Core Insights - The National Bureau of Statistics reported that in August, the Consumer Price Index (CPI) showed a year-on-year decline of 0.4%, reversing from a flat reading in the previous month, primarily due to high base effects from the previous year [5][6] - The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking a continuous expansion in price increases for four consecutive months, driven by rising industrial consumer goods and service prices [5][6] Economic Indicators - In August, the CPI remained flat month-on-month, compared to a 0.4% increase in July, with food prices rising by 0.5% and non-food prices declining by 0.1% [3][6] - Food prices saw a year-on-year decline of 4.3% in August, with significant drops in pork, fresh vegetables, and eggs, each exceeding 10% [5][6] Industrial and Service Prices - Industrial consumer goods prices, excluding energy, rose by 1.5% year-on-year in August, an increase of 0.3 percentage points from the previous month, with home appliances and entertainment goods contributing to this rise [6] - Service prices increased by 0.6% year-on-year in August, reflecting a steady upward trend, influenced by increased demand for high-quality social services and summer travel [6] Policy and Market Outlook - The government aims to continue expanding domestic demand and implementing consumption-boosting initiatives, while also addressing capacity management in key industries to promote reasonable price recovery [6]

Economic Overview - In August, the Consumer Price Index (CPI) remained flat month-on-month, with a year-on-year decrease of 0.4%, influenced by high base effects from the previous year [2][3] - Food prices increased by 0.5% month-on-month, while non-food prices decreased by 0.1% [2] Year-on-Year Analysis - The year-on-year decline in CPI was primarily due to a 4.3% drop in food prices, with significant decreases in pork, fresh vegetables, and eggs, all exceeding 10% [3] - Core CPI, excluding food and energy, rose by 0.9% year-on-year, marking an increase for four consecutive months, driven by rising industrial consumer goods and service prices [3][4] Industrial Consumer Goods - Industrial consumer goods prices, excluding energy, increased by 1.5% year-on-year, with notable price rises in household appliances and entertainment durable goods [4] - The price increase in industrial consumer goods is attributed to improved supply-demand dynamics and policies promoting consumption upgrades [4] Service Prices - Service prices rose by 0.6% year-on-year, supported by increased demand for high-quality social services and tourism during the summer [5] - Key service sectors such as medical and educational services saw price increases of 1.6% and 1.2%, respectively, indicating a steady upward trend in service pricing [5] Future Outlook - The government aims to continue expanding domestic demand and implementing consumption-boosting initiatives to promote reasonable price recovery [5]

Group 1 - The core viewpoint indicates that the consumer price index (CPI) in August remained low, with a year-on-year decrease of 0.4%, influenced by high base effects from the previous year and sufficient market supply [1][2] - In August, the CPI remained flat month-on-month, with food prices increasing by 0.5% and non-food prices decreasing by 0.1% [1] - The year-on-year decline in food prices was significant, with an overall decrease of 4.3%, particularly in pork, fresh vegetables, and eggs, which saw declines exceeding 10% [1][2] Group 2 - The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking a continuous expansion in the price increase for four consecutive months, driven by rising industrial consumer goods and service prices [2][3] - Industrial consumer goods prices rose by 1.5% year-on-year in August, supported by policies promoting consumption upgrades and improved supply-demand dynamics [2] - Service prices also showed a steady increase, with a year-on-year rise of 0.6% in August, influenced by increased travel and cultural consumption during the summer [3] Group 3 - The market supply-demand relationship remains prominent, with consumer prices still at low levels, necessitating continued efforts to expand domestic demand and implement consumption-boosting initiatives [3] - The government aims to promote effective investment and enhance the construction of a unified national market to facilitate reasonable price recovery [3]

Group 1 - In August, the Consumer Price Index (CPI) in Sichuan experienced a month-on-month decline of 0.1%, reversing a previous increase of 0.4%, and a year-on-year decrease of 0.9%, with the decline widening by 0.5 percentage points compared to the previous month [1] - The month-on-month decline in CPI was influenced by three main factors: the end of the summer travel peak leading to a significant drop in air ticket prices by 11.9%, a reduction in refined oil prices, and seasonal discounts on certain clothing items [1] - The year-on-year decline in CPI was primarily driven by decreases in the prices of pork, fresh vegetables, and gasoline [1] Group 2 - In August, the price of pork decreased by 0.4% month-on-month and by 20.1% year-on-year, attributed to the concentrated market release of pigs and the off-peak consumption season [1] - Fresh vegetable prices increased by 3.4% month-on-month but decreased by 17.2% year-on-year, while fresh fruit prices fell by 3.7% month-on-month and by 4.6% year-on-year [1] - The effects of policies aimed at expanding domestic demand and promoting consumption are becoming evident, with household appliance prices rising by 3.1% year-on-year and durable entertainment goods increasing by 2.4% year-on-year [2]

Core Viewpoint - The August CPI turned negative at -0.4% year-on-year, primarily driven by a decline in food prices, influenced by high base effects from the previous year [2][3] - Core CPI continues to improve, reaching 0.9% year-on-year, supported by rising prices of gold and platinum jewelry, as well as services [4][5] CPI Analysis - The food price index fell by 4.3% year-on-year, with fresh vegetables, fruits, and pork contributing significantly to the decline [3][4] - The drop in vegetable and pork prices may not be sustained due to high base effects from last year, where prices surged due to extreme weather conditions [3][4] - The core CPI's increase is attributed to a 37.1% rise in gold jewelry prices and a 27.3% rise in platinum jewelry prices, contributing 0.31 percentage points to the core CPI [5][6] PPI Analysis - The PPI ended its downward trend, remaining flat month-on-month, with a year-on-year decline of 2.9%, a narrowing of the drop by 0.7 percentage points from the previous month [8][9] - The "anti-involution" effect is beginning to show, but its impact on prices is limited, with various industries experiencing reduced price declines [8][9] - Predictions indicate that the PPI may have reached its bottom in July, with future declines expected to narrow, although a positive trend in the next year remains challenging [9][10] Consumer Goods and Services - Prices of durable goods are showing improvement, with household appliances increasing by 4.6% year-on-year and communication tools by 0.8% [6][7] - The automotive sector is experiencing a reduction in price declines due to improved competition management, with fuel vehicle prices decreasing by 2.3% year-on-year [6][7] - Despite the rise in consumer prices for certain goods, the PPI for related industries has not improved, indicating a potential slowdown in demand [6][7]

Group 1 - In August, the Consumer Price Index (CPI) in Sichuan experienced a month-on-month decrease of 0.1%, reversing from a 0.4% increase in the previous month, and a year-on-year decline of 0.9%, with the decline rate widening by 0.5 percentage points compared to the previous month [1] - The month-on-month decline in CPI was influenced by three main factors: the end of the summer travel peak leading to a significant drop in air ticket prices by 11.9%, a reduction in refined oil prices, and seasonal discounts on certain clothing items [1] - The year-on-year decline in CPI was primarily driven by decreases in the prices of pork, fresh vegetables, and gasoline [1] Group 2 - In August, the price of pork decreased by 0.4% month-on-month and by 20.1% year-on-year, attributed to the concentrated market release of pigs and the off-peak consumption season [1] - Fresh vegetable prices increased by 3.4% month-on-month but decreased by 17.2% year-on-year, while fresh fruit prices fell by 3.7% month-on-month and by 4.6% year-on-year [1] - The effects of policies aimed at expanding domestic demand and promoting consumption are becoming evident, with household appliance prices rising by 3.1% year-on-year and durable entertainment goods increasing by 2.4% year-on-year [2]

四川8月CPI同比下降0.9%机票价格回落明显 9月11日，国家统计局四川调查总队发布数据显示，8月四川居民消费价格指数（CPI）环比由上月上涨 0.4%转为下降0.1%；同比下降0.9%，降幅比上月扩大0.5个百分点。1到8月平均，CPI比去年同期下降 0.3%。 国家统计局四川调查总队消费价格调查处相关负责人表示，CPI环比下降主要受三方面因素影响：一是 暑期出行旺季逐步进入尾声，机票价格回落明显，8月四川机票价格环比下降11.9%；二是成品油价格 下调；三是部分服装季节性打折。CPI同比下降则主要受猪肉、鲜菜、汽油三大商品价格下降影响。 具体来看，8月，四川猪肉价格环比下降0.4%，同比下降20.1%。上述负责人分析，8月部分二次育肥猪 集中出栏，加之猪肉消费仍处淡季，导致猪肉价格环比再度走弱。同比由于去年同月猪肉价格同比上涨 19.1%，基数较高，影响今年同比降幅较大。 8月，鲜菜价格环比上涨3.4%，同比下降17.2%。上述负责人表示，8月鲜菜价格一度受到高温少雨天气 影响，但得益于国内大流通、大市场的持续发展，农产品批发市场通过强化货源组织，调配不同产区货 源，保障了供应，抑制了菜价涨幅。而今年华 ...

记者 王珍 8月，我国物价走势呈现 "一升一降" 的分化特征：工业品出厂价格指数（PPI）迎来积极变化，同比降 幅自3月以来首次收窄，环比今年以来首次止跌，但居民消费价格指数（CPI）同比由平转负、环比涨 幅收窄。 分析师认为，PPI跌幅收窄很大程度上得益于"反内卷"政策的催化，在遏制无序竞争、推进产能治理的 作用下，煤炭、钢铁等上游原材料价格改善明显。 对于PPI和CPI走势分化，东北证券资深宏观分析师张超越对智通财经指出，PPI向CPI的传导本身并不 会一蹴而就。一方面，在成本价格稍有抬升，但总需求相对平稳阶段，企业为了维护市场份额，通常不 会贸然提价并将成本完全转移给消费者，供应链会率先消化上游的部分价格涨幅。 "另一方面，房租，旅游、医疗、教育等服务类项目在CPI中权重占比较高，而这些项目与民生相关，价 格通常较为稳定，故CPI通胀对PPI通胀的弹性本身就不会很高。"张超越说。 财信金控首席经济学家伍超明对智通财经表示，本轮"反内卷"对CPI的推升作用或明显弱于2015-16年供 给侧结构性改革时期。一是，本轮反内卷更加注重通过法治化、市场化方式优化市场秩序，相关行业产 能去化幅度和节奏相对偏弱偏慢； ...

Group 1 - The overall consumer market in August remained stable, with the Consumer Price Index (CPI) unchanged month-on-month and down 0.4% year-on-year, while the core CPI, excluding food and energy, rose by 0.9%, marking an expansion in growth for four consecutive months [1][3] - The year-on-year decline in CPI is attributed to a high comparison base from the previous year and lower-than-seasonal increases in food prices in August, particularly due to stable prices for vegetables, pork, and fruits [1][2] - Food prices saw a month-on-month increase of 0.5%, but this was below the seasonal level by approximately 1.1 percentage points, with year-on-year food prices declining by 4.3%, which is a significant increase in the decline compared to the previous month [2][3] Group 2 - The core CPI's year-on-year growth has expanded for four months, indicating the effectiveness of policies aimed at boosting domestic demand and consumption, contributing to a stable growth in the consumer market [3][4] - Industrial consumer goods prices, excluding energy, increased by 1.5% year-on-year, with gold and platinum jewelry prices rising significantly, impacting the CPI positively [3] - Looking ahead, the CPI may maintain a weak trend for the year, with potential recovery towards the end of the year influenced by low base effects and policies aimed at reducing excessive competition [3][4]

Core Insights - The consumer price index (CPI) remained stable in August, with a month-on-month change of 0% and a year-on-year decrease of 0.4% [1] - The core CPI, excluding food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1][4] CPI Analysis - The year-on-year decline in CPI is attributed to a high comparison base from the previous year and lower-than-seasonal food price increases in August [1][2] - The tail effect from last year's price changes contributed approximately -0.9 percentage points to the year-on-year CPI in August, with a downward impact that expanded by 0.4 percentage points compared to the previous month [1] - Food prices saw a month-on-month increase of 0.5%, but this was 1.1 percentage points below seasonal levels, with significant year-on-year declines in pork, eggs, and fresh vegetables [4] Food Price Dynamics - Year-on-year food prices decreased by 4.3%, with the decline expanding by 2.7 percentage points compared to the previous month, contributing an additional 0.51 percentage points to the CPI's year-on-year decline [4] - Specific declines included pork prices down 16.1%, fresh vegetables down 15.2%, and eggs down 14.2%, all showing an increase in downward pressure on CPI compared to the previous month [4] Core CPI and Industrial Prices - The core CPI's year-on-year increase of 0.9% reflects ongoing consumer demand and the effectiveness of policies aimed at boosting consumption [4][5] - Industrial consumer goods prices, excluding energy, rose by 1.5% year-on-year, with gold and platinum jewelry prices increasing significantly [6] Future Outlook - Analysts suggest that the CPI may remain weak throughout the year, with potential recovery towards the end of the year due to low base effects and supportive policies [6] - The impact of consumption-boosting policies is expected to further support prices of major goods in September [6]