中国国家统计局公布的数据显示，7月消费者物价指数（CPI）年增0.5%，环比下滑0.5个百分点，创2月以来首次跌至1%以下 [1]。同期工业生产者出厂价格指数（PPI）年增3.5%，环比下滑0.6个百分点 [1]。两项指标均低于市场预期。
从环比数据看，7月全国CPI月减0.1%，PPI月减0.7%，其中PPI降幅比上月扩大0.4个百分点 [1]。东方金誠首席宏观分析师王青指出，中国CPI特别是核心CPI年增率处于1.0%左右的低档，主要受消费需求不振拖累 [1]。国际油价下滑也对两项指标的下行构成了压力 [1]。
China's National Bureau of Statistics released July consumer price index (CPI) data showing annual growth of 0.5%, down 0.5 percentage points from June's 1.0% and marking the first decline below 1% since February [1]. The month-on-month CPI contracted by 0.1% [1]. Meanwhile, the producer price index (PPI) for industrial goods expanded 3.5% annually, a 0.6 percentage point decline from the previous month's 4.1%, with a monthly contraction of 0.7% [1].
Both indices underperformed market expectations, primarily due to softening international crude oil prices and weak domestic consumption demand [1]. According to Wang Qing, chief macroeconomic analyst at Orient Credit Rating, China's CPI, particularly core CPI, has settled at a low level of around 1.0% annually, largely weighed down by sagging consumer demand [1].