7月份CPI环比由降转涨 服务和工业消费品价格贡献大

Group 1: Consumer Price Index (CPI) Insights - In July, the national Consumer Price Index (CPI) increased by 0.4% month-on-month, marking a shift from decline to growth, while year-on-year it remained flat [1][2] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, the highest increase since March 2024, indicating a recovery in market supply and demand relationships due to effective consumption-boosting policies [4][5] - Service prices contributed significantly to the CPI increase, with a month-on-month rise of 0.6%, impacting the CPI by approximately 0.26 percentage points [2][3] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less than in June, indicating a potential stabilization in market conditions [5][6] - Year-on-year, the PPI fell by 3.6%, with the decline remaining consistent with June, reflecting improvements in supply-demand relationships in certain industries [5][6] - Factors contributing to the PPI changes include seasonal effects, international trade uncertainties, and ongoing optimization of domestic market competition [5][6] Group 3: Economic Policy and Market Dynamics - Consumption-boosting policies have led to a sustained recovery in demand, with notable impacts on prices of automobiles and home appliances [4][5] - The "anti-involution" trend is reshaping industry supply-demand structures, particularly in sectors with excess capacity, which may enhance overall efficiency and alleviate supply-demand conflicts [6][7] - The long-term sustainability of price recovery remains uncertain and is contingent on the execution and coordination of policies [6][7]