文 | 赵伟、屠强 联系人 | 屠强、 耿佩璇 事件： 2月11日，国家统计局公布1月通胀数据，CPI同比0.2%、前值0.8%、预期0.4%、环比0.2%；PPI同 比-1.4%、前值-1.9%、预期-1.5%、环比0.4%。 核心观点：1月通胀分化，背后源于春节错位、输入性因素拉动提升，需求偏弱共同影响 1月PPI降幅明显收窄，主因铜价对PPI的拉动进一步增加，基期轮换也有一定程度的影响。 1月PPI环比 0.4%，同比上行0.5个百分点至-1.4%。我国价格指数每五年进行一次基期轮换，2026年开始为新一轮基 期轮换调整，但对每月PPI同比的影响仅为0.08个百分点。更重要的是，1月铜价涨幅扩大，相应有色采 选、有色压延业价格环比分别5.7%、5.2%， 拉动PPI环比0.5% ，为最强贡献项。钢价对PPI贡献也为 正， 拉动PPI环比0.1%。 相比之下，煤油等大宗商品价格、中下游PPI表现偏弱。 国际原油价格下行影响国内石油开采、精炼石 油产品制造价格分别下降3.1%和2.5%， 油价拖累PPI环比-0.08% ，煤价也有走弱， 拖累PPI环比-0.15% 。中下游产能利用率也未明显改善，导致上游涨 ...

编辑：吴郑思 新华财经北京2月11日电 国家统计局城市司首席统计师董莉娟在解读2026年1月份CPI和PPI数据时表 示，1月PPI环比上涨0.4%，连续4个月上涨，涨幅比上月扩大0.2个百分点。本月PPI环比运行的主要特 点：一是全国统一大市场建设持续推进带动部分行业价格上涨。水泥制造、锂离子电池制造价格环比均 上涨0.1%，均连续4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1.9%，基础化学原 料制造价格由下降0.1%转为上涨0.7%，黑色金属冶炼和压延加工业价格由下降0.1%转为上涨0.2%。二 是需求增加带动相关行业价格上涨。人工智能等数字化技术加快发展、算力需求增长带动计算机通信和 其他电子设备制造业价格环比上涨0.5%，其中电子半导体材料、外存储设备及部件价格分别上涨5.9% 和4.0%；春节前礼品和食品等备货需求增加带动工艺美术及礼仪用品制造、农副食品加工业价格分别 上涨4.1%和0.3%；冬季防寒保暖需求增加带动防寒服、羽绒加工价格分别上涨0.9%和0.8%。三是输入 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拉动国内有色金属矿采 选业、有色金属冶 ...

Group 1 - The latest data from the National Bureau of Statistics indicates that the domestic CPI rose by 0.8% year-on-year in December 2025, surpassing the previous value of 0.7%, with a month-on-month increase of 0.2%, marking a near three-year high [1] - The month-on-month increase in CPI is primarily driven by rising prices of industrial consumer goods excluding energy, which increased by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [1] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months, indicating a positive trend [1] Group 2 - The main factors affecting CPI include energy and automobile prices, with energy prices decreasing by 0.5% month-on-month and gasoline prices down by 1.2% [2] - PPI showed an expanding month-on-month increase and a narrowing year-on-year decline, with positive factors stemming from industry capacity governance and market competition order improvements [2] - International commodity prices, particularly for non-ferrous metals, have positively impacted domestic PPI levels, while the decline in international oil prices has negatively affected domestic oil extraction and refining prices [3] Group 3 - The current price recovery is a direct result of the demand-side expansion and supply-side governance policies in 2025, characterized by structural features and policy-driven characteristics [3] - The transition from short-term policy-driven effects to sustainable market-driven growth is a key task for 2026, with strong price expectations playing a crucial role in boosting investment and consumption [3] - Continued efforts to expand domestic demand and improve supply-demand relationships are essential for stabilizing the real estate market and stimulating stock market vitality, promoting a virtuous cycle in the Chinese economy [4]

Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI (excluding food and energy) rising by 1.2% year-on-year, marking a stable recovery in demand [1][2] - The year 2025 saw the CPI remain flat compared to the previous year, while the PPI decreased by 2.6% year-on-year, indicating a low and moderate recovery in price levels [1][4] - The increase in CPI was primarily driven by rising prices of industrial consumer goods, with a notable increase in prices for communication tools, baby products, and entertainment durable goods, which rose between 1.4% and 3.0% [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month in December 2025, marking three consecutive months of increase, influenced by improved supply-demand dynamics and ongoing capacity governance in key industries [2][3] - Year-on-year, the PPI decreased by 1.9%, but the decline was less severe than in previous months, reflecting positive changes in certain industries due to macroeconomic policies [3][5] - The PPI's year-on-year decline was initially exacerbated by insufficient external demand and structural adjustments, but improved market competition and policy effects led to a narrowing of the decline in the latter half of the year [5] Group 3: Economic Outlook - The changes in CPI and PPI in December 2025 indicate a stable and improving economic environment, with demand gradually recovering and supply-side structural optimization continuing [3][5] - The implementation of consumption-boosting policies and the deepening of the unified national market are expected to support a moderate and stable price environment moving forward [3][5] - Looking ahead to 2026, a more proactive macroeconomic policy is anticipated to foster economic growth and reasonable price recovery, with the potential for PPI to enter a recovery phase, although it may take time to turn positive [5]

Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI (excluding food and energy) rising by 1.2% year-on-year [1][2] - The year 2025 saw the CPI remain flat compared to the previous year, while the PPI decreased by 2.6% year-on-year, indicating a generally low and mild recovery in price levels [1][4] - The increase in CPI is attributed to rising prices of industrial consumer goods, with a notable increase in prices for communication tools, baby products, and entertainment durable goods, which rose between 1.4% and 3.0% [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month in December 2025, marking three consecutive months of increase, despite a year-on-year decline of 1.9% [2][3] - The PPI's year-on-year decline narrowed by 0.3 percentage points compared to the previous month, reflecting improvements in supply-demand structures and effective policies in key industries [3][5] - Prices in the coal mining and processing sectors, as well as lithium-ion battery manufacturing and cement production, have shown consistent increases, indicating a positive trend in certain industries [2][3] Group 3: Economic Outlook - Analysts suggest that the changes in CPI and PPI reflect a stable and improving economic environment in China, with demand gradually recovering and supply-side structural optimization continuing [3][5] - The implementation of consumption-boosting policies and the deepening of the national unified market construction are expected to support a stable and mild recovery in prices moving forward [3][5] - Looking ahead to 2026, a more proactive macroeconomic policy environment is anticipated to foster economic growth and reasonable price recovery, with CPI expected to rise steadily [5]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI rising by 1.2% year-on-year, indicating a recovery in consumer demand as New Year's approaches [1][2][3] - The month-on-month increase in CPI was primarily driven by rising prices of industrial consumer goods, excluding energy, which rose by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [2] - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables (18.2%) and fresh fruits (4.4%), contributing approximately 0.17 percentage points to the year-on-year CPI increase [3] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month, marking the third consecutive month of increase, with the growth rate expanding by 0.1 percentage points compared to the previous month [4] - The month-on-month PPI increase was supported by improved supply-demand dynamics, with notable price increases in coal mining (1.3%) and lithium-ion battery manufacturing (1.0%) [4] - Year-on-year, the PPI decreased by 1.9%, but the decline rate narrowed by 0.3 percentage points, reflecting positive changes in certain industries due to ongoing macroeconomic policies [4]

Group 1: Consumer Price Index (CPI) - In December 2025, the national Consumer Price Index (CPI) increased by 0.8% year-on-year and by 0.2% month-on-month, marking the highest year-on-year increase since March 2023 [1][5] - The rise in CPI was primarily driven by an increase in food prices, which rose by 1.1% year-on-year, contributing approximately 0.17 percentage points to the CPI increase [5] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [5] Group 2: Producer Price Index (PPI) - In December 2025, the national Producer Price Index (PPI) decreased by 1.9% year-on-year but increased by 0.2% month-on-month, marking a continuous increase for three months [7][8] - The month-on-month increase in PPI was influenced by rising prices in certain industries, such as coal mining and processing, which saw price increases of 1.3% and 0.8% respectively [10] - Year-on-year, the decline in PPI narrowed by 0.3 percentage points, with significant price increases in sectors related to the digital economy and green transformation, such as a 15.3% increase in prices for external storage devices [11][12]

Group 1 - The Producer Price Index (PPI) for industrial producers increased by 0.2% month-on-month in December 2025, marking the third consecutive month of growth, with the year-on-year decline narrowing to 1.9% [1] - Key industries such as coal mining and lithium-ion battery manufacturing saw price increases, with coal mining prices rising by 1.3% and lithium-ion battery prices by 1.0%, both continuing their upward trend for three months [1][2] - Seasonal demand increases contributed to price rises in gas production and supply, as well as electricity and heat production, with respective increases of 1.2% and 1.0% [1] Group 2 - Domestic prices in the non-ferrous metals and petroleum sectors showed divergence due to external factors, with non-ferrous metal mining and smelting prices rising by 3.7% and 2.8% respectively, while oil extraction and refining prices fell by 2.3% and 0.9% [2] - The narrowing year-on-year decline in PPI reflects the effectiveness of macroeconomic policies, with certain industries experiencing positive price changes [2] - The construction of a unified national market is progressing, leading to a continuous reduction in year-on-year price declines across various industries [2] Group 3 - Consumer potential is being effectively released, driving price increases in related industries, with prices for arts and crafts manufacturing rising by 23.3% and sports ball manufacturing by 4.0% [3] - The implementation of special actions to boost consumption has led to rapid growth in cultural and quality-related consumption [3]

Core Viewpoint - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, with urban areas rising by 0.9% and rural areas by 0.6%, indicating a steady increase in consumer prices driven by food and non-food price changes [1][4][6]. CPI Summary - The CPI rose by 0.2% month-on-month in December, reversing a previous decline of 0.1% [5]. - Core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [6]. - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables (18.2%) and fresh fruits (4.4%), contributing to the overall CPI increase [6][8]. - Energy prices decreased by 3.8% year-on-year, with gasoline prices dropping by 8.4% [6]. PPI Summary - The Producer Price Index (PPI) increased by 0.2% month-on-month, marking three consecutive months of growth [8]. - Year-on-year, the PPI decreased by 1.9%, but the decline was less severe than in previous months, indicating some stabilization in industrial prices [9]. - Key industries such as coal mining and lithium-ion battery manufacturing saw price increases, reflecting improved supply-demand dynamics [8][9]. - Input factors like international commodity prices influenced the price trends in domestic industries, with non-ferrous metal prices rising due to global market conditions [8][9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In September 2025, the year-on-year decline of PPI was 2.3%, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat for two consecutive months on a month-on-month basis, indicating a continuous easing of the downward pressure on industrial product prices. The prices in the midstream manufacturing industry improved, and the prices in industries such as coal and ferrous metals continued to rise; in the industries related to external demand, the prices of electronics and aircraft manufacturing maintained growth. Structurally, there were differentiation characteristics: on the one hand, the prices of new quality productivity industries such as photovoltaic equipment rebounded, and the prices of consumer upgrade products increased significantly; on the other hand, affected by the decline in international oil prices, the prices of domestic oil-related products weakened. Overall, the current recovery of PPI is mainly driven by the low-base effect and policy expectations, but the recovery of downstream demand is still uneven, and the subsequent trend of industrial product prices still needs to focus on the substantial improvement of the demand side [4]. - In September 2025, the year-on-year decline of CPI was 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The core CPI increased by 1.0% year-on-year, with the increase expanding for 5 consecutive months, and it returned to above 1% for the first time in nearly 19 months. Food prices decreased by 4.4% year-on-year, and the prices of major food items such as fresh vegetables and pork were still in the downward range; non-food prices increased by 0.7% year-on-year, among which the increases of industrial consumer goods such as gold jewelry and household appliances were obvious; service prices maintained stable growth. Overall, the continuous recovery of core CPI shows that domestic consumer demand is steadily recovering with policy support, but the drag of food prices still exists, and the improvement of CPI in the fourth quarter may be limited [5]. Summary by Directory 1. Macro Events - On October 15th, the National Bureau of Statistics released data showing that in September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2% [3]. 2. 9 - Month Inflation Decline Convergence - PPI - The decline of PPI continued to narrow. In September 2025, PPI decreased by 2.3% year-on-year (with the decline narrowing by 0.6 percentage points compared to the previous month), and remained flat for two consecutive months on a month-on-month basis; the purchase price for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. - The price pressure in the midstream manufacturing industry eased. The prices in the midstream processing industry improved. The prices of coal mining and washing increased by 2.5% month-on-month, and the prices of coal processing increased by 3.8% month-on-month, both rising for two consecutive months. The prices of ferrous metal smelting and rolling processing increased by 0.2% month-on-month; the prices of non-metallic mineral products decreased by 0.4% month-on-month, but the decline narrowed by 0.6 percentage points compared to the previous month. - Some improvements were seen in the external demand industries. Driven by the construction of a modern industrial system, the prices of electronic special material manufacturing increased by 1.2% year-on-year. In the field of intelligent unmanned aerial vehicle manufacturing, the prices of aircraft manufacturing increased by 1.4% year-on-year. - The impact of international input was differentiated. The decline in international oil prices led to a 2.7% month-on-month decrease in domestic oil extraction prices and a 1.5% month-on-month decrease in refined petroleum product manufacturing prices. - The new quality productivity industries maintained growth. The new driving forces for development grew steadily, and the prices of related industries rebounded year-on-year. The prices of photovoltaic equipment and component manufacturing turned from a decline to an increase, with a growth rate of 0.8%; the prices of waste resource comprehensive utilization industries increased by 0.9% year-on-year. - Consumer demand continued to provide support. The demand for upgraded consumption continued to increase. The prices of arts and crafts and ceremonial supplies manufacturing increased by 14.7%, the prices of sports ball manufacturing increased by 4.0%, and the prices of nutritional food manufacturing increased by 1.8%. - Overall, the year-on-year recovery of PPI in the third quarter was mainly affected by the low-base effect and anti-involution market expectations. By industry, non-ferrous metal prices were relatively strong, while ferrous metal prices were relatively weak due to slow recovery of downstream demand and inventory accumulation; in September, international crude oil prices were weak due to geopolitical factors, and the ex-factory prices of related petrochemical products also declined. As the steady growth plans for various industries are gradually implemented and the effects of anti-involution policies are further manifested, the subsequent industrial product prices will follow the demand trend. Attention should be paid to whether there will be incremental policy promotion in the fourth quarter, and industrial product prices may maintain a weak pattern [9][10]. 3. 9 - Month Inflation Decline Convergence - CPI - CPI turned from flat to an increase on a month-on-month basis, and the year-on-year decline narrowed. In September, CPI decreased by 0.3% year-on-year (with the decline narrowing by 0.1 percentage points compared to the previous month), and turned from flat to an increase of 0.1% on a month-on-month basis. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding by 0.1 percentage points compared to the previous month, expanding for the 5th consecutive month, and it returned to above 1% for the first time in nearly 19 months. From January to September, the average CPI decreased by 0.1% compared with the same period of the previous year. - The year-on-year decline of food prices slightly expanded. Food prices decreased by 4.4% year-on-year, with the decline expanding by 0.1 percentage points compared to the previous month. Among them, the prices of pork, fresh vegetables, and eggs decreased by 17.0%, 13.7%, and 13.5% respectively year-on-year; the prices of fresh fruits decreased by 4.2% year-on-year. On a month-on-month basis, food prices increased by 0.7% in September, among which the prices of fresh vegetables, eggs, and fresh fruits all showed seasonal increases. - The increase of non-food prices expanded. Non-food prices increased by 0.7% year-on-year. Among industrial consumer goods, the prices of gold jewelry and platinum jewelry increased by 42.1% and 33.6% respectively year-on-year; the prices of household appliances and household daily sundries increased by 5.5% and 3.2% respectively year-on-year. - Service consumption maintained stable growth. Service prices increased by 0.6% year-on-year. Among them, the prices of medical services and household services increased by 1.9% and 1.6% respectively year-on-year; affected by factors such as the end of the summer vacation and the misaligned Mid-Autumn Festival, the prices of airplane tickets and hotel accommodation decreased by 1.7% and 1.5% respectively year-on-year. - The year-on-year decline of CPI in September narrowed marginally to -0.3%, mainly due to the carry-over effect. The continuous expansion of the core CPI increase and its return to above 1% indicate that domestic consumer demand continues to recover under the support of macro policies. In the short term, food prices continue to decline, and durable goods prices face downward pressure, so the improvement of CPI in the fourth quarter may be weak [26][27]. 4. Appendix: CPI and PPI Data for September 2025 - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. In September, the national consumer price index increased by 0.1% on a month-on-month basis. Among them, the CPI in urban areas remained flat, and that in rural areas increased by 0.2%; food prices increased by 0.7%, and non-food prices decreased by 0.1%; consumer goods prices increased by 0.3%, and service prices decreased by 0.3%. - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, affecting the CPI (consumer price index) to decrease by about 0.74 percentage points. Among food items, the prices of fresh vegetables decreased by 13.7%, affecting the CPI to decrease by about 0.35 percentage points; the prices of eggs decreased by 11.9%, affecting the CPI to decrease by about 0.08 percentage points; the prices of livestock and meat decreased by 8.4%, affecting the CPI to decrease by about 0.27 percentage points, among which the prices of pork decreased by 17.0%, affecting the CPI to decrease by about 0.26 percentage points; the prices of fresh fruits decreased by 4.2%, affecting the CPI to decrease by about 0.09 percentage points; the prices of grains decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points; the prices of aquatic products increased by 0.9%, affecting the CPI to increase by about 0.02 percentage points. The prices of the other seven major categories increased in six and decreased in one. Among them, the prices of other supplies and services, household supplies and services, and clothing increased by 9.9%, 2.2%, and 1.7% respectively, and the prices of medical care, education, culture, and entertainment, and housing increased by 1.1%, 0.8%, and 0.1% respectively; the prices of transportation and communication decreased by 2.0%. - In September, the prices of food, tobacco, and alcohol increased by 0.5% on a month-on-month basis, affecting the CPI to increase by about 0.13 percentage points. Among food items, the prices of fresh vegetables increased by 6.1%, affecting the CPI to increase by about 0.13 percentage points; the prices of eggs increased by 2.7%, affecting the CPI to increase by about 0.02 percentage points; the prices of fresh fruits increased by 1.7%, affecting the CPI to increase by about 0.03 percentage points; the prices of aquatic products decreased by 1.8%, affecting the CPI to decrease by about 0.04 percentage points; the prices of pork decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points. The prices of the other seven major categories increased in four, remained flat in one, and decreased in two. Among them, the prices of other supplies and services and clothing increased by 1.3% and 0.7% respectively, and the prices of household supplies and services and medical care increased by 0.3% and 0.2% respectively; the prices of housing remained flat; the prices of transportation and communication and education, culture, and entertainment decreased by 0.9% and 0.4% respectively. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2%. - In September, among the producer prices for industrial products, the prices of means of production decreased by 2.4%, affecting the total level of producer prices for industrial products to decrease by about 1.81 percentage points. Among them, the prices of the mining industry decreased by 9.0%, the prices of the raw material industry decreased by 2.9%, and the prices of the processing industry decreased by 1.7%. The prices of means of subsistence decreased by 1.7%, affecting the total level of producer prices for industrial products to decrease by about 0.45 percentage points. Among them, the prices of food decreased by 1.7%, the prices of clothing decreased by 0.3%, the prices of general daily necessities increased by 0.7%, and the prices of durable consumer goods decreased by 3.9%. - Among the purchase prices for industrial producers, the prices of fuel and power decreased by 8.1%, the prices of chemical raw materials decreased by 5.5%, the prices of agricultural and sideline products decreased by 5.4%, the prices of building materials and non-metals decreased by 4.5%, the prices of ferrous metal materials decreased by 2.9%, the prices of textile raw materials decreased by 1.7%; the prices of non-ferrous metal materials and wires increased by 6.6%. - In September, among the producer prices for industrial products, the prices of means of production remained flat. Among them, the prices of the mining industry increased by 1.2%, the prices of the raw material industry remained flat, and the prices of the processing industry decreased by 0.1%. The prices of means of subsistence decreased by 0.2%, affecting the total level of producer prices for industrial products to decrease by about 0.04 percentage points. Among them, the prices of food decreased by 0.1%, the prices of clothing remained flat, the prices of general daily necessities increased by 0.2%, and the prices of durable consumer goods decreased by 0.4%. - Among the purchase prices for industrial producers, the prices of non-ferrous metal materials and wires increased by 1.2%, the prices of fuel and power increased by 0.5%, the prices of ferrous metal materials increased by 0.4%; the prices of building materials and non-metals decreased by 0.6%, the prices of chemical raw materials decreased by 0.4%, the prices of agricultural and sideline products decreased by 0.2%, the prices of textile raw materials decreased by 0.1% [41][43][45]. 5. National Bureau of Statistics Urban Department Chief Statistician Dong Lijuan's Interpretation of CPI and PPI Data for September 2025 - In September, the consumer market generally operated smoothly. The consumer price index (CPI) increased by 0.1% on a month-on-month basis and decreased by 0.3% year-on-year. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding for the 5th consecutive month. The in-depth promotion of the construction of a unified national market and the continuous optimization of the market competition order led to the producer price index (PPI) for industrial products remaining flat on a month-on-month basis; it decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month. - CPI turned from flat to an increase on a month-on-month basis, and the core CPI year-on-year increase rebounded to 1%. CPI increased on a month-on-month basis, turning from flat to an increase of 0.1%. Among them, food prices increased by 0.7% on a month-on-month basis, with the increase expanding by 0.2 percentage points compared to the previous month, affecting CPI to increase by about 0.13 percentage points on a month-on-month basis. Among food items, the prices of fresh vegetables, eggs, fresh fruits, mutton, and beef all showed seasonal increases, with the increase ranging from 0.9% to 6.1%; the supply of pork and aquatic products was sufficient, and the prices decreased by 0.7% and 1.8% respectively. The prices of industrial consumer goods excluding energy increased by 0.5%, affecting CPI to increase by about 0.12 percentage points on a month-on-month basis. Among them, affected by the increase in international gold prices, domestic gold jewelry prices increased by 6.5%; with the new autumn clothing season, clothing prices increased by 0.8%; the prices of cultural and entertainment durable consumer goods, household appliances, and household daily sundries increased by 0