Group 1: CPI Analysis - In July, the CPI remained flat year-on-year, with a month-on-month increase of 0.4%. The core CPI, excluding food and energy, rose by 0.8%, marking the highest increase since March 2024 [1][3][4] - The year-on-year stability of the CPI was primarily influenced by lower food prices, which decreased by 1.6% compared to the same month last year. Fresh vegetable prices fell by 7.6%, while fresh fruit prices increased by 2.8% [3][4] - The month-on-month increase in CPI was driven by rising service and industrial consumer goods prices, with service prices up by 0.6% and industrial consumer goods prices up by 0.5% [4][3] Group 2: PPI Analysis - In July, the PPI decreased by 3.6% year-on-year, with the decline consistent with June's figures. However, the month-on-month decline of 0.2% showed a narrowing compared to June [5][6] - Certain industries experienced improved supply-demand relationships, leading to positive price changes. For instance, the price of caustic soda rose by 3.6%, and the price of glass manufacturing saw a reduced decline of 0.9% compared to June [6][7] - The month-on-month decline in PPI was influenced by seasonal factors, with prices in the coal mining and washing industry, black metal smelting, and photovoltaic equipment manufacturing showing reduced declines compared to the previous month [7][6] Group 3: Future Price Trends - The National Bureau of Statistics indicated that prices are expected to gradually recover in the second half of the year, driven by effective policies aimed at expanding domestic demand, which will stimulate consumption and push up consumer goods prices [8] - The holiday effect is anticipated to stabilize or increase service prices, while the downward pressure from tailing factors on both CPI and PPI is expected to diminish [8]

Group 1: CPI and Core CPI Trends - The Consumer Price Index (CPI) increased by 0.4% month-on-month in July, reversing a previous decline of 0.1% [1] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the third consecutive month of growth [1][4] - The CPI's month-on-month increase was higher than seasonal levels by 0.1 percentage points, driven mainly by rising service and industrial goods prices [2] Group 2: Price Influences and Sector Performance - Service prices rose by 0.6% month-on-month, contributing approximately 0.26 percentage points to the CPI increase, with significant impacts from travel-related costs during the summer [2] - Industrial goods prices increased by 0.5% month-on-month, influenced by a 1.6% rise in energy prices, which contributed about 0.12 percentage points to the CPI [2] - The prices of gold and platinum jewelry saw significant year-on-year increases of 37.1% and 27.3%, respectively, impacting the CPI positively [4] Group 3: PPI Trends and Market Dynamics - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but this decline was the smallest since March, indicating a narrowing of the decline [6] - The PPI's year-on-year decline remained at 3.6%, with the reduction in prices attributed to seasonal factors and international trade uncertainties affecting several industries [7][8] - Domestic market competition has improved, leading to a reduction in the PPI's downward pressure, particularly in sectors like coal, steel, and solar energy [8]

Group 1 - The core CPI has shown an expanding growth for three consecutive months, indicating positive changes in prices [1][7] - In July, the CPI increased by 0.4% month-on-month, which is 0.1 percentage points higher than the seasonal level [3] - The rise in CPI is primarily driven by increases in service and industrial consumer goods prices, with service prices up 0.6% and industrial consumer goods prices up 0.5% [5] Group 2 - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 [9] - Food prices have decreased by 1.6% year-on-year, significantly impacting the overall CPI [8] - The prices of gold and platinum jewelry increased by 37.1% and 27.3% year-on-year, respectively, contributing to the CPI increase [9] Group 3 - The PPI decreased by 0.2% month-on-month, but the decline has narrowed for the first time since March [12] - The decline in PPI is influenced by seasonal factors, market order optimization, and uncertainties in the international trade environment [14] - The competitive order in the domestic market has improved, leading to a reduction in the downward pressure on prices in several industries [17]

Group 1: Consumer Price Index (CPI) - In July, the CPI increased by 0.4% month-on-month, reversing a 0.1% decline from the previous month, with year-on-year growth remaining flat [1][3] - The year-on-year CPI was primarily influenced by lower food prices, which decreased by 1.6%, contributing approximately 0.29 percentage points to the CPI decline [1] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 [1] Group 2: Producer Price Index (PPI) - The PPI decreased by 0.2% month-on-month in July, but the decline was less than the previous month, marking the first narrowing of the decline since March [5] - Seasonal factors and uncertainties in the international trade environment contributed to price decreases in several industries, including a 1.4% drop in non-metallic mineral products [5][6] - The prices in coal mining and washing, black metal smelting, and photovoltaic equipment manufacturing saw reduced declines compared to the previous month, indicating improved market competition [6] Group 3: Economic Outlook - The National Bureau of Statistics indicated that prices are expected to gradually rise in the second half of the year, supported by stable economic performance and effective domestic demand expansion policies [6]

Group 1: CPI Analysis - The core CPI, excluding food and energy prices, increased by 0.8% year-on-year, marking the highest growth since March 2024, with a 0.1 percentage point increase from the previous month [2] - In July, the CPI rose by 0.4% month-on-month, reversing a 0.1% decline from the previous month, primarily driven by increases in service and industrial consumer goods prices [4] - The decrease in food prices, particularly fresh vegetables and fruits, significantly impacted the CPI, with fresh vegetable prices down 7.6% year-on-year and fruit prices up 2.8% [1][4] Group 2: PPI Analysis - The PPI fell by 0.2% month-on-month in July, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [6] - Seasonal factors and uncertainties in the international trade environment contributed to price decreases in several industries, including non-metallic mineral products and coal mining [6][7] - The competitive market environment in industries such as coal, steel, and photovoltaic manufacturing has led to a reduction in price declines compared to the previous month [7] Group 3: 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 demand expansion policies, and reduced low-price competition among enterprises [7]

2025.08.09 多，一方面建筑项目施工进度放缓影响建材需求；另一方面部分地区河流水量充沛，水力发电对火力发 电的补充替代作用明显增强，电煤需求减少，电价下降。受此影响，非金属矿物制品业价格环比下降 1.4%，黑色金属冶炼和压延加工业价格下降0.3%；煤炭开采和洗选业价格下降1.5%，电力热力生产和 供应业价格下降0.9%。国际贸易环境不确定性影响下，计算机通信和其他电子设备制造业价格下降 0.4%，汽车制造业价格下降0.3%，电气机械和器材制造业价格下降0.2%，通用设备制造业价格下降 0.2%。上述8个行业合计影响PPI环比下降约0.24个百分点。二是国内市场竞争秩序持续优化带动相关行 业价格降幅收窄。全国统一大市场建设纵深推进，煤炭、钢材、光伏、水泥和锂电等行业市场竞争秩序 持续优化，煤炭开采和洗选业、黑色金属冶炼和压延加工业、光伏设备及元器件制造、水泥制造、锂离 子电池制造价格环比降幅比上月分别收窄1.9个、1.5个、0.8个、0.3个和0.1个百分点，合计对PPI环比的 下拉影响比上月减少0.14个百分点。此外，国际输入性因素拉动国内石油和有色金属相关行业价格上 行，石油和天然气开采业价格上涨3 ...

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.4% month-on-month in July, higher than the seasonal level by 0.1 percentage points, driven by rising prices in services and industrial consumer goods [2] - Service prices rose by 0.6%, contributing approximately 0.26 percentage points to the CPI increase, with significant price hikes in air tickets (17.9%), tourism (9.1%), hotel accommodation (6.9%), and vehicle rentals (4.4%) [2] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with jewelry prices significantly impacting the CPI [2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was narrower than the previous month, marking the first month-on-month narrowing since March [4] - Seasonal factors and uncertainties in international trade affected prices in several industries, with notable declines in non-metallic mineral products (1.4%) and coal mining (1.5%) [4] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price recovery due to improved supply-demand relationships and ongoing macroeconomic policies [5]

Group 1 - The core viewpoint of the article highlights the ongoing effects of domestic demand expansion policies, leading to a rise in the Consumer Price Index (CPI) and a narrowing decline in the Producer Price Index (PPI [3][4][6] - In July, the CPI increased by 0.4% month-on-month, driven by rising prices in services and industrial consumer goods, with service prices up 0.6% and industrial consumer goods prices up 0.5% [4][5] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with significant contributions from jewelry prices [4][5] Group 2 - The PPI decreased by 0.2% month-on-month, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [6][7] - Seasonal factors and uncertainties in the international trade environment contributed to price declines in certain industries, such as construction materials and electricity generation [6][7] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price increases due to improved supply-demand relationships and ongoing macroeconomic policies [8]

Group 1 - In July, China's Consumer Price Index (CPI) remained flat year-on-year, while the Producer Price Index (PPI) decreased by 3.6%, with the decline rate unchanged from June [1][5] - The decline in food prices, particularly pork and fresh vegetables, significantly impacted the CPI, with pork prices down 8.5% and fresh vegetable prices down 7.6% year-on-year [2][5] - Core CPI increased by 0.8% year-on-year, showing a slight acceleration compared to the previous month [4] Group 2 - The prices of production materials decreased by 4.3% year-on-year, while the decline in living materials prices widened from 1.4% to 1.6% [5] - Some industries are experiencing price increases due to macroeconomic policies and improved supply-demand relationships, with notable increases in prices for alkali (up 3.6%) and aircraft manufacturing (up 3.0%) [6] - The "anti-involution" policy is expected to support domestic prices, particularly in the automotive sector, while overall industrial consumer prices remain subdued due to weak consumer confidence [2][6]

Group 1: CPI Analysis - The Consumer Price Index (CPI) showed a month-on-month increase of 0.4% in July, reversing a previous decline of 0.1% in June, primarily driven by rising service and industrial goods prices [2][3] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with jewelry prices significantly contributing to this rise [2][3] - Food prices decreased by 1.6% year-on-year, influenced by a high base from the previous year, which negatively impacted the overall CPI [3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less severe than in previous months, indicating a potential stabilization in certain sectors [4][5] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price recovery due to improved supply-demand dynamics and ongoing industrial upgrades [5][6] - Specific sectors such as traditional industries and emerging industries showed positive price movements, with notable increases in prices for products like caustic soda and aircraft manufacturing [5][6]