2025年7月，中国生产者价格指数同比下降3.6%，与6月份的速度持平，超过了市场预期的3.3%的跌幅。这标志着连续第34个月生产者通货紧缩，在持续的贸易不确定性和国内需求疲软的情况下，这是自2023年7月以来的最大跌幅。生产材料成本继续下滑（6月份为-4.3%对-4.4%），采矿（-14.0%对-13.2%）、原材料（-5.4%对-5.5%）和加工（-3.1%对-3.2%）的收缩幅度更大。与此同时，消费品价格仍然疲软（-1.6%对-1.4%），受到食品（-1.8%对-2.0%）、服装（-0.1%对0.1%）和耐用品（-3.5%对-2.7%）的拖累，而日用品价格上涨较慢（0.6%对0.8%）。在2025年的前七个月，出厂价格下降了2.9%。PPI环比下跌0.2%，较前四个月的0.4%有所放缓，为五个月来最疲软的步伐。

China’s producer prices fell 3.6% year-on-year in July 2025, matching June’s pace and exceeding market expectations for a 3.3% decline. This marked the 34th consecutive month of producer deflation, holding at the sharpest drop since July 2023, amid persistent trade uncertainty and weak domestic demand. Production material costs continued to slide (-4.3% vs -4.4% in June), with deeper contractions in mining (-14.0% vs -13.2%), raw materials (-5.4% vs -5.5%), and processing (-3.1% vs -3.2%). Simultaneously, consumer goods prices remained weak (-1.6% vs - 1.4%), weighed down by food (-1.8% vs -2.0%), clothing (-0.1% vs 0.1%), and durable goods (-3.5% vs -2.7%) while prices of daily-use goods rose more slowly (0.6% vs 0.8%). In the first seven months of 2025, factory-gate prices shrank 2.9%. Month-on-month, the PPI declined 0.2%, slowing from a 0.4% fall in the preceding four months and marking the softest pace in five months.

2025年7月，中国食品价格同比下跌1.6%，较6月0.3%的跌幅有所扩大，标志着连续第六个月下跌。这是自2月以来的最大跌幅，原因是新鲜蔬菜价格（-7.6%对6月的-0.4%）和鸡蛋价格（-11.2%对-7.7%）大幅下跌。猪肉价格也以更快的速度下跌（-9.5%对-8.5%），反映出上半年终端市场需求疲软和政府库存高企。与此同时，食用油（-1.4%对-1.8%）和牛奶（-1.3%对-1.1%）的成本继续下降，而新鲜水果价格上涨较慢（2.8%对6.1%）。

China’s food prices fell 1.6% year-on-year in July 2025, widening from a 0.3% drop in June and marking the sixth consecutive monthly decline. It marked the steepest decrease since February, driven by a sharper fall in fresh vegetable prices (-7.6% vs -0.4% in June) and eggs (-11.2% vs -7.7%). Pork prices also declined at a faster pace (-9.5% vs -8.5%), reflecting weak end-market demand and high government inventories in the first half of the year. At the same time, costs continued to decline for cooking oils (-1.4% vs -1.8%) and milk (-1.3% vs -1.1%), while fresh fruit prices rose more slowly (2.8% vs 6.1%).

中国消费者价格指数在2025年7月与去年同期持平，超过了市场预期的0.1%的跌幅，此前一个月上涨了0.1%。非食品价格加速上涨（6月份为0.3%对0.1%），主要原因是住房（6月份的0.1%对0.1%）、服装（1.7%对1.6%）、医疗保健（0.5%对0.4%）和教育（0.9%对1.0%）的进一步上涨，而交通成本下降速度较慢（-3.1%对-3.7%）。在食品方面，价格下跌幅度更大（-1.6%对-0.3%），标志着连续第六个月下跌。按月计算，CPI上涨0.4%，高于0.3%的预测，扭转了前一个月0.1%的下降趋势。这标志着自1月以来的最高月度通胀。

China’s consumer prices were unchanged from a year earlier in July 2025, outperforming market expectations for a 0.1% drop and following a 0.1% gain in the previous month. Non-food prices accelerated (0.3% vs 0.1% in June), lifted by further rises in housing (0.1% vs 0.1% in June), clothing (1.7% vs 1.6%), healthcare (0.5% vs 0.4%), and education (0.9% vs 1.0%), while transport costs fell at a slower pace (-3.1% vs -3.7%). On the food side, prices dropped at a steeper rate (-1.6% vs -0.3%), marking the sixth straight month of decline. On a monthly basis, the CPI rose 0.4%, above forecasts of 0.3% and reversing a 0.1% decline in the prior month. This marked the highest monthly inflation since January.

7月份中国生产者价格指数（同比）低于预测（-3.3%）：实际（-3.6%）。7月份中国生产者价格指数（同比）低于预测（-3.3%）：实际（-3.6%）

China Producer Price Index (YoY) below forecasts (-3.3%) in July: Actual (-3.6%).China Producer Price Index (YoY) below forecasts (-3.3%) in July: Actual (-3.6%)