7月CPI环比上涨0.4% PPI环比降幅收窄

Group 1 - The core viewpoint of the articles indicates that the effects of domestic demand expansion policies are becoming 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] - The core CPI, excluding food and energy prices, has increased by 0.8% year-on-year, marking the highest growth since March 2024, and the growth rate has expanded for three consecutive months [1] - The Producer Price Index (PPI) has decreased by 0.2% month-on-month in July, with a year-on-year decline of 3.6%, indicating a narrowing of the month-on-month decline by 0.2 percentage points [1] Group 2 - The CPI year-on-year remained flat, primarily due to lower food prices, which decreased by 1.6% year-on-year, influenced by a high price base from the previous year [2] - Non-food prices have increased by 0.3% year-on-year, with the growth rate expanding by 0.2 percentage points compared to the previous month [2]