6月通胀数据点评：通胀不及预期，后续怎么看？

Inflation Overview - June CPI increased by 0.2% year-on-year, lower than the expected 0.4%[23] - Food CPI decreased by 2.1% year-on-year, with pork prices rising 18.1% while fresh vegetables dropped 7.3%[23] - Core CPI remained stable at 0.6% year-on-year, indicating minimal changes in demand factors[23] Price Trends - June PPI decreased by 0.8% year-on-year, a smaller decline compared to the previous month's 1.4%[23] - The price of pork wholesale rose by 27.2% year-on-year and 16.1% month-on-month[23] - Average wholesale prices for 28 monitored vegetables fell by 12.3% year-on-year and 6.8% month-on-month[23] Market Outlook - Future CPI growth is expected to remain positive, but the pace of recovery is uncertain due to fluctuating pork and oil prices[23] - The current high real interest rates indicate that financing costs for businesses and households remain elevated[23] - Risks include unexpected volatility in pork and oil prices, as well as potential delays in data updates[46]