中国上半年CPI降0.1%，进口成本压力难转嫁

Group 1 - The consumer price index (CPI) in China decreased by 0.1% year-on-year from January to June, marking the first negative change since the Lehman crisis in 2009 [1] - The sluggish consumption environment makes it difficult for companies to pass on rising costs to sales prices, despite increased import costs due to tariffs [2][4] - The core inflation rate, excluding food and energy prices, is only 0.4%, indicating a significant gap from the government's target of around 2% inflation by 2025 [1] Group 2 - The real estate market in China has been in a downturn for nearly four years, contributing to a stagnant economy and a challenging job market for young people [2] - Many households are opting to save rather than spend due to uncertainty about the future, leading to intensified competition in sectors like dining [2] - The wholesale price index fell by 2.8% year-on-year from January to June, with a 3.6% decline in June alone, reflecting downward pressure on prices due to insufficient demand and overproduction [4]