2024年6月物价数据点评：CPI仍弱，PPI修复

Group 1: CPI and PPI Analysis - In June 2024, the Consumer Price Index (CPI) increased by 0.2% year-on-year, with food prices decreasing by 2.1% and non-food prices rising by 0.8%[22] - The CPI fell by 0.2% month-on-month, with food prices down 0.6% and non-food prices down 0.2%[22] - The Producer Price Index (PPI) decreased by 0.8% year-on-year, but the decline narrowed by 0.6 percentage points compared to the previous month[22] Group 2: Market Outlook - The macroeconomic environment is expected to stabilize and recover, supported by policy incentives and economic resilience[12] - Market confidence is anticipated to improve as the economy stabilizes, leading to a steady trend in market interest rates[12] - Inflation is likely to remain low, with CPI expected to hover at low levels and PPI to continue a contraction trend for 2-3 quarters[13] Group 3: Sector Performance - Major food items, excluding pork and grains, showed varying degrees of negative growth, contributing to the CPI decline[49] - Industrial product prices remain in negative territory, but the decline has significantly narrowed due to low base effects in various sectors[49] - Key industries such as non-metallic products, electrical machinery, and black metal smelting have seen reduced price declines[49]