宏观点评：中国物价数据点评（2024年8月）-结构分化加剧，需求仍待改善

Inflation Overview - August CPI inflation recorded at 0.6%, slightly above the previous value of 0.5% but below market expectations of 0.7%[2] - August PPI inflation at -1.8%, significantly lower than the previous value of -0.8% and market expectations of -1.4%[2] CPI Analysis - Food prices drove CPI inflation, with a 3.4% month-on-month increase and a 2.8% year-on-year increase, contributing 0.5 percentage points to CPI[2] - Pork prices increased by 7.3% month-on-month, while year-on-year growth slowed to 16.1% due to base effects[2] - Core CPI inflation fell by 0.2% month-on-month and grew only 0.3% year-on-year, indicating weak demand in core goods[2] PPI Analysis - August PPI inflation decreased by 1.8% year-on-year and 0.7% month-on-month, with a widening decline compared to July[3] - Prices in upstream, midstream, and downstream sectors all weakened, reflecting persistent domestic demand issues[3] - Upstream mining and raw material prices fell by 1.6% and 1.2% month-on-month, respectively, indicating a broader price decline across sectors[3] Future Outlook - Inflation may continue to rise moderately, but the divergence between CPI and PPI will depend on policy effectiveness[4] - Full-year CPI inflation is expected to stabilize around 0.6%, while PPI inflation may converge towards -1.2%[4]