Core Insights - In July, the Consumer Price Index (CPI) in Sichuan decreased by 0.4% year-on-year, with the decline expanding by 0.1 percentage points compared to the previous month [1] - Month-on-month, the CPI shifted from flat in June to an increase of 0.4% in July [1] Price Movements - Fresh vegetable prices fell by 3.9% month-on-month, while fresh fruit prices decreased by 1.7% [1] - Pork prices saw a slight increase of 0.5% month-on-month, attributed to government initiatives aimed at reducing production capacity in the pig industry, which is expected to improve the supply-demand balance [1] Seasonal Effects - The peak travel season during summer led to price increases in various sectors, including: - Airfare prices rose by 20.1% month-on-month - Travel agency fees increased by 13.9% - Hotel accommodation prices went up by 5.0% - Transportation rental fees saw a rise of 4.8% [1]

Group 1 - In July, Beijing's Consumer Price Index (CPI) shifted from a decrease of 0.4% in the previous month to an increase of 0.7% [1] - Food prices decreased by 0.9%, with fresh fruit prices dropping by 7.4%, while pork prices turned from a decrease of 1.1% to an increase of 0.6% [1] - Prices for air tickets, accommodation, and travel agency services increased by 37.8%, 11.8%, and 6.1% respectively [1] Group 2 - Year-on-year, Beijing's CPI decreased by 0.2%, with food prices shifting from an increase of 0.7% to a decrease of 1.5% [2] - Prices for travel agency services and accommodation fell by 10.0% and 7.0%, while air ticket prices increased by 8.5% [2] - The Producer Price Index (PPI) for industrial producers decreased by 1.9% year-on-year and 0.2% month-on-month [2]

Group 1: Consumer Price Index (CPI) Analysis - In July, Sichuan's Consumer Price Index (CPI) experienced a month-on-month increase of 0.4%, reversing from a previous month of stability [1] - Year-on-year, the CPI decreased by 0.4%, with the decline rate widening by 0.1 percentage points compared to the previous month [1] - The rise in CPI was driven by increased prices in tourism, transportation, accommodation, and refined oil [1] - Specific price changes included a 3.9% decrease in fresh vegetable prices, a 1.7% decrease in fresh fruit prices, and a 0.5% increase in pork prices [1] - The slight increase in pork prices is attributed to industry measures aimed at reducing production capacity and improving supply-demand balance [1] - During the peak travel season, air ticket prices rose by 20.1%, travel agency fees increased by 13.9%, hotel accommodation prices went up by 5.0%, and transportation rental fees rose by 4.8% [1] Group 2: Producer Price Index (PPI) Analysis - In July, the Producer Price Index (PPI) continued its downward trend, with a year-on-year decrease of 3.5%, and the decline rate expanded by 0.2 percentage points from the previous month [2] - Month-on-month, the PPI fell by 1.2%, with the decline rate narrowing by 0.1 percentage points compared to the previous month [2] - Contributing factors to the PPI decline included seasonal decreases in water and electricity prices, as well as an increase in the scale of market-oriented electricity transactions [2] - The prices in the black metal smelting and rolling processing industry continued to decline, along with ongoing decreases in the non-metallic mineral products industry [2]

Group 1: Inflation Data - In July 2025, the CPI year-on-year growth rate was 0.0%, down from 0.1% in the previous month, while the month-on-month increase was 0.4%, reversing from a decrease of -0.1%[1] - The core CPI year-on-year increased to 0.8%, up from 0.7% in the previous month, marking the highest level in nearly 15 months[2] - The July CPI month-on-month increase of 0.4% is slightly below the average of 0.42% for July from 2020 to 2024[2] Group 2: Producer Price Index (PPI) Insights - The PPI year-on-year decreased by 3.6% in July, maintaining the same decline as the previous month, while the month-on-month decline was 0.2%, narrowing by 0.2 percentage points from the previous month[3] - Factors contributing to the PPI decline include increased summer rainfall affecting construction demand and enhanced hydropower generation due to abundant river water[3] - The impact of "anti-involution" policies has led to a reduction in the price decline of related industries, with cement and coal prices decreasing by 0.3 and 1.9 percentage points, respectively[3] Group 3: Market Trends and Risks - The marginal improvement in CPI is driven by summer travel demand and rising gold prices, but high food base effects and pressure in the real estate market limit price recovery[4] - The ongoing inventory reduction among enterprises and supply-demand imbalances are primary reasons for the prolonged low prices of industrial products[4] - Risks include potential underperformance of domestic macroeconomic policies, unexpected interest rate changes, and concentrated credit events[4]

Group 1: CPI Analysis - In July, the CPI remained flat year-on-year, with a month-on-month increase of 0.4%, driven by rising service and industrial consumer 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, reflecting effective demand expansion and improved market supply-demand dynamics [3][6] - Food prices saw a year-on-year decline of 1.6%, primarily due to a high base from the previous year, with fresh vegetable prices dropping by 7.6% [2][3] Group 2: PPI Analysis - The PPI decreased by 3.6% year-on-year in July, with the decline remaining consistent with June, although some industries showed signs of price recovery [4][5] - The month-on-month PPI fell by 0.2%, but this marked the first narrowing of the decline since March, indicating improved market competition and price stabilization in certain sectors [5][6] - Industries such as coal mining, black metal smelting, and photovoltaic manufacturing experienced reduced price declines compared to June, contributing to a less negative PPI [5] Group 3: Future Outlook - Experts anticipate that proactive macroeconomic policies will continue to support demand recovery, leading to a stabilization of domestic prices [6] - New policies aimed at boosting consumption, such as support for childbirth and early education, are expected to further stimulate domestic demand and contribute to a gradual recovery in CPI [6] - The ongoing "anti-involution" measures are projected to elevate industrial product prices in August compared to July, with a significant reduction in year-on-year price bases expected to aid in this recovery [6]

Group 1: Consumer Price Index (CPI) Analysis - In July, the Consumer Price Index (CPI) in Guangdong showed a narrowing year-on-year decline of 0.3%, an improvement of 0.1 percentage points from the previous month [2] - The core CPI, excluding food and energy prices, increased by 0.4% year-on-year, with the growth rate expanding by 0.1 percentage points compared to last month [1] - Month-on-month, the CPI shifted from a decrease of 0.2% in the previous month to an increase of 0.5% in July, driven by a significant rise in non-food prices [3] Group 2: Food and Non-Food Price Trends - Food prices decreased by 1.1% year-on-year, contributing approximately 0.21 percentage points to the CPI decline, with pork prices down 2.4% and egg prices down 4.8% [2] - Non-food prices saw a slight decrease of 0.1% year-on-year, but the decline was less than the previous month, contributing about 0.07 percentage points to the CPI decline [2] - Month-on-month, food prices fell by 0.3%, while non-food prices increased by 0.6%, with significant increases in air ticket prices (up 29.8%) and tourism prices (up 14.7%) due to the summer peak season [3] Group 3: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) experienced a year-on-year decline of 2.0%, with the decline rate widening by 0.2 percentage points from the previous month [4] - In the PPI survey, 38 major industries showed 8 increases and 29 decreases, with an industry increase rate of 21.1%, down 7.8 percentage points from last month [4] - Month-on-month, the PPI decreased by 0.2%, with the decline rate narrowing by 0.1 percentage points, and 11 industries reported price increases [5]

国家统计局城市司首席统计师董莉娟分析，CPI同比持平，主要受食品价格较低影响。其中，鲜菜 价格同比下降7.6%，降幅比上月扩大7.2个百分点，鲜果价格同比上涨2.8%，涨幅比上月回落3.3个百分 点，二者对CPI同比的下拉影响合计比上月增加约0.21个百分点，是带动CPI同比由涨转平的主因。 环比上涨主要受服务和工业消费品价格上涨带动。服务价格环比上涨0.6%，影响CPI环比上涨约 0.26个百分点，占CPI总涨幅六成多。工业消费品价格环比上涨0.5%，涨幅比上月扩大0.4个百分点，影 响CPI环比上涨约0.17个百分点。（记者 王雨萧） 统计数据显示，7月份，食品价格同比下降1.6%，非食品价格同比上涨0.3%；消费品价格同比下降 0.4%，服务价格同比上涨0.5%。1至7月平均，CPI比上年同期下降0.1%。 新华社北京8月9日电 国家统计局9日发布数据显示，7月份，扩内需政策效应持续显现，全国居民 消费价格指数（CPI）同比持平，环比由上月下降0.1%转为上涨0.4%，扣除食品和能源价格的核心CPI 同比上涨0.8%，涨幅连续3个月扩大。 ...

Group 1: CPI and PPI Performance - July CPI year-on-year growth remained at 0%, against expectations of -0.1% and a previous value of +0.1%[3] - July PPI year-on-year remained at -3.6%, matching the previous value and slightly worse than the expected -3.4%[3] - Core CPI in July increased by 0.4% month-on-month, marking the fourth consecutive month above seasonal levels[6] Group 2: Price Trends - Food CPI month-on-month decline narrowed, with a 0.2% increase to -0.2%[5] - Prices of fresh vegetables and pork rebounded, with fresh vegetable CPI increasing by 0.6% month-on-month to +1.3%[16] - Physical consumption prices outperformed service consumption prices, with non-food CPI rising by 0.5% month-on-month[6] Group 3: Future Inflation Predictions - August CPI is expected to decline year-on-year to around -0.3%, with a month-on-month increase of approximately 0.1%[30] - PPI is anticipated to rise in August, with projections indicating a year-on-year increase due to base effects and expectations of price recovery[31] - The overall average CPI for 2025 is projected to be around 0% year-on-year, while PPI is expected to average between -2% and -3%[33] Group 4: Risk Factors - Potential risks include unexpected policy changes and significant fluctuations in commodity prices[36]

中新社北京8月9日电 随着扩内需政策效应持续显现，中国消费领域价格继续呈现积极变化。中国国家 统计局9日公布，7月份，扣除食品和能源价格的核心居民消费价格指数(CPI)同比上涨0.8%，涨幅连续3 个月扩大。 同期，工业消费品价格环比上涨0.5%，涨幅比上月扩大0.4个百分点。提振消费政策带动需求持续回 暖，叠加"618"促销活动结束，扣除能源的工业消费品价格环比上涨0.2%，其中燃油小汽车和新能源小 汽车价格均由连续5个月以上的下降转为持平。 从核心CPI看，7月份0.8%的同比涨幅为2024年3月以来最高。其中，金饰品和铂金饰品价格同比分别上 涨37.1%和27.3%；服务价格同比上涨0.5%，涨幅持续保持稳定；燃油小汽车和新能源小汽车价格同比 分别下降2.6%和1.9%，降幅分别为近34个月和28个月最小。 主要受食品价格较低影响，7月份CPI同比持平。在上年同期价格基数较高的情况下，当月食品价格同 比下降1.6%，降幅比上月扩大1.3个百分点。其中，鲜菜价格同比下降7.6%，降幅比上月扩大7.2个百分 点，鲜果价格同比上涨2.8%，涨幅比上月回落3.3个百分点。非食品价格同比上涨0.3%，涨幅比上月扩 ...

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]