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核心CPI连续3个月涨幅扩大 扩内需政策效应持续显现
Zheng Quan Shi Bao·2025-08-10 17:39

Group 1: CPI Trends - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing a 0.1% decline from the previous month, while year-on-year CPI remained flat [1] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 and reflecting positive signals in the consumption market [2] Group 2: Price Influences - The month-on-month CPI increase was primarily driven by a 0.6% rise in service prices, contributing approximately 0.26 percentage points to the CPI increase, with significant impacts from travel-related costs during the summer season [1] - Industrial consumer goods prices rose by 0.5% month-on-month, influenced by a 1.6% increase in energy prices, which contributed about 0.12 percentage points to the CPI [1] Group 3: Food Prices Impact - Year-on-year CPI remained flat mainly due to a 1.6% decline in food prices, with fresh vegetables and fruits being the primary contributors to this decrease [2] - The prices of gold and platinum jewelry increased significantly, by 37.1% and 27.3% respectively, collectively impacting the CPI by approximately 0.22 percentage points [2] Group 4: Monetary Policy Context - The People's Bank of China emphasized the need for moderately loose monetary policy to address challenges such as insufficient domestic demand and low price levels, aiming to stabilize economic growth and maintain reasonable price levels [3]