CPI、PPI数据点评（2025.7）：金价走高和“反内卷”小幅推升核心CPI

Inflation Data Summary - July CPI decreased by 0.1 percentage points year-on-year to 0.0%, primarily due to weak food prices[3] - Core CPI improved for the third consecutive month, rising by 0.1 percentage points to 0.8%, driven by higher gold prices and strong service consumption[3] - July PPI remained at a near 23-month low, with a year-on-year decline of -3.6%[3] Food Prices Impact - July food CPI fell by 0.2% month-on-month, significantly below seasonal levels by 0.9 percentage points[4] - Year-on-year food CPI dropped by 1.6%, influenced by a high base from the previous year[4] - Fresh vegetable and meat prices increased by 1.3% and 0.4% month-on-month, respectively, but were still below seasonal averages[4] Core CPI Drivers - Service prices remained stable at 0.5% year-on-year, with significant increases in travel-related costs: airfares up 17.9%, hotel stays up 6.9%[5] - Gold and platinum jewelry prices surged by 37.1% and 27.3% year-on-year, respectively, due to rising gold prices[5] - Transportation fuel prices saw a reduced decline of 1.8 percentage points to -9.0% year-on-year[5] PPI Trends - PPI's month-on-month decline narrowed by 0.2 percentage points, reflecting the impact of "anti-involution" measures[6] - International oil prices increased, contributing to a 3.0% rise in oil and gas extraction month-on-month[6] - Investment demand remains weak, limiting PPI recovery to a gradual improvement[6]