中国消费者价格指数在2025年9月同比下降0.3%，降幅比市场预期的0.1%更大，此前一个月下降了0.4%。食品价格进一步下跌（-4.4%对8月份的-4.3%），创下2024年1月以来的最大跌幅，各类别价格普遍下跌，由于黄金周假期前供应充足、生产成本降低和需求疲软，猪肉价格进一步下跌。相比之下，在北京刺激消费需求的支持措施的支持下，非食品类通胀加快（0.7%对0.5%），住房（0.1%对0.1%）、服装（1.7%对1.8%）、医疗保健（1.1%对0.9%）和教育（0.8%对1.0%）都有所增长。与此同时，运输成本下降速度较慢（-2.0%对-2.4%）。不包括食品和能源的核心通胀率在8月份上涨0.9%后，同比上涨1.0%，为19个月来的最高水平。按月计算，CPI小幅上涨0.1%，在8月份持平后，低于0.2%的预测。

China’s consumer prices dropped 0.3% yoy in September 2025, a sharper decline than market estimates of a 0.1% drop and following a 0.4% fall in the previous month. Food prices fell further (-4.4% vs -4.3% in August), recording the steepest drop since January 2024, amid broad-based decreases across categories, with pork prices falling further due to abundant supply ahead of the Golden Week holidays, lower production costs, and weak demand. In contrast, non-food inflation quickened (0.7% vs 0.5%), supported by Beijing’s support measures to boost consumer demand, with increases in housing (0.1% vs 0.1%), clothing (1.7% vs 1.8%), healthcare (1.1% vs 0.9%), and education (0.8% vs 1.0%). Meanwhile, transport costs fell at a slower pace (-2.0% vs -2.4%). Core inflation, which excludes food and energy, rose 1.0% yoy, the highest in 19 months, after a 0.9% gain in August. On a monthly basis, the CPI inched up 0.1%, missing forecasts of 0.2% after remaining flat in August.