重要数据发布！环比上涨0.4%

Group 1 - The core viewpoint is that the effects of domestic demand expansion policies are becoming increasingly evident, with the Consumer Price Index (CPI) showing a month-on-month increase of 0.4% in July, reversing a previous decline of 0.1% [1][2] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year in July, marking the highest increase since March 2024, and the growth rate has expanded for three consecutive months [5][6] - The increase in CPI is primarily driven by rising prices in the service sector and industrial consumer goods, with service prices up 0.6% month-on-month, contributing approximately 0.26 percentage points to the CPI increase [4][5] Group 2 - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July, but the decline has narrowed by 0.2 percentage points compared to the previous month, marking the first contraction in the rate of decline since March [6][8] - Seasonal factors and uncertainties in the international trade environment have led to price declines in certain industries, while domestic market competition continues to improve, resulting in a reduced downward impact on PPI [8][9] - Year-on-year, the PPI fell by 3.6% in July, with the decline remaining consistent with the previous month, indicating some improvement in supply-demand relationships in certain sectors due to ongoing macroeconomic policies [8][9]