#CPI数据来袭
Analysis of China's CPI Data for June 2025
1. Overall Trend: CPI year-on-year turned positive (0.1%), ending four months of negative growth; month-on-month decreased by 0.1%, with the rate of decline narrowing.
2. Core Drivers: Industrial consumer goods (energy, precious metals, automobiles) and consumption promotion policies drove the growth, with core CPI year-on-year increasing by 0.7% (a new high in 14 months).
3. Food Performance: The month-on-month decline was less than seasonal trends, beef prices turned to increase, and the year-on-year decline in pork prices narrowed.
4. Policy Effects: The expansion of domestic demand policies showed effects, with retail sales growth exceeding expectations, and marginal improvement in market confidence.
5. Future Outlook: CPI may gently rise, but attention should be paid to external uncertainties and the potential constraints of real estate adjustments on consumption.
