Economic Overview - In July, the national consumer price index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [1] - The core CPI, excluding food and energy prices, increased by 0.8% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month [3] Price Changes by Category - Food and tobacco prices decreased by 0.8% year-on-year, while clothing prices increased by 1.7% [3] - Housing prices rose by 0.1%, and prices for daily necessities and services increased by 1.2% [3] - Transportation and communication prices fell by 3.1%, while education, culture, and entertainment prices rose by 0.9% [3] - Medical care prices increased by 0.5%, and other goods and services saw an increase of 8.0% [3] Specific Price Movements - Within the food and tobacco category, pork prices dropped by 9.5%, fresh vegetable prices decreased by 7.6%, and grain prices fell by 1.0% [3] - Fresh fruit prices, however, increased by 2.8% [3] Industrial Producer Prices - In July, the national industrial producer price index (PPI) decreased by 3.6% year-on-year and by 0.2% month-on-month [3] - The national industrial producer purchase price index fell by 4.5% year-on-year and by 0.3% month-on-month [3] - From January to July, the year-on-year decline in industrial producer prices was 2.9%, while the purchase prices decreased by 3.2% [3]

Core Insights - In July, Liaoning's Consumer Price Index (CPI) decreased by 0.2% year-on-year, which is 0.2 percentage points lower than the national average, ranking 18th nationwide [1] - The core CPI, excluding food and energy prices, increased by 0.5% year-on-year, maintaining the same growth rate as the previous month [1] - Month-on-month, the CPI rose by 0.5%, surpassing the national average by 0.1 percentage points, ranking 4th nationwide [1] Year-on-Year Analysis - In July, prices of eight major categories of goods and services showed a "four increases, three decreases, one stable" trend. Specifically, prices for other goods and services, clothing, daily necessities, and education, culture, and entertainment rose by 8.6%, 1.2%, 1.1%, and 0.4% respectively. Conversely, prices for food, tobacco, and alcohol, healthcare, and transportation and communication fell by 0.2%, 0.8%, and 3.7% respectively, while housing prices remained stable [1] Month-on-Month Analysis - Month-on-month, the prices of eight major categories of goods and services exhibited a "four increases, one decrease, three stable" trend. Notably, transportation and communication, other goods and services, education, culture, and entertainment, and daily necessities saw price increases of 2.2%, 1.7%, 0.9%, and 0.9% respectively. Clothing prices decreased by 0.3%, while healthcare, food, tobacco, and alcohol, and housing prices remained stable [1]

Group 1 - The core viewpoint of the article indicates that the Consumer Price Index (CPI) in Heilongjiang Province remained flat in July after a stable performance in May and a slight increase in June [1] - In July, industrial product prices increased by 0.8% year-on-year, while service prices rose by 0.3% [1] - Food prices experienced a decline of 2.4% year-on-year, and energy prices decreased by 3.7% [1]

Core Insights - In July, Beijing's Consumer Price Index (CPI) shifted from a decline to an increase, rising by 0.7% month-on-month while experiencing a year-on-year decrease of 0.2%, with the decline slightly widening compared to the previous month [1] Group 1: CPI Trends - The food prices decreased by 0.9% month-on-month, with the decline narrowing by 0.5 percentage points compared to the previous month [1] - Non-food prices shifted from a 0.3% decrease in the previous month to a 0.9% increase [1] Group 2: Service and Industrial Prices - Service prices transitioned from a 0.3% decrease to a 1.1% increase, driven by increased travel during the summer, with airfares, accommodation, and travel agency fees rising by 37.8%, 11.8%, and 6.1% respectively [1] - Industrial consumer goods prices changed from a 0.2% decrease to a 0.9% increase, with gasoline and diesel prices rising by 3.6% and 4.0%, respectively, marking an increase of 3.3 and 3.6 percentage points compared to the previous month [1] - Prices for large household appliances shifted from a 0.1% decrease to a 2.7% increase, while gold jewelry prices rose by 0.3% [1]

Group 1 - In June, Liaoning Province's Consumer Price Index (CPI) increased by 0.2% year-on-year, which is 0.1 percentage points higher than the national average, ranking 12th in the country [1] - Month-on-month, the CPI decreased by 0.3%, which is 0.2 percentage points lower than the national average, ranking 28th in the country [1] - The prices of food decreased by 1.6%, while non-food prices remained stable compared to the previous month [1] Group 2 - Among the eight categories of goods and services, six categories saw price increases, while two categories experienced price declines year-on-year [1] - The largest price increase was in other goods and services, which rose by 8.3%, followed by clothing at 1.3%, and food, tobacco, and alcohol also at 1.3% [1] - Month-on-month, four categories saw price increases, three categories saw declines, and one category remained stable [2]

Economic Overview - The overall price level is currently low, which increases pressure on corporate operations and affects residents' employment and income growth, making it important to promote a reasonable price recovery [1][5] - The government aims to continue leveraging macroeconomic policies to further expand investment demand and promote supply-side reforms to improve economic circulation [1][5] Consumer Price Index (CPI) Analysis - In April, the national consumer price index (CPI) decreased by 0.1% year-on-year, while the core CPI increased by 0.5%, indicating a stable overall trend despite the slight decline [3][4] - The decline in CPI is primarily influenced by the drop in international oil prices, with energy prices falling by 4.8% year-on-year, particularly gasoline prices which decreased by 10.4%, contributing to a 0.38 percentage point drop in CPI [3][4] - Month-on-month, the CPI rose by 0.1% in April, reversing the previous month's decline, driven by increases in food and travel service prices [3][4] Core CPI Insights - The core CPI, excluding food and energy, showed a year-on-year increase of 0.5%, indicating stability in price levels, with service prices rising by 0.3% and industrial consumer goods prices (excluding energy) increasing by 0.4% [4] - The core CPI has demonstrated a steady upward trend, with increases of 0.3%, 0.5%, and 0.5% in January-February, March, and April respectively, reflecting the effectiveness of macroeconomic policies and enhanced domestic demand [4]

Group 1 - In April, the Consumer Price Index (CPI) in Liaoning Province decreased by 0.1% year-on-year, aligning with the national average, ranking 14th nationwide [1] - Month-on-month, the CPI increased by 0.1%, also matching the national average, ranking 19th nationwide [1] - Among the eight categories of goods and services, six experienced price increases while two saw declines [1] Group 2 - The price of other goods and services rose by 7.1%, clothing prices increased by 1.3%, and education, culture, and entertainment prices went up by 0.6% [1] - Food and beverage prices increased by 0.4%, while living goods and services rose by 0.3% [1] - Medical care prices decreased by 0.9%, and transportation and communication prices fell by 3.7% [1] Group 3 - Month-on-month, three categories saw price increases, three experienced declines, and two remained stable [1] - The price of beef rose by 6.9% due to increased import costs, contributing approximately 0.05 percentage points to the overall price level [1] - Fresh fruit prices increased by 1.4%, impacting the overall price level by about 0.04 percentage points, while fresh vegetable prices fell by 4.9%, reducing the overall price level by approximately 0.10 percentage points [1] Group 4 - Non-food prices increased by 0.1% month-on-month, contributing about 0.08 percentage points to the overall price level [2] - Travel agency prices surged by 4.6% due to high demand during holidays, adding approximately 0.05 percentage points to the overall price level [2] - Gold jewelry prices rose by 9.9%, impacting the overall price level by about 0.08 percentage points, while prices for gasoline and diesel decreased by 2.2%, collectively reducing the overall price level by approximately 0.08 percentage points [2]

Group 1 - The core viewpoint is that Shandong Province has maintained stable market prices and sufficient supply of essential goods in 2023, with a slight decrease in the Consumer Price Index (CPI) [1][2] - In the first quarter, the CPI in Shandong decreased by 0.2% year-on-year, indicating a low-level operation trend [1] - Food prices primarily decreased, with an overall decline of 2.2% year-on-year, influenced by seasonal demand fluctuations post-Spring Festival [1] Group 2 - The prices of industrial consumer goods saw a slight increase of 0.1% year-on-year, driven by rising international precious metal prices [1] - Service prices experienced a modest increase of 0.5% year-on-year, with notable rises in household services and entertainment [2] - The economic environment in Shandong is expected to support stable price levels, with upcoming holidays likely to boost demand for goods and services [2]

Inflation Trends - In February, China's Consumer Price Index (CPI) decreased by 0.7% year-on-year, against a market expectation of a 0.4% decline, following a 0.5% increase in January[1] - The average CPI for January-February showed a slight decline of 0.1% compared to the same period last year, while December's CPI had a 0.1% increase[5] - Food prices fell by 1.3% year-on-year in January-February, compared to a 0.5% decline in December[5] Core CPI and PPI Analysis - The core CPI for January-February increased by 0.3% year-on-year, slightly down from a 0.4% increase in December[5] - The Producer Price Index (PPI) in February dropped by 2.2% year-on-year, slightly worse than the expected 2.1% decline and an improvement from a 2.3% drop in the previous month[9] - The prices of production materials decreased by 2.5% year-on-year, contributing approximately 1.86 percentage points to the overall PPI decline[9] Price Movements and Policy Implications - February's PPI saw a month-on-month decrease of 0.1%, following a 0.2% decline in January[10] - The government has set a CPI growth target of around 2% for 2025, down from 3% in 2024, indicating a shift in monetary policy focus[13] - The report emphasizes the importance of maintaining liquidity and aligning monetary supply growth with economic growth and price expectations[13]