2026年9月通胀数据点评：能源主导PPI冲高，上下游传导受阻仍持续

1 Wind Wind Wind Wind 2026-092026-082026-072026-062026-052026-042026-032026-022026-012025-122025-112025-102025-09CPI:当月同比0.900.800.501.001.201.201.001.300.200.800.700.20-0.30CPI:食品烟酒:当月同比-0.90-0.70-0.80-0.80-0.90-0.800.401.40-0.200.800.30-1.60-2.60CPI:衣着:当月同比1.201.301.401.401.401.501.601.901.901.701.901.701.70CPI:居住:当月同比-0.30-0.30-0.30-0.30-0.20-0.20-0.20-0.20-0.10-0.200.000.100.10CPI:生活用品及服务:当月同比0.200.700.801.301.801.401.502.802.602.202.101.902.20CPI:交通和通信:当月同比4.302.500.404.105.404.600.90-0.70-3.40-2.60-2.30-1.50-2.00CPI:教育文化和娱乐:当月同比1.401.401.301.401.301.301.102.000.000.900.800.900.80CPI:医疗保健:当月同比2.702.702.902.302.102.201.901.901.701.801.601.401.10CPI:其他用品和服务:当月同比5.907.305.806.609.9011.0013.5015.4013.2017.4014.2012.809.90CPI:环比0.200.40-0.10-0.30-0.100.30-0.701.000.200.20-0.100.200.10CPI:食品烟酒:环比0.000.100.30-0.10-0.100.20-0.700.700.300.20-0.100.200.00CPI:衣着:环比0.60-0.10-0.40-0.100.60-0.300.40-0.10-0.200.000.700.000.70CPI:居住:环比-0.100.000.100.10-0.10-0.100.00-0.10-0.10-0.10-0.20-0.100.00CPI:生活用品及服务:环比-0.20-0.100.20-1.00-0.300.200.00-1.100.701.40-1.00-0.700.60CPI:交通和通信:环比-0.30-0.20-0.20-0.40-0.40-0.40-0.200.100.300.10-0.10-0.10-0.10CPI:教育文化和娱乐:环比0.400.000.000.000.000.000.000.000.000.00-0.100.000.50CPI:医疗保健:环比0.000.000.000.00-0.100.00-0.10-0.10-0.10-0.10-0.20-0.10-0.10CPI:其他用品和服务:环比1.100.30-0.600.10-0.100.000.90-0.600.201.000.80-0.301.10除今年外的均值2026-092025-092024-092023-092022-092021-092020-092019-092018-092017-092016-09中国:CPI:环比0.360.200.100.000.200.300.000.200.900.700.540.67中国:CPI:不包括食品和能源(核心CPI):环比0.170.000.00-0.100.100.000.200.200.200.200.500.40中国:CPI:食品烟酒:环比0.810.200.500.500.201.30-0.400.312.601.500.371.17中国:CPI:衣着:环比0.800.600.700.800.800.800.800.850.800.700.880.84中国:CPI:居住:环比0.110.000.00-0.100.00-0.100.200.040.100.400.340.27中国:CPI:生活用品及服务:环比0.04-0.100.300.000.100.00-0.10-0.040.000.100.07-0.04中国:CPI:交通和通信:环比 -0.261.00-0.90-1.300.10-0.60-0.20-0.07-0.400.300.130.32中国:CPI:教育文化和娱乐:环比0.44-0.30-0.40-0.300.400.400.700.830.100.500.951.19中国:CPI:医疗保健:环比0.270.200.200.000.100.000.000.030.100.201.790.23中国:CPI:其他用品和服务:环比0.14-0.801.300.00-0.10-0.300.30-0.900.90-0.200.220.18 Wind Wind Wind 2026-09 2026-08 2026-07 2026-06 2026-05 2026-04 2026-03 2026-02 2026-01 2025-12 2025-11 2025-10 2025-09煤炭开采和洗选业+9.5+2.8+4.2+5.6+3.2+1.9+0.1-0.5-3.2+1.3+4.1+1.6+2.5石油和天然气开采业+10.4+6.1-9.2-11.8-0.1+18.5+15.8+5.1-2.2-1.3-2.4-2.3-2.0黑色金属矿采选业-1.3-1.4-1.9-0.3+0.9+0.4-0.9-0.8+0.40.0+0.6+0.9+2.6有色金属矿采选业+1.6-0.9-2.1-7.3-1.4+3.0+5.4+7.1+5.7+3.7+2.6+5.3+2.5非金属矿采选业+0.1-0.1-0.3-0.5+0.4+0.1+0.4-0.6-0.1-0.3-0.3+0.1-0.3石油、煤炭及其他燃料加工业+8.4+3.5-6.0-1.90.0+16.4+5.8+0.4-2.5-0.6-1.3-0.5-0.8黑色金属冶炼及压延加工业+0.2-0.9-0.8+0.4+1.2+0.6+0.3+0.1+0.2-0.1-0.5-0.7+0.2有色金属冶炼及压延加工业+1.5+0.8-1.7-0.1+1.1+0.2+1.0+4.6+5.2+2.8+2.1+2.4+1.2化学原料及化学制品制造业+2.4-0.1-2.6-2.0+2.0+8.3+3.6+1.3+0.60.0-0.6-0.6-0.4化学纤维制造业+2.1+0.4+0.3-0.8+1.5+5.6+3.4+0.6+0.4-0.4-0.3-0.7-0.2橡胶和塑料制品业+0.2-0.3-0.4+0.5+1.5+1.7+0.6-0.3-0.5-0.2-0.3-0.2-0.4金属制品业+0.1-0.1-0.2+0.4+0.10.0+0.3+0.3+0.3+0.20.00.00.0非金属矿物制品业+0.3-0.2-0.5-0.5-0.6-0.4-0.3-0.20.0