和能源价格的核心 CPI 同比上涨 1.2% ，涨 幅连续第 6 个月扩大。受国内部分行业供需关系改善、国际大宗商品价格传导等因素影响， 工业生产者出厂价格指数（ PPI ）环比由上月持平转为上涨 0.1% ，为年内首次上涨；同比 下降 2.1% ，降幅比上月收窄 0.2 个百分点，连续第 3 个月收窄。 一、 CPI 环比涨幅扩大，同比由降转涨 【导读】利好： 2025 年 10 月份 CPI 由降转涨， PPI 降幅收窄 来源：国家统计局 国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据 CPI 环比上涨 0.2% ，涨幅比上月扩大 0.1 个百分点且略高于季节性水平。服务价格由降转涨。 服务价格由上月下降 0.3% 转为上涨 0.2% ，高于季节性水平 0.2 个百分点，影响 CPI ...

CPI同比由上月下降0.3%转为上涨0.2%。其中，食品和能源价格仍处低位，但降幅均有收窄。食品价格 下降2.9%，降幅比上月收窄1.5个百分点，影响CPI同比下降约0.54个百分点。食品中，猪肉、鸡蛋和鲜 菜价格降幅在7.3%—16.0%之间，降幅均有收窄；牛肉、羊肉和水产品价格涨幅在2.0%—5.6%之间，涨 幅均有扩大。能源价格下降2.4%，其中汽油价格下降5.5%，影响CPI同比下降约0.18个百分点。扣除食 品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大，为2024年3月以来最高。服务价格自3 月份起逐步回升，本月上涨0.8%，涨幅比上月扩大0.2个百分点。其中飞机票和宾馆住宿价格分别上涨 8.9%和2.8%；医疗服务和家政服务价格分别上涨2.4%和2.3%。扣除能源的工业消费品价格上涨2.0%， 涨幅连续第6个月扩大，其中金饰品和铂金饰品价格分别上涨50.3%和46.1%；扩内需等政策效应继续显 现，家用器具、文娱耐用消费品和家庭日用杂品价格涨幅在2.4%—5.0%之间，燃油小汽车价格降幅收 窄至2.3%。 中新网11月9日电 据国家统计局网站消息，国家统计局9日发布2025年10 ...

——国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据 10月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费价格指数(CPI)环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI 同比上涨1.2%，涨幅连续第6个月扩大。受国内部分行业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数(PPI)环比由上月持 平转为上涨0.1%，为年内首次上涨；同比下降2.1%，降幅比上月收窄0.2个百分点，连续第3个月收窄。 一、CPI环比涨幅扩大，同比由降转涨 CPI环比上涨0.2%，涨幅比上月扩大0.1个百分点且略高于季节性水平。服务价格由降转涨。服务价格由上月下降0.3%转为上涨0.2%，高于季节性水平0.2 个百分点，影响CPI环比上涨约0.07个百分点。服务中，国庆、中秋双节叠加，出行需求较旺，宾馆住宿、飞机票和旅游价格分别上涨8.6%、4.5%和 2.5%，涨幅均高于季节性水平；医疗服务价格上涨0.5%。食品价格涨幅高于季节性。食品价格上涨0.3%，季节性水平为下降0.1个百分点。其中节日期间 消费需求增加，鲜菜、羊肉、鲜果、虾蟹类和牛肉价格涨幅 ...