National Bureau of Statistics urban chief statistician Dong Lijuan interprets the July 2025 CPI and PPI data.

In July, the effects of expanding domestic demand policies continued to show, with the month-on-month resident consumer price index rising from a 0.1% decrease last month to a 0.4% increase, remaining flat year-on-year. The core CPI, excluding food and energy prices, rose 0.8% year-on-year, with the increase widening for 3 consecutive months. Due to seasonal factors and uncertainty in the international trade environment, the industrial producer price index fell 0.2% month-on-month. The domestic market competition order continued to improve, with the month-on-month decline narrowing by 0.2 percentage points compared to last month, and a 3.6% year-on-year decrease, the same as the previous month.