人民日报海外版记者 徐佩玉 国家统计局近日发布的数据显示，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。 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。 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。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。 CPI同比下降0.3%，降幅 ...

虽然9月CPI同比下降，但扣除食品和能源价格的核心CPI同比上涨0.6%，处于今年2月以来的阶段高 点。 ●扣除食品和能源价格的核心CPI同比上涨0.6% ●鲜菜、鲜果、鸡蛋等价格环比分别上涨7.4%、1.2%和3.5% ●飞机票、宾馆住宿、旅行社收费环比分别下降15.8%、5.5%、9.1% 10月16日，国家统计局四川调查总队发布数据显示，9月，四川居民消费价格指数(CPI)同比下降0.9%， 降幅与上月持平；环比由上月的下降转为持平。1—9月平均，CPI比去年下降0.4%。 受季节性因素影响，9月鲜菜、鲜果、鸡蛋等价格环比分别上涨7.4%、1.2%和3.5%。猪肉价格继续下 跌，环比微降0.3%，同比下降20.6%。省畜牧业协会猪业分会会长李晓勇表示，尽管今年7月以来行业 主管部门密集释放猪业"反内卷"信号，但去产能至少有10个月的传导周期，再加上尚未进入年底的季节 性消费旺季，行业将继续处于"磨底阶段"。 服务价格方面，9月旅游相关服务价格处于暑期后、国庆前的价格低点，飞机票、宾馆住宿、旅行社收 费环比分别下降15.8%、5.5%、9.1%。 9月，工业生产者出厂价格指数同比降幅明显收窄，同比下降2. ...

10月16日，国家统计局四川调查总队发布数据显示，9月，四川居民消费价格指数（CPI）同比下 降0.9%，降幅与上月持平；环比由上月的下降转为持平。1—9月平均，CPI比去年下降0.4%。 虽然9月CPI同比下降，但扣除食品和能源价格的核心CPI同比上涨0.6%，处于今年2月以来的阶段 高点。 受季节性因素影响，9月鲜菜、鲜果、鸡蛋等价格环比分别上涨7.4%、1.2%和3.5%。猪肉价格继续 下跌，环比微降0.3%，同比下降20.6%。省畜牧业协会猪业分会会长李晓勇表示，尽管今年7月以来行 业主管部门密集释放猪业"反内卷"信号，但去产能至少有10个月的传导周期，再加上尚未进入年底的季 节性消费旺季，行业将继续处于"磨底阶段"。 ●扣除食品和能源价格的核心CPI同比上涨0.6% ●鲜菜、鲜果、鸡蛋等价格环比分别上涨7.4%、1.2%和3.5% ●飞机票、宾馆住宿、旅行社收费环比分别下降15.8%、5.5%、9.1% 服务价格方面，9月旅游相关服务价格处于暑期后、国庆前的价格低点，飞机票、宾馆住宿、旅行 社收费环比分别下降15.8%、5.5%、9.1%。 9月，工业生产者出厂价格指数同比降幅明显收窄，同比下降2. ...

Core Insights - The Consumer Price Index (CPI) for September showed a year-on-year decline of 0.3% and a month-on-month increase of 0.1%, while the Producer Price Index (PPI) saw a narrowing of its year-on-year decline [1][2][5] - The core CPI, excluding food and energy, rose to 1.0%, marking the first increase in nearly 19 months, driven by improvements in related industry prices [3][4] CPI Analysis - In September, major food prices experienced seasonal increases, particularly in eggs and fresh fruits, contributing to a 0.1% month-on-month rise in CPI [2] - The year-on-year decline in CPI was primarily influenced by a high base from the previous year, with food prices dropping by 4.4%, notably pork, fresh vegetables, and eggs [2][3] - The core CPI's increase was supported by rising prices in household appliances and mobile phones, alongside a significant rise in gold jewelry prices due to international gold price increases [3][4] PPI Analysis - The PPI decreased by 2.3% year-on-year in September, but the decline was less severe than in previous months, indicating a potential stabilization in certain industries [4][5] - The narrowing of the PPI decline is attributed to improvements in supply-demand structures and the effects of macroeconomic policies, with specific industries like coal and black metal showing price increases [4][5] - The recent government measures aimed at regulating market prices and promoting fair competition are expected to further support price stability in various sectors [5][6]

Group 1: Consumer Price Index (CPI) Insights - In September, the national consumer price index (CPI) showed a year-on-year decline of 0.3%, with a month-on-month increase of 0.1% [1][2] - The core CPI, excluding food and energy, rose to 1.0%, marking the first increase in nearly 19 months, driven by improvements in related industry prices [1][3] - Major food prices experienced seasonal increases, particularly in eggs and fresh fruits, while service prices declined due to the end of summer and the timing of the Mid-Autumn Festival [2][3] Group 2: Producer Price Index (PPI) Insights - The PPI decreased by 2.3% year-on-year in September, with the decline narrowing by 0.6 percentage points compared to the previous month, slightly better than market expectations [4][5] - The industrial producer purchase prices also saw a year-on-year decline of 3.1%, with a narrowing drop of 0.9 percentage points from the previous month [4][5] - Factors contributing to the stabilization of PPI include improvements in supply-demand structure and the impact of macroeconomic policies, leading to price increases in certain industries [6][7] Group 3: Market Dynamics and Future Outlook - The "anti-involution" trend is seen as a factor supporting price improvements in related industries, with measures introduced to maintain fair market competition [7] - Despite the positive signs in PPI, there are concerns regarding insufficient domestic investment and consumer demand, which continue to exert pressure on prices in export-oriented sectors [7][8] - The necessity to boost consumer confidence and expand domestic demand remains urgent, highlighting the ongoing challenges in the economic landscape [8]

Core Insights - In September, the Consumer Price Index (CPI) increased by 0.1% month-on-month, while year-on-year it decreased by 0.3%. The core CPI, excluding food and energy, rose by 1.0%, marking the fifth consecutive month of growth and the first time in 19 months it returned to 1% [1][3] - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to August [1][5] CPI Analysis - The month-on-month CPI increase was driven by a 0.7% rise in food prices, which contributed approximately 0.13 percentage points to the CPI increase. Industrial consumer goods prices, excluding energy, rose by 0.5%, contributing about 0.12 percentage points [2] - Year-on-year, the CPI decline of 0.3% was primarily influenced by a 4.4% drop in food prices and a 2.7% decrease in energy prices, which together accounted for a significant portion of the CPI decrease [2][3] Core CPI Insights - The core CPI's year-on-year increase of 1.0% reflects a sustained improvement, with industrial consumer goods prices, excluding energy, rising by 1.8%. Notably, gold and platinum jewelry prices surged by 42.1% and 33.6%, respectively [3] - The increase in core CPI is attributed to the effects of consumption promotion policies, with rising prices in home appliances and mobile phones contributing positively [3] PPI Insights - The PPI's year-on-year decline of 2.3% shows signs of stabilization in certain industries, with improved supply-demand dynamics leading to reduced price declines in sectors like coal processing and non-metallic mineral products [5] - The expected annual PPI decline is projected at 2.7%, influenced by ongoing market competition optimization and the effects of "anti-involution" policies [5]

Group 1: CPI Analysis - In September, CPI increased by 0.1% month-on-month, with a year-on-year decline narrowing from 0.4% to 0.3%[1] - Food prices rose by 0.7% month-on-month, while year-on-year they decreased by 4.4%, contributing approximately 0.83 percentage points to the CPI decline[1] - Core CPI remained flat month-on-month and increased by 1.0% year-on-year, marking the fifth consecutive month of growth[1] Group 2: PPI Analysis - In September, PPI remained flat month-on-month and the year-on-year decline narrowed to -2.3% from -2.9%[2] - Production demand improved, supporting price increases in some energy and raw material sectors[2] - The coal processing price rose by 3.8% month-on-month, while the prices for coal mining and washing increased by 2.5%[2] Group 3: Market Outlook - The improvement in CPI may continue into October due to tailwind factors, with a focus on the progress of pig production capacity reduction[2] - The real estate market remains weak, with property sales area and sales value down 4.7% and 7.3% year-on-year, respectively[2] - M1 growth has been rising, which is expected to support PPI improvement, although the overall PPI is unlikely to turn positive this year[2]

Core Insights - China's Consumer Price Index (CPI) decreased by 0.3% year-on-year in September, with the decline narrowing by 0.1 percentage points from the previous month [1] - The core CPI, excluding food and energy prices, rose by 1.0% year-on-year, marking the first return to this level in nearly 19 months [1] - The primary factor for the year-on-year decline in CPI was the "tail effect," contributing approximately -0.8 percentage points, while new price changes contributed about 0.5 percentage points [1] CPI Breakdown - Food prices fell by 4.4% year-on-year, with this decline expanding by 0.1 percentage points from the previous month, impacting the CPI by approximately -0.83 percentage points [1] - Key food items such as pork, fresh vegetables, eggs, and fresh fruits saw price decreases, collectively affecting the CPI by about -0.78 percentage points [1] - The core CPI's year-on-year increase of 1.0% represents the fifth consecutive month of growth, with industrial consumer goods prices, excluding energy, rising by 1.8% [1] Monthly Trends - Month-on-month, the CPI shifted from flat in the previous month to an increase of 0.1% in September, slightly below seasonal levels due to declines in service and energy prices [1] - Service prices decreased by 0.3% month-on-month, influenced by the end of summer and the timing of the Mid-Autumn Festival, with airfare, hotel accommodation, and travel prices collectively impacting the CPI by about -0.17 percentage points [2] - Energy prices fell by 0.8% month-on-month, with domestic gasoline prices decreasing by 1.7% due to international oil price fluctuations [2] Economic Outlook - The chief economist at China Minsheng Bank noted a mild recovery in CPI this year, with a cumulative year-on-year decline of 0.1% over the first nine months, primarily due to food prices [2] - The overall weakness in energy prices is attributed to an oversupply in the international oil market [2] - As policies take effect and market supply-demand relationships improve, consumer goods and service prices are expected to stabilize and rise, with an anticipated year-on-year increase in CPI for the full year [2]

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]

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 0.20个百分点。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，为近19个月以来 涨幅首次回到1%。其中，扣除能源的工业消费品价格上涨1.8%，涨幅连续第5个月扩大。 工业消费品中，金饰品和铂金饰品价格分别上涨42.1%和33.6%，家用器具、家庭日用杂品和通信工具 价格分别上涨5.5%、3.2%和1.5%，涨幅均有扩大。服务价格上涨0.6%，涨幅较为稳定，其中医疗服务 和家庭服务价格分别上涨1.9%和1.6%，宾馆住宿和飞机票价格分别下降1.5%和1.7%。 文/张智 编辑：徐芸茜 10月15日，国家统计局发布数据显示，2025年9月份，全国居民消费价格同比下降0.3% ...