国家统计局：下半年价格将低位温和回升

Core Insights - In June, the Consumer Price Index (CPI) showed a positive change, marking the first increase after four consecutive months of decline, with the core CPI reaching a 14-month high [1] - The current low price levels are characterized by structural and transitional features, influenced by various factors [1] Economic Indicators - In the first half of the year, while the CPI decreased, the core CPI, excluding food and energy prices, increased by 0.4% year-on-year, indicating structural characteristics [1] - The low price levels are also related to China's developmental stage and economic transformation, as well as changes in the current internal and external environment, reflecting transitional characteristics [1] Future Outlook - It is anticipated that prices will gradually recover in the second half of the year, supported by several factors [1] - Economic stability and improvement provide a foundation for price support [1] - Policies aimed at expanding domestic demand will continue to show effects [1] - Legal and regulatory measures against disorderly low-price competition will benefit market order and improve the market environment [1] - The holiday economy is expected to have a stimulating effect [1] - Technically, the downward impact of tailing factors on CPI and PPI is expected to weaken [1]