【新华解读】宏观政策“组合拳”持续显效 7月份多项物价指标改善

Group 1 - The Consumer Price Index (CPI) in July increased by 0.4% month-on-month, reversing a 0.1% decline in June, indicating a recovery in domestic demand [2][4] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, and has expanded for three consecutive months [2][5] - The Producer Price Index (PPI) saw a month-on-month decline of 0.2%, but this was a narrowing of the decline for the first time since March, suggesting stabilization in some industrial sectors [6][7] Group 2 - The rise in CPI was primarily driven by increases in service prices, which rose by 0.6% month-on-month, contributing approximately 0.26 percentage points to the overall CPI increase [4][5] - Key contributors to the service price increase included airfare, tourism, hotel accommodation, and vehicle rental, which saw significant month-on-month increases of 17.9%, 9.1%, 6.9%, and 4.4% respectively [4] - Industrial consumer goods prices also showed improvement, with a month-on-month increase of 0.5%, influenced by policies aimed at boosting consumption [4][6] Group 3 - The government has implemented a series of macroeconomic policies aimed at enhancing consumption capacity and optimizing the consumption environment, with 19 key measures proposed [2][3] - The ongoing efforts to build a unified national market and regulate low-price competition among enterprises are expected to further stabilize prices [3][6] - The PPI's year-on-year decline remained at -3.6%, but the stabilization indicates a potential turning point for industrial prices, aided by policy measures [6][7]