重要数据公布，积极信号显现

Core Viewpoint - The article discusses the recent trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting the impact of seasonal factors and international trade uncertainties on these indices. It notes a shift in CPI from a decline to an increase, while PPI continues to show a decrease but at a reduced rate. CPI Analysis - In July, the CPI increased by 0.4% month-on-month, reversing a previous decline of 0.1%, with year-on-year growth remaining flat [2] - The year-on-year CPI was primarily influenced by lower food prices, which fell by 1.6%, a decline that widened by 1.3 percentage points compared to the previous month, contributing approximately 0.29 percentage points to the CPI's year-on-year decline [2] - Non-food prices rose by 0.3% year-on-year, an increase of 0.2 percentage points from the previous month [2] - Seasonal factors, particularly the summer travel season, led to significant increases in service prices, with airfares, tourism, and accommodation costs rising by 17.9%, 9.1%, and 6.9% respectively [5] PPI Analysis - The PPI decreased by 0.2% month-on-month in July, but the rate of decline narrowed by 0.2 percentage points, marking the first reduction in the rate of decline since March [7] - The decline in PPI was attributed to seasonal factors and uncertainties in the international trade environment, which affected prices in several industries [7] - Specific industries such as non-metallic mineral products, black metal smelting, and coal mining saw price declines of 1.4%, 0.3%, and 1.5% respectively [7] - The competitive market environment has improved, leading to a reduction in the rate of price decline in several sectors, including coal and steel [8] Future Price Trends - The National Bureau of Statistics anticipates a moderate recovery in prices in the second half of the year, supported by stable economic performance, effective domestic demand policies, and reduced low-price competition among enterprises [9]