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 Viewpoint - The article discusses the trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting a decline in CPI and a narrowing decline in PPI, indicating a complex economic environment with varying price movements across different sectors [2][5][7]. CPI Analysis - In September 2025, the national CPI decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5% [2]. - Food prices fell by 4.4%, significantly impacting the CPI, while non-food prices increased by 0.7% [2]. - The core CPI, excluding food and energy, rose by 1.0%, marking the first return to this level in 19 months [5]. - Specific food price declines included fresh vegetables down 13.7%, eggs down 11.9%, and pork down 17.0%, collectively influencing the CPI negatively [2][5]. PPI Analysis - The PPI decreased by 2.3% year-on-year, but the decline was narrower than the previous month, indicating some stabilization in industrial prices [7]. - The PPI's performance was influenced by improved supply-demand structures in certain industries, with coal processing prices up 3.8% and black metal smelting prices up 0.2% [6][7]. - The article notes that the construction of a unified national market is helping to optimize market competition and reduce price declines in various sectors [7]. Price Movements - In September, the CPI increased by 0.1% month-on-month, with food prices rising by 0.7% and non-food prices slightly declining [3][4]. - The article highlights that the prices of services decreased due to seasonal factors, such as the end of summer and the timing of the Mid-Autumn Festival, which affected travel and accommodation costs [4]. Conclusion - Overall, the article presents a mixed picture of the economic landscape in China, with declining CPI driven by food prices and a stabilizing PPI reflecting improvements in certain industrial sectors [5][7].

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, while year-on-year it decreased by 0.3% [1][2] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3] - Food prices increased by 0.7% month-on-month, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef, while pork and aquatic products saw price declines [2][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 narrowed by 0.6 percentage points compared to the previous month [4][5] - Improvements in supply-demand structure led to price stabilization in certain industries, such as coal processing and black metal smelting, which saw price increases [4][5] - Input factors, particularly the decline in international oil prices, contributed to lower prices in domestic oil-related industries [4][5]

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。食品 中，鲜菜、鸡蛋、鲜果、羊肉和牛肉价格均呈季节性上涨，涨幅在0.9%—6.1%之间；猪肉和水产品供应充足，价格分别下降0.7%和1.8%。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。能源价格下降0.8%，其中受国际油价变动影响，国内汽油价格下降1.7%。 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- ...

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]

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 and the first time in 19 months that it returned to a 1% increase [3] Group 2: Food and Energy Prices - 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 [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] - Energy prices decreased by 2.7% year-on-year, contributing to a 0.20 percentage point decline in the CPI [3] Group 3: 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 reduction of 0.6 percentage points compared to the previous month [4][5] - The stabilization in PPI is attributed to improved supply-demand dynamics in certain industries, with notable price increases in coal processing and black metal smelting [4] - Input factors, particularly the decline in international oil prices, have led to decreased prices in domestic oil-related industries [5] Group 4: Industry-Specific Insights - The ongoing construction of a unified national market has contributed to a narrowing of price declines in various sectors, with significant improvements noted in coal processing, black metal smelting, and photovoltaic equipment manufacturing [5] - Upgrading industrial structures and releasing consumer potential have led to price increases in high-end manufacturing sectors, such as aircraft manufacturing and electronic materials [5]

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。 一、CPI环比由平转涨，核心CPI同比涨幅回升至1% 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0.2%，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 ...

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]