Core Viewpoint - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices decreasing by 0.3% [1]. Group 1: Year-on-Year Price Changes - In July, food and tobacco prices decreased by 0.8%, contributing approximately 0.21 percentage points to the CPI decline [3]. - Specific food items saw significant price changes: egg prices fell by 11.2% (impacting CPI by -0.07 percentage points), fresh vegetable prices dropped by 7.6% (-0.16), and pork prices decreased by 9.5% (-0.13) [3]. - Other categories showed price increases: other goods and services rose by 8.0%, clothing by 1.7%, and living goods and services by 1.2% [3]. Group 2: Month-on-Month Price Changes - In July, food and tobacco prices decreased by 0.1%, leading to a CPI decline of about 0.04 percentage points [7]. - Fresh fruit prices fell by 3.4% (-0.07), while fresh vegetable prices increased by 1.3% (+0.03) [7]. - Other categories experienced price increases: transportation and communication rose by 1.5%, education and culture by 1.3%, and other goods and services by 0.9% [7].

Group 1 - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices down by 0.3% [1] - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] - The average CPI from January to July 2025 decreased by 0.1% compared to the same period last year [1] Group 2 - In July 2025, the CPI increased by 0.4% month-on-month, with urban prices up by 0.4% and rural prices up by 0.3% [1] - Food prices decreased by 0.2% month-on-month, while non-food prices increased by 0.5% [1] - Service prices rose by 0.6% month-on-month, contributing to the overall CPI increase [1] Group 3 - In July 2025, the prices of food, tobacco, and alcohol decreased by 0.8% year-on-year, impacting the CPI by approximately 0.21 percentage points [3] - Key contributors to the decline in food prices included eggs (down 11.2%), fresh vegetables (down 7.6%), and pork (down 9.5%) [3] - Other categories showed price increases, with other goods and services up by 8.0%, clothing by 1.7%, and living goods and services by 1.2% [3] Group 4 - Month-on-month, food, tobacco, and alcohol prices decreased by 0.1%, affecting the CPI by about 0.04 percentage points [7] - Fresh fruit prices fell by 3.4% month-on-month, while fresh vegetables rose by 1.3% [7] - Other categories saw price increases, with transportation and communication up by 1.5%, education and culture by 1.3%, and other goods and services by 0.9% [7]

Core Viewpoint - In June 2025, the national consumer price index (CPI) showed a year-on-year increase of 0.1%, with urban prices rising by 0.1% and rural prices declining by 0.2% [1] Group 1: Year-on-Year Price Changes - In June, the prices of food, tobacco, and alcohol increased by 0.1%, contributing approximately 0.03 percentage points to the CPI [2] - Fresh fruit prices rose by 6.1%, impacting the CPI by approximately 0.12 percentage points; aquatic product prices increased by 3.4%, contributing about 0.07 percentage points [2] - Egg prices decreased by 7.7%, negatively affecting the CPI by about 0.05 percentage points; meat prices fell by 4.2%, leading to a 0.13 percentage point decline in the CPI, with pork prices down by 8.5% [2] - Grain prices decreased by 1.2%, impacting the CPI by approximately 0.02 percentage points; fresh vegetable prices fell by 0.4%, contributing a 0.01 percentage point decline [2] - Other categories saw price increases, with other goods and services, clothing, and education/culture/entertainment rising by 8.1%, 1.6%, and 1.0% respectively [2] Group 2: Month-on-Month Price Changes - In June, food, tobacco, and alcohol prices decreased by 0.3%, contributing approximately 0.09 percentage points to the CPI decline [4] - Fresh fruit prices fell by 3.3%, impacting the CPI by about 0.07 percentage points; egg prices decreased by 2.9%, contributing a 0.02 percentage point decline [4] - Meat prices saw a slight decrease of 0.6%, affecting the CPI by approximately 0.02 percentage points, with pork prices down by 1.2% [5] - Fresh vegetable prices increased by 0.7%, contributing approximately 0.01 percentage points to the CPI [5] - Other categories showed mixed results, with other goods and services, daily necessities, and healthcare prices rising by 0.5%, 0.2%, and 0.1% respectively [5]

Core Points - In June 2025, the national consumer price index (CPI) increased by 0.1% year-on-year, with urban prices rising by 0.1% and rural prices decreasing by 0.2% [1] - The CPI decreased by 0.1% month-on-month in June 2025, with urban prices also down by 0.1% and rural prices remaining stable [2] - For the first half of 2025, the national CPI decreased by 0.1% compared to the same period last year [1] Year-on-Year Price Changes - In June, food and tobacco prices rose by 0.1%, contributing approximately 0.03 percentage points to the CPI increase [4] - Fresh fruit prices surged by 6.1%, adding about 0.12 percentage points to the CPI, while pork prices fell by 8.5%, reducing the CPI by approximately 0.12 percentage points [4] - Other categories showed mixed results, with clothing prices up by 1.6% and education and entertainment prices up by 1.0%, while transportation and communication prices fell by 3.7% [4] Month-on-Month Price Changes - In June, food and tobacco prices decreased by 0.3%, impacting the CPI by approximately -0.09 percentage points [6] - Fresh fruit prices dropped by 3.3%, contributing to a CPI decrease of about 0.07 percentage points, while vegetable prices increased by 0.7%, adding 0.01 percentage points to the CPI [6] - Other categories experienced varied changes, with healthcare prices rising by 0.1% and transportation prices remaining stable [6] Summary of Price Changes by Category - Food and tobacco prices decreased by 0.3% month-on-month and increased by 0.1% year-on-year [8] - Fresh vegetables saw a month-on-month increase of 0.7% but a year-on-year decrease of 0.4% [9] - Transportation and communication prices remained stable month-on-month but decreased by 3.7% year-on-year [9]

Group 1: CPI and PPI Analysis - In April 2025, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, remaining unchanged from the previous month[11] - The CPI increased by 0.1% month-on-month, reversing a previous decline of 0.4%[12] - Energy prices fell by 4.8% year-on-year, with gasoline prices dropping by 10.4%, contributing approximately 0.38 percentage points to the CPI decline[13] - The Producer Price Index (PPI) decreased by 2.7% year-on-year, with the decline widening by 0.2 percentage points compared to the previous month[11] Group 2: Economic Implications and Policy Outlook - The low inflation environment provides room for policy adjustments, with both monetary and fiscal policies expected to be more proactive[4] - The decline in oil prices has led to a decrease in domestic prices across related industries, impacting overall economic stability[4] - The core CPI, excluding food and energy, rose by 0.5%, indicating stable demand despite the overall CPI decline[14] - The report suggests that the current economic conditions allow for a more aggressive macroeconomic policy response to external uncertainties[30] Group 3: Risks and Market Considerations - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[5] - The report emphasizes the importance of monitoring external factors that could impact domestic economic performance and inflation trends[30]

Core Viewpoint - In April 2025, the national consumer price index (CPI) showed a year-on-year decrease of 0.1%, with urban prices stable and rural prices down by 0.3% [1] Group 1: Year-on-Year Price Changes - In April, food and tobacco prices increased by 0.3%, contributing approximately 0.07 percentage points to the CPI [2] - Fresh fruit prices rose by 5.2%, impacting the CPI by about 0.11 percentage points; aquatic product prices increased by 1.5%, contributing 0.03 percentage points; and meat prices rose by 0.6%, adding 0.02 percentage points, with pork prices specifically increasing by 5.0%, contributing 0.06 percentage points [2] - Fresh vegetable prices decreased by 5.0%, negatively impacting the CPI by about 0.10 percentage points, while grain prices fell by 1.4%, contributing a decrease of 0.02 percentage points [2] - Among other categories, prices for other goods and services, clothing, and education/culture/recreation rose by 6.6%, 1.3%, and 0.7% respectively, while transportation and communication prices decreased by 3.9% [2] Group 2: Month-on-Month Price Changes - In April, food and tobacco prices increased by 0.2%, contributing approximately 0.05 percentage points to the CPI [5] - Fresh fruit prices rose by 2.2%, impacting the CPI by about 0.05 percentage points; aquatic product prices increased by 1.2%, contributing 0.02 percentage points; while fresh vegetable prices fell by 1.8%, negatively affecting the CPI by 0.04 percentage points [5] - Other categories saw price increases in other goods and services, education/culture/recreation, and healthcare by 2.4%, 0.4%, and 0.2% respectively, while housing and living goods/services prices remained stable [5]