Group 1 - The domestic economy shows positive changes as the Consumer Price Index (CPI) increased by 0.4% month-on-month in July, reversing a previous decline of 0.1%, while year-on-year it remained flat [1] - The Producer Price Index (PPI) saw a narrowing decline of 0.2% month-on-month, with a year-on-year decrease of 3.6%, indicating an improvement in market supply and demand relationships [1] - The expansion of domestic demand policies is having a noticeable effect, leading to marginal improvements in price movements [1] Group 2 - The core CPI rose by 0.8% year-on-year in July, marking the highest level since March 2024, reflecting enhanced market vitality and smoother economic circulation [3] - Service prices significantly contributed to the CPI increase, with airfares, tourism, hotel accommodations, and transportation rental fees rising by 17.9%, 9.1%, 6.9%, and 4.4% respectively, collectively accounting for over 60% of the CPI's month-on-month increase [3] - Industrial consumer goods prices also showed positive trends, with a 0.2% month-on-month increase excluding energy, driven by demand recovery from consumption policies [3] Group 3 - The month-on-month decline in the PPI has narrowed for the first time since March, indicating a stabilization in industrial product prices due to improved market competition [4] - Key industries such as coal, steel, photovoltaic, cement, and lithium battery sectors have seen reduced price declines, contributing to a decrease in the downward pressure on the PPI [4] - Prices of representative "anti-involution" goods like coking coal, rebar, polysilicon, and lithium carbonate have entered a strong upward cycle, positively impacting the PPI [4] Group 4 - International factors are also positively influencing industrial product prices, with oil and gas extraction prices rising by 3.0% and non-ferrous metal smelting and rolling prices increasing by 0.8% [4] - The transformation and upgrading of industries are driving price recoveries in related sectors, with caustic soda prices up by 3.6% and a reduced decline in glass manufacturing prices by 0.9% [4] - The release of domestic demand potential is leading to year-on-year price increases in certain industries, such as a 13.1% rise in the manufacturing of arts and crafts and a 5.3% increase in sports balls manufacturing [4]

Core Viewpoint - The continuous effect of the domestic demand expansion policy is leading to positive changes in consumer prices, with the Consumer Price Index (CPI) showing stability and slight increases in certain areas [1][2]. CPI Analysis - In July, the CPI remained flat year-on-year, with a month-on-month increase of 0.4%, reversing a previous decline of 0.1% [1]. - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 [5]. - Food prices saw a significant decline, with fresh vegetable prices dropping by 7.6% and pork prices decreasing by 9.5%, contributing to the overall CPI stability [2][5]. Price Contributions - Service and industrial consumer goods prices were the main drivers of the CPI increase, with service prices rising by 0.6% month-on-month and industrial prices increasing by 0.5% [3][4]. - Specific price increases in the travel sector, such as airfares and accommodation, significantly impacted the CPI, contributing approximately 0.21 percentage points to the month-on-month increase [4]. PPI Insights - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July, primarily due to seasonal factors affecting manufacturing and construction [6]. - Certain industries, such as non-metallic mineral products and coal mining, experienced price declines, but the overall rate of decline has narrowed, indicating potential stabilization [7][8]. - Expectations for August suggest a possible improvement in PPI, driven by a low base effect and ongoing domestic demand recovery [8].

Group 1 - The Consumer Price Index (CPI) in July increased by 0.4% month-on-month, indicating a shift from decline to growth, while the core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 [1][3] - The rise in service prices by 0.6% month-on-month contributed approximately 0.26 percentage points to the CPI increase, driven by seasonal factors such as summer travel [1][2] - Various local governments have implemented consumption promotion measures, enhancing consumer activity during the summer season [1] Group 2 - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July, but the decline was less than the previous month, indicating a narrowing of price drops in certain industries [4][5] - The central government's emphasis on regulating low-price competition and improving product quality is expected to optimize market competition and reduce price declines in industries such as coal, steel, and lithium batteries [4][5] - The narrowing of price declines in key sectors contributed to a reduced downward impact on the PPI by 0.14 percentage points compared to the previous month [4] Group 3 - The ongoing macroeconomic policies are fostering new growth drivers in various industries, leading to improved supply-demand relationships and positive price changes [6][7] - Traditional industries are upgrading while emerging industries are expanding, resulting in price increases in sectors like aircraft manufacturing and wearable technology [7] - Consumer demand is shifting from basic needs to quality improvements, with significant growth in sales of upgraded home appliances [7]

Group 1 - The Consumer Price Index (CPI) in July showed a month-on-month increase of 0.4%, indicating a shift from decline to growth, while the core CPI excluding food and energy rose by 0.8%, marking the highest increase since March 2024 [1][6] - The rise in service prices by 0.6% in July contributed approximately 0.26 percentage points to the CPI increase, driven by seasonal factors such as summer travel, with significant price hikes in airfare, tourism, and accommodation [4][5] - Various local governments have implemented consumption-boosting measures, enhancing consumer activity during the summer season, which has positively impacted demand and prices in related sectors [4][5] Group 2 - The Producer Price Index (PPI) decreased by 0.2% in July, but the decline was less than the previous month, indicating an improvement in market competition and pricing stability in certain industries [7][8] - The central government's emphasis on regulating low-price competition and promoting product quality is expected to further optimize market conditions, particularly in industries like coal, steel, and lithium batteries [8][9] - The July data showed a narrowing of price declines in key sectors, suggesting a potential stabilization in pricing dynamics as supply and demand conditions improve [8][9] Group 3 - The ongoing macroeconomic policies are fostering new growth drivers in various industries, leading to improved supply-demand relationships and positive price changes [9][10] - Traditional industries are upgrading while emerging sectors are expanding, contributing to price increases in manufacturing, such as a 3.0% rise in aircraft manufacturing prices [10] - Consumer preferences are shifting towards quality upgrades, with significant increases in sales of advanced home appliances, indicating a trend towards improved consumption patterns [11][13]

Group 1 - The core viewpoint of the article indicates that the effects of policies aimed at expanding domestic demand are becoming increasingly evident, as reflected in the Consumer Price Index (CPI) data for July [1][4][6] - In July, the national CPI remained flat year-on-year, while it increased by 0.4% month-on-month, reversing a previous decline of 0.1% [1][4][5] - The core CPI, which excludes food and energy prices, rose by 0.8% year-on-year, marking an expansion in growth for three consecutive months [1][4][6] Group 2 - The increase in CPI is primarily driven by rising prices in services and industrial consumer goods [3]

Group 1 - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing a previous decline of 0.1%, while the year-on-year change remained flat [1] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the third consecutive month of growth [1] - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less than the previous month, and the year-on-year drop remained at 3.6% [1] Group 2 - The increase in CPI is attributed to the effectiveness of policies aimed at boosting domestic demand and consumption, alongside a reduction in disorderly competition among enterprises [1] - The rise in non-food prices year-on-year indicates a gradual improvement in consumption structure, while food prices have been a drag due to falling vegetable prices and a slowdown in fruit price increases [1] - The PPI's month-on-month decline has narrowed for the first time since March, suggesting signs of stabilization in some industrial prices [2] Group 3 - Future CPI is expected to rise steadily due to ongoing consumption recovery and supportive policies, with service prices likely to remain high during peak seasons [2] - The impact of food price fluctuations is anticipated to decrease, while industrial consumption prices are expected to rebound due to rising household income and consumer confidence [2] - The ongoing construction of a unified national market is expected to optimize market competition and support the gradual recovery of PPI [3]

Group 1 - The core viewpoint of the article highlights that in July, the effects of policies to expand domestic demand are becoming evident, with the Consumer Price Index (CPI) remaining flat year-on-year and increasing by 0.4% month-on-month after a previous decline of 0.1% [1] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year, marking an expansion in growth for three consecutive months [1] - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] Group 2 - The average CPI from January to July showed a decline of 0.1% compared to the same period last year [1] - The analysis indicates that the flat year-on-year CPI is primarily influenced by lower food prices, particularly fresh vegetable prices, which fell by 7.6% year-on-year, with a significant increase in the rate of decline [1] - Service prices increased by 0.6% month-on-month, contributing approximately 0.26 percentage points to the CPI increase, accounting for over 60% of the total rise [1]

Core Insights - The consumer price index (CPI) in China remained flat year-on-year in July, with a month-on-month increase of 0.4%, reversing a previous decline of 0.1% [1] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year, marking an expansion in growth for three consecutive months [1] Price Trends - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] - Consumer goods prices fell by 0.4% year-on-year, whereas service prices rose by 0.5% [1] - The average CPI from January to July showed a decline of 0.1% compared to the same period last year [1] Influencing Factors - The flat year-on-year CPI was primarily influenced by lower food prices, particularly fresh vegetables, which saw a 7.6% decrease, expanding the decline by 7.2 percentage points compared to the previous month [1] - Fresh fruit prices increased by 2.8% year-on-year, but the growth rate fell by 3.3 percentage points from the previous month [1] - The month-on-month increase in CPI was driven mainly by rising service prices, which increased by 0.6%, contributing approximately 0.26 percentage points to the CPI increase [1] - Industrial consumer goods prices rose by 0.5% month-on-month, with an increase of 0.4 percentage points compared to the previous month, contributing about 0.17 percentage points to the CPI rise [1]

Group 1 - The core viewpoint of the article highlights the multidimensional changes in consumer and industrial prices in July, indicating the effects of policies aimed at expanding domestic demand [1] - The Consumer Price Index (CPI) showed a month-on-month increase of 0.4% in July, reversing a previous decline of 0.1%, while the year-on-year change remained flat [1] - The core CPI rose by 0.8% year-on-year, marking the highest increase since March 2024, with significant contributions from service and industrial consumer goods prices [1] Group 2 - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was narrowed by 0.2 percentage points, the first contraction since March, with a year-on-year decrease of 3.6% [1] - Seasonal factors and uncertainties in international trade have led to price declines in certain industries, particularly in non-metallic mineral products and computer communication sectors [1] - The article suggests that the narrowing of the PPI decline reflects positive changes due to effective policies and industry structure optimization, with a focus on reshaping supply and demand in the short term [1]

Core Insights - The July Consumer Price Index (CPI) shows a month-on-month increase of 0.4%, reversing a previous decline of 0.1%, while year-on-year CPI remains flat [1] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 [1] - The increase in CPI is attributed to the effects of domestic demand expansion policies, with notable price rises in services and industrial consumer goods [1] Group 1: CPI Trends - The month-on-month CPI increase of 0.4% is 0.1 percentage points higher than seasonal levels, driven by rising prices in the consumption sector [1] - Service prices increased by 0.6% month-on-month, contributing approximately 0.26 percentage points to the overall CPI increase [1] - Industrial consumer goods prices, excluding energy, rose by 0.2%, while energy prices increased by 1.6% month-on-month [1] Group 2: Consumer Behavior and Policy Impact - The demand recovery is supported by consumption promotion policies, particularly in the automotive and home appliance sectors [1] - The prices of fuel and new energy vehicles stabilized, while household appliance prices saw month-on-month increases ranging from 0.5% to 2.2% [1] - The "trade-in for new" policy is expected to further support consumer goods prices and mitigate price wars in the automotive sector [1] Group 3: Gold and Jewelry Market - The prices of gold and platinum jewelry increased significantly, with year-on-year rises of 37.1% and 27.3%, respectively, contributing approximately 0.22 percentage points to the year-on-year CPI [1] - The automotive price decline is at its smallest in nearly 34 and 28 months, indicating a stabilization in the market [1] Group 4: Future Outlook - Continued implementation of consumption promotion measures is anticipated to bolster demand and support price stability [1] - The proactive macroeconomic policies are expected to accelerate domestic demand recovery, countering deflationary pressures and leading to a slight rebound in prices [1]