CPI、PPI点评报告：价格走势平稳，基数效应PPI降幅收窄

Group 1: CPI Analysis - In June 2024, the CPI increased by 0.2% year-on-year, a decrease of 0.1 percentage points from the previous month[6] - The core CPI, excluding food and energy, also grew by 0.6% year-on-year, remaining stable compared to the previous month[6] - Seasonal factors led to an increase in fruit and vegetable supply, causing a decline in most food prices, while pork prices rose significantly due to reduced production capacity[6] Group 2: PPI Analysis - The PPI fell by 0.8% year-on-year in June 2024, but this represented a narrowing of the decline by 0.6 percentage points from the previous month[9] - The PPI's month-on-month growth was -0.2%, a decrease of 0.4 percentage points from the previous month, primarily due to weak industrial demand[9] - The decline in PPI was influenced by base effects, with the main driver being the weak demand for industrial products[12] Group 3: Food and Non-Food Price Trends - Among food categories, the price of fresh vegetables saw the largest year-on-year decline at -7.3%, while pork prices increased by 11.4% month-on-month[22] - Non-food prices showed mixed trends, with an overall year-on-year increase of 0.8%, contributing approximately 0.64 percentage points to the CPI[24] - The prices of non-food items decreased by 0.2% month-on-month, with transportation and communication prices experiencing the most significant decline at -0.6%[27]