● 本报记者 倪铭娅 核心CPI涨幅连续第5个月扩大，狭义货币（M1）、广义货币（M2）"剪刀差"收窄至1.2个百分点，物流 业景气指数连续7个月位于景气区间……近期发布的多项数据，释放需求端积极信号。 国家统计局10月20日表示，下阶段，要加力提效实施逆周期调节，持续用力扩大内需、做强国内大循 环，进一步激发市场活力、提振发展预期，不断增强内生增长动能，力促经济持续健康发展。 消费需求加速释放 物价变化是管窥消费需求变化的一个窗口。从最新发布的物价数据看，我国消费市场运行总体平稳，价 格领域释放多重积极信号。 专家认为，在居民消费价格指数（CPI）中，食品、能源价格受短期因素影响较大，因此，扣除二者后 的核心CPI更能反映物价变化情况。 从核心CPI和消费需求的关系看，消费需求变化会直接影响核心CPI走势，核心CPI也会反过来影响消费 需求。因此，核心CPI的回升在很大程度上意味着消费需求加速释放。 国家统计局数据显示，9月份，核心CPI同比上涨1%，涨幅连续第5个月扩大，并且是近19个月以来涨幅 首次回到1%，反映了扩内需、促消费的政策成效。 其中，品质化、升级类消费需求加快释放。9月份，工艺美术及礼仪用 ...

Group 1 - The consumer price index (CPI) in September showed a slight month-on-month increase of 0.1%, with the core CPI rising by 1% year-on-year, marking the first return to a 1% increase in 19 months [1] - Food prices contributed to the CPI increase, with a 0.7% rise in food prices month-on-month, particularly in seasonal items like fresh vegetables, eggs, and meats [1] - The year-on-year CPI decline of 0.3% was primarily due to base effects, with the tail effect contributing approximately -0.8 percentage points [2] Group 2 - The producer price index (PPI) decreased by 2.3% year-on-year in September, but the decline was less severe than the previous month, indicating positive changes in industrial pricing [3] - Improvements in supply-demand structures and the ongoing development of a unified national market have contributed to a narrowing of price declines in various industries [3] - Certain industries, such as coal processing and black metal smelting, have shown price increases, with coal processing prices rising by 3.8% month-on-month [3] Group 3 - Emerging industries are thriving, with new consumption patterns and business models driving positive price changes in related sectors [4] - The modernization of the industrial system is leading to high-end, intelligent, and green development, which is expanding market demand and causing price increases in sectors like aircraft manufacturing and electronic materials [8] - Consumer demand is shifting from quantity to quality, with significant price increases in sectors such as arts and crafts, sports equipment, and nutritional foods, reflecting a trend towards quality consumption [9]

Core Insights - The consumer price index (CPI) showed a slight increase in September, with a month-on-month rise of 0.1%, marking a shift from the previous month where it was flat. The core CPI, excluding food and energy, rose by 1% year-on-year, the highest increase in 19 months, indicating a recovery in consumer prices [1][2][3] Group 1: CPI Analysis - The year-on-year CPI decreased by 0.3%, but the decline was less severe than the previous month, narrowing by 0.1 percentage points. The drop was primarily due to the "carryover effect" from previous price changes [2] - Food prices fell by 4.4% year-on-year, contributing approximately 0.83 percentage points to the CPI decline. However, the core CPI's increase of 1% reflects a more stable underlying price level [2][3] - The rise in CPI was supported by government policies aimed at boosting consumption, with significant price increases in home appliances and mobile phones [2] Group 2: 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 from the previous month. This indicates some stabilization in industrial prices [3][4] - Certain industries, such as coal processing and black metal smelting, have shown price increases for two months, reflecting improved supply-demand dynamics [3][4] - The overall decline in PPI is influenced by last year's low comparison base and the positive effects of macroeconomic policies [3] Group 3: Market Dynamics - The construction of a unified national market has led to a reduction in year-on-year price declines across various sectors, with notable improvements in market competition and order [4] - Upgrading industrial structures and releasing consumer potential have contributed to price increases in specific sectors, such as aircraft manufacturing and nutritional food production [4]

Core Insights - The overall consumer price index (CPI) in September showed a slight increase of 0.1% month-on-month, while the core CPI, excluding food and energy, rose by 1% year-on-year, marking the first return to a 1% increase in 19 months [1][2] - The producer price index (PPI) decreased by 2.3% year-on-year in September, but the decline was less severe than the previous month, indicating improvements in market conditions and the effectiveness of macroeconomic policies [3] - Emerging industries are experiencing growth, with new consumption patterns and models driving positive price changes in related sectors [4][5] Consumer Market Dynamics - The CPI's month-on-month increase was influenced by a 0.7% rise in food prices, particularly in fresh vegetables, eggs, and meats, due to seasonal factors and supply chain disruptions [1] - The year-on-year CPI decline of 0.3% was primarily due to base effects from the previous year, with a negative impact of approximately 0.8 percentage points from tail effects [2] Producer Price Index Trends - The PPI's year-on-year decline of 2.3% reflects a narrowing of price drops in various industries, including coal processing and black metal smelting, as a result of improved market competition and capacity management [3] - Specific sectors, such as coal processing and black metal industries, saw month-on-month price increases of 3.8% and 0.2%, respectively, indicating a stabilization in prices [3] New Consumption Patterns - The growth of new industries and consumption models is contributing to a dual upgrade in industrial consumption, with significant price increases in sectors like aircraft manufacturing (1.4% year-on-year) and electronic materials (1.2% year-on-year) [5][6] - The shift in consumer demand from quantity to quality is evident, with notable price increases in high-quality goods such as arts and crafts (14.7% year-on-year) and nutritional foods (1.8% year-on-year) [7]

新华社北京10月15日电 题：核心CPI重回1%，9月物价数据透出哪些信号？ 新华社记者王雨萧、叶婧 国家统计局15日发布的数据显示，9月份，消费市场运行总体平稳，全国居民消费价格指数 （CPI）环比上涨0.1%，扣除食品和能源价格的核心CPI同比上涨1%。从最新物价数据中，能读出哪些 信号？ 信号一：物价"核心稳" 同比上涨1%——9月份，核心CPI涨幅连续第5个月扩大，为近19个月以来涨幅首次回到1%。 在山东寿光农产品物流园蔬菜交易区，鲜菜批发经销商赵守田告诉记者："8月西葫芦2.58元/公斤左 右，9月之后因为连续下雨导致产量下降、价格上涨，现在涨到3.32元/公斤。" 物流园蔬菜经营管理部经理范立波介绍，9月以来，北方货源受天气等因素影响，加上国庆中秋备 货需求和节日礼品需求，带动蔬菜、水果等价格有所上涨。 从同比看，CPI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-0.8个百分点，今年价格变动的新影响约为0.5个百分点。 信号二：PPI折射全国统一大市场建设成效 具有先行指标意义的工业生产者出厂价格指数（PPI） ...

Price Trends - In September, gold and platinum jewelry prices increased by 42.1% and 33.6% year-on-year, respectively, driven by rising international gold prices and strong consumer demand[3] - Non-food prices rose by 0.7% year-on-year, with core CPI increasing by 1.0%, marking the first time in 19 months that it reached this level[4] - Food prices fell by 4.4% year-on-year, primarily due to a significant drop in pork prices, which decreased by 17.0%[4] Industrial Production - The Producer Price Index (PPI) decreased by 2.3% year-on-year in September, but the decline was less severe than the previous month's drop of 2.9%[4] - Prices for coal processing and black metal smelting saw a reduction in their year-on-year decline by 8.3 and 3.4 percentage points, respectively[3] Economic Outlook - The macroeconomic policy remains accommodative to support economic recovery, with expectations for continued low interest rates to stimulate credit and domestic demand[7] - The CPI is projected to rebound in October due to increased consumer activity during the "Golden Week" holiday, with expectations for a significant rise in travel and accommodation prices[9]

核心CPI近19个月以来涨幅首次回到1% 受益于低基数以及反内卷和促消费政策进一步显效，9月居民消费价格指数（CPI）和工业品出厂价格 指数（PPI）同比降幅均有所收窄。 国家统计局10月15日发布的数据显示，9月CPI环比由上月持平转为上涨0.1%，同比下降0.3%，降幅比 上月收窄0.1个百分点。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。 国家统计局新闻发言人付凌晖日前在国新办发布会上表示，价格的积极变化在继续累积。核心CPI同比 涨幅扩大，主要是工业消费品价格和服务价格回升带动。从近期情况看，推动CPI合理回升的有利因素 较多。也要看到，市场供求关系仍较突出，居民消费价格运行仍处于低位。 PPI方面，PPI环比连续两个月持平。董莉娟分析，一是供需结构改善带动部分行业价格明显企稳。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。 9月PPI同比下降2.3%，降幅比上月收窄0.6个百分点。董莉娟分析，除受上年同期对比基数走低影响 外，我国各项宏观政策效果持续显现，一些行业价格呈现积极变化。全国统一大市场建设纵深推进带动 相关行业价格同 ...

Group 1 - The national consumer price index (CPI) decreased by 0.4% year-on-year in August 2025, while the core CPI, excluding food and energy, increased by 0.9%, marking four consecutive months of expansion [1][4] - The producer price index (PPI) fell by 2.9% year-on-year, but the decline narrowed by 0.7 percentage points compared to the previous month, indicating a shift from decline to stability on a month-on-month basis [1][4] - The divergence in price indicators reflects a differentiated recovery in the domestic consumption market and industrial sector [1] Group 2 - Food prices were the main drag on the CPI, with significant declines in pork, fresh vegetables, and eggs, while non-food prices rose by 0.5%, particularly in services [3] - The PPI showed positive signals as it ended an eight-month decline, with prices in upstream industries like coal processing and black metal smelting turning from decline to increase [3] - Emerging industries such as integrated circuit packaging and shipbuilding saw price recoveries, indicating positive effects from industrial structure adjustments [3][4] Group 3 - Analysts noted that the current price trend exhibits characteristics of "core stability and structural improvement," with the core CPI reflecting a gradual recovery in domestic demand [4] - The narrowing PPI decline suggests improvements in industry capacity governance and stability in supply chains, particularly in key industries [4] - The recovery in emerging industry prices injects new momentum into the industrial economy, indicating that the recovery process in the industrial sector may be faster than expected [4] Group 4 - Experts anticipate that the recovery momentum in the consumption market will continue to be released, with service prices likely to remain high due to the normalization of peak seasons for tourism and accommodation [6] - The construction of a unified national market is expected to optimize industry competition, while macro policies will continue to drive structural adjustments in industries [6] - However, fluctuations in international commodity prices may pose input-related impacts, and the issue of insufficient domestic effective demand requires ongoing policy support [6]

Core Insights - Shandong Shanghe County focuses on industrial chain extension, supplementation, and strengthening, actively attracting and nurturing "chain leader" enterprises while promoting the integration of small and medium-sized enterprises into the industrial chain [1] Industry Summaries Biopharmaceutical and Chemical Industry - The biopharmaceutical and chemical industry in Shanghe County has seen significant growth, with 47 large-scale enterprises gathered, forming a collaborative development pattern centered on key pharmaceutical intermediates, high-end raw materials, and drug formulations, aiming for a target of 10 billion [1] Equipment Manufacturing Industry - The equipment manufacturing industry has achieved multiple breakthroughs, with 42 large-scale enterprises introduced, including Guangri Co., Ltd. and the Jinan Digital Industry Park, leading to the development of industries such as laser manufacturing and elevator manufacturing from inception to growth [1] Nutritional Food Industry - The nutritional food industry is taking shape, led by major enterprises like Sibote Biotechnology and Jinsah River Noodle Industry, establishing the Qilu Health Food Industrial Park and enhancing cold chain storage logistics, thereby accelerating the transformation of agricultural product resource advantages into industrial development advantages [1]

Core Insights - The event focused on the "Industrial Strong City Development Strategy" in Jinan, highlighting the efforts of Shanghe County in enhancing its industrial chain and attracting key enterprises [1] Industry Development - Shanghe County has concentrated on extending, supplementing, and strengthening its industrial chains, successfully attracting and nurturing "chain master" enterprises while facilitating the integration of small and medium-sized enterprises into these chains [1] - The biopharmaceutical and chemical industry has seen significant growth, with 47 large-scale enterprises established, focusing on key pharmaceutical intermediates, high-end raw materials, and drug formulations, aiming for a target of 10 billion [1] - The equipment manufacturing sector has achieved multiple breakthroughs, with 42 large-scale enterprises including Guangri Co., Ltd. and the Jinan Digital Industry Park, leading to the development of industries such as laser manufacturing and elevator manufacturing [1] - The nutritional food industry is beginning to take shape, led by major enterprises like Sibote Bio and Jinsha River Noodle Industry, with the establishment of the Qilu Health Food Industrial Park and improvements in cold chain logistics [1]