Core Viewpoint - The Consumer Price Index (CPI) remained flat year-on-year in July 2025, primarily influenced by lower food prices [1] Summary by Relevant Sections CPI Analysis - The CPI year-on-year was unchanged, largely due to a 1.6% decline in food prices compared to the same period last year, with the decline rate expanding by 1.3 percentage points from the previous month [1] - The impact of food prices on the CPI year-on-year decreased by approximately 0.29 percentage points, with the downward influence increasing by about 0.24 percentage points compared to the previous month [1] Food Price Dynamics - Fresh vegetable prices saw a significant year-on-year decline of 7.6%, with the drop rate widening by 7.2 percentage points from the previous month [1] - Fresh fruit prices increased by 2.8% year-on-year, but the growth rate decreased by 3.3 percentage points compared to the previous month [1] - The combined downward impact of fresh vegetables and fruits on the CPI year-on-year increased by approximately 0.21 percentage points, which was the main reason for the CPI turning from an increase to flat [1] Non-Food Price Trends - Non-food prices experienced a year-on-year increase of 0.3%, with the growth rate expanding by 0.2 percentage points from the previous month [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]

Group 1: CPI Analysis - China's June CPI increased by 0.1% year-on-year, reversing a four-month decline, exceeding market expectations[4] - The month-on-month CPI decreased by 0.1%, but the decline was narrower than the previous month by 0.1 percentage points[6] - Industrial consumer goods prices stabilized and contributed to the CPI increase, with a reduction in the downward impact on CPI by approximately 0.18 percentage points[6] Group 2: PPI Analysis - China's June PPI decreased by 3.6% year-on-year, with the decline widening by 0.3 percentage points compared to the previous month[4] - The PPI's further decline reflects accumulated supply-side pressures and weak demand[23] - Upstream industrial prices faced significant pressure, with mining industry prices dropping by 13.2% year-on-year[27] Group 3: Price Trends - Core CPI, excluding food and energy, rose by 0.7%, marking a 14-month high, supported by resilient service prices[20] - Energy prices increased by 0.1% month-on-month, reversing the previous downward trend, influenced by geopolitical factors[16] - Food prices decreased by 0.4% month-on-month, but the decline was smaller than seasonal expectations by 0.5 percentage points[14]

国家统计局：CPI同比上涨0.1%，为连续下降4个月后转涨。CPI由降转涨主要受工业消费品价格有所回升影响。受国际大宗商品价格变动影响，金饰品和铂金饰品价格同比分别上涨39.2%和15.9%，合计影响CPI同比上涨约0.21个百分点。食品价格降幅略有收窄。食品价格同比下降0.3%，降幅比上月收窄0.1个百分点，其中牛肉价格结束28个月连续下降，转为上涨2.7%。核心CPI同比上涨0.7%，涨幅比上月扩大0.1个百分点，创近14个月以来新高。 ...

Group 1: CPI Trends - The CPI is expected to show a slight year-on-year recovery in June, with estimates ranging from 0% to 0.01% year-on-year growth, while month-on-month changes are projected at -0.1% [2][4] - Food prices are experiencing seasonal declines, with fruits down 2.3%, pork down 2.3%, and eggs down 6.4% month-on-month, although vegetable prices have increased by 1.3% due to seasonal factors [2][3] - Non-food prices are anticipated to improve marginally, driven by rising oil prices and a recovery in service consumption [3][4] Group 2: PPI Trends - The PPI is expected to remain low, with year-on-year estimates ranging from -2.78% to -3.4%, indicating a narrowing decline compared to May [4][5] - Internationally, crude oil prices surged by 9.1% month-on-month, contributing to a rise in the CRB index, while other product price increases remain limited [4][5] - Domestic industrial product prices showed a slight recovery, with the South China Industrial Products Index rising by 0.8% month-on-month in June [4][5]

Inflation Data Summary - In May, the CPI decreased by 0.2% month-on-month and recorded -0.1% year-on-year, remaining in the negative growth range[2] - Core CPI remained flat month-on-month and increased by 0.6% year-on-year, indicating the effectiveness of consumption-boosting policies[2] - Food prices fell by 0.4% year-on-year, with a month-on-month decrease of 0.2%[2] - Seasonal vegetable supply increased, leading to a 5.9% drop in fresh vegetable prices, while fresh fruit prices rose by 3.3% due to supply constraints[13] Producer Price Index (PPI) Insights - The PPI continued to decline, recording -3.3% year-on-year and -0.4% month-on-month[3] - International commodity prices fell sharply, impacting sectors like oil and gas extraction, which saw a price drop of 5.6%[20] - Consumer goods prices showed some recovery, with clothing and durable goods prices increasing by 0.2% and 0.1% respectively[20] - New energy sectors like photovoltaics and lithium batteries experienced a narrowing of price declines, with reductions of -12.1% and -5.0% respectively[21] Economic Outlook - Overall inflation data indicates a low operating level, with both CPI and PPI in negative growth ranges, reflecting insufficient effective demand in the economy[23] - Despite short-term pressure from food and energy prices, core CPI stabilization and structural improvements suggest that policy measures are gradually taking effect[23] - The monetary policy is expected to remain flexible and appropriate, potentially utilizing tools like reserve requirement ratio cuts and interest rate reductions to stabilize domestic demand and market expectations[5]

Group 1: CPI Analysis - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI rose by 0.6% year-on-year, an increase of 0.1 percentage points from April [1][3] - The decline in CPI was primarily influenced by a 1.7% decrease in energy prices, which accounted for approximately 0.13 percentage points of the total CPI decline [2] - The hospitality and tourism sectors saw price increases of 4.6% and 0.8% respectively, indicating a recovery in consumer demand [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) fell by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points compared to April [1][4] - The decrease in PPI was largely due to international factors, with significant price drops in the oil and gas extraction sector (5.6%) and refined petroleum products (3.5%) [4] - Domestic energy and raw material prices also saw a decline, particularly in the coal sector, which experienced a 3.0% drop due to seasonal demand [4][6] Group 3: Economic Outlook - The core CPI's mild recovery reflects improvements in supply and demand structures across various industries, supported by macroeconomic policies [3][6] - The overall economic resilience is expected to lead to a gradual recovery in CPI, with increased demand during the summer likely to boost service prices [3] - The PPI is anticipated to show marginal improvement, although it may take time to exit negative territory [6]

Group 1 - In May, China's Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year, primarily due to a decline in energy prices [1] - The core CPI, excluding food and energy, increased by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month [1] - Energy prices fell by 1.7% month-on-month, contributing approximately 0.13 percentage points to the overall CPI decline, accounting for nearly 70% of the total decrease [1] Group 2 - Food prices decreased by 0.2% month-on-month, with the decline being less than the seasonal average of 1.1 percentage points, impacting the CPI by about 0.04 percentage points [1] - Hotel accommodation and tourism prices increased by 4.6% and 0.8% month-on-month, respectively, both exceeding seasonal levels, with hotel prices reaching the highest increase for the same period in nearly a decade [1] - Year-on-year, energy prices dropped by 6.1%, with the decline expanding by 1.3 percentage points compared to the previous month, affecting the CPI by approximately 0.47 percentage points [1] Group 3 - Positive changes in prices are emerging in certain sectors due to effective consumer-boosting policies, with industrial consumer goods prices, excluding energy, rising by 0.6% year-on-year [2] - Prices for gold jewelry, household textiles, and durable entertainment goods increased by 40.1%, 1.9%, and 1.8% year-on-year, respectively, with all showing expanded growth [2] - The chief economist of China Minmetals Bank anticipates a mild recovery in CPI, particularly in energy, as recent production cuts by several oil-producing countries may mitigate the negative impacts of OPEC+ production increases [2]

Core Viewpoint - The Central Bank of Turkey indicates that short-term exchange rate trends and food prices are exerting upward pressure on inflation [1] Group 1 - The Central Bank of Turkey's governor highlights the significant impact of exchange rate fluctuations on inflation [1] - Food prices are identified as a critical factor contributing to inflationary pressures in the short term [1]