Group 1: CPI Analysis - In July 2025, the CPI year-on-year growth was 0.0%, a decrease of 0.1 percentage points from the previous month[6] - The CPI month-on-month growth was 0.4%, an increase of 0.5 percentage points from the previous month[6] - The core CPI year-on-year growth was 0.8%, up 0.1 percentage points from July[9] Group 2: PPI Analysis - In July 2025, the PPI year-on-year decline was 3.6%, unchanged from the previous month[6] - The PPI month-on-month decline was -0.2%, a narrowing of 0.2 percentage points from the previous month[6] - The production materials prices year-on-year decreased by 4.3%, with the mining sector down 14.0%[30] Group 3: Market Trends - The "anti-involution" effect is gradually emerging, indicating a potential easing of oversupply in consumer goods[3] - External uncertainties and domestic economic pressures continue to hinder effective demand, limiting significant price increases in the near future[37] - The global economic recovery may lead to a rise in commodity prices, potentially pushing PPI growth upward in 2025[37]
蔡含篇：基数效应叠加“反内卷”，通胀率继续低位前行
Bei Da Guo Min Jing Ji Yan Jiu Zhong Xin·2025-08-12 02:13