2024年8月通胀数据点评：蔬菜价格支撑CPI，内需、油价拖累非食品价格

Group 1: CPI and Inflation Trends - In August, CPI year-on-year growth increased by 0.1 percentage points to 0.6% due to seasonal vegetable price rises[1] - Food prices shifted from flat to a 2.8% year-on-year increase, contributing approximately 0.5 percentage points to CPI growth[2] - Fresh vegetable prices surged by 21.8% year-on-year, an increase of 18.5 percentage points from the previous month[2] Group 2: Core CPI and Demand Weakness - Core CPI year-on-year growth decreased from 0.4% to 0.3%, with a month-on-month decline from 0.3% to -0.2%[2] - Weak domestic demand and declining energy prices contributed to the drop in core CPI[2] - Major non-food CPI components saw varying degrees of decline, with transportation and communication prices dragging down CPI growth significantly[2] Group 3: PPI and Commodity Prices - PPI fell by 1.8% year-on-year in August, exceeding market expectations of a 1.4% decline[2] - The month-on-month decline of 0.7% marked the largest drop in nearly a year, driven by significant decreases in black metal smelting and oil extraction prices[2] - Future PPI recovery is uncertain, influenced by black metal prices and oil price stabilization, amid ongoing economic weakness[2]