7月份中国CPI涨幅回落 PPI降幅收窄

Consumer prices in mainland China rose 1.8 per cent year-on-year in July, according to the National Bureau of Statistics, down slightly from June’s growth of 1.9 per cent and matching a median estimate of 1.8 per cent from economists surveyed. In month-on-month terms, consumer prices returned to growth with a rise of 0.2 per cent.

中国国家统计局数据显示，7月份中国内地居民消费价格指数(CPI)同比上涨1.8%，涨幅较6月份的1.9%有所回落，与经济学家们的估计值的中位数相符。环比而言，7月份的CPI上涨了0.2%。

Price moves for foodstuffs – a key driver of changes in the headline figure – helped keep the gauge in check, as inflation for food, tobacco and liquor fell about one percentage point to to 2.8 per cent growth year-on-year.

食品价格的变动幅度在一定程度上抑制了整体CPI的涨幅（食品价格是影响整体CPI变化的关键因素之一），7月份食品烟酒价格同比上涨2.8%，涨幅较上月下降了大约1个百分点。

A rise in pork prices of 16.1 per cent for the period pushed up the headline figure by 0.42 percentage points. Unusually, the bureau did not give an independent figure on the contribution from a 4.3 per cent rise in vegetable prices, instead combining it with that of eggs and stating those categories had together contributed 0.11 percentage points to the gauge’s overall rise.

7月份，猪肉价格同比上涨16.1%，影响整体CPI同比上涨约0.42个百分点。鲜菜价格同比下降4.3%，但国家统计局罕见地没有公布这项本身对CPI的影响，而是将其与蛋类合并到一起，表示这两类合计影响整体CPI下降约0.11个百分点。

Despite deceleration in the headline gauge, core inflation, which strips out both food and energy prices, rose 0.2 percentage points to 1.8 per cent year-on-year, thanks in part to a continued and steady rise in healthcare costs, which were up 4.3 per cent for the period.

虽然7月份整体CPI涨速放缓，但剔除食品和能源价格的核心CPI同比上涨1.8%，涨幅较上月高了0.2个百分点。这在一定程度上是由医疗保健价格继续稳步上涨所致，7月份医疗保健价格同比上涨4.3%。

Producer prices fell 1.7 per cent in year-on-year terms last month, easing visibly from contraction of 2.6 per cent in June and coming in softer than a median estimate of -2 per cent from economists. In monthly terms prices returned to marginal growth with a rise of 0.2 per cent.

7月份，生产者出厂价格(PPI)同比下降1.7%，降幅较6月份的2.6%明显收窄，比经济学家们估计值的中位数2%也要小一些。环比而言，PPI恢复小幅上涨，涨幅为0.2%。