According to CoinMeta, a research report by CICC states that in the United States, in July, CPI seasonally adjusted, there was a 0.1% month-on-month increase and a 3.4% year-on-year increase. Core inflation also saw a 0.2% month-on-month increase and a 2.5% year-on-year increase, both in line with market expectations. Energy prices continued to decline, but since August, international oil prices have risen again, increasing the uncertainty of future energy prices. In terms of core inflation, commodity prices were stronger, while service prices were weaker, especially as prices for information technology products such as computers and software continued to rise, reflecting that the mismatch between supply and demand caused by the expansion of AI capital expenditure is gradually being transmitted to the consumer side. CICC believes that U.S. inflation may have entered a new phase, with the driving force shifting from supply shocks such as tariffs and oil prices to demand expansion driven by AI investment, and the duration of inflation may accordingly extend. For the Federal Reserve, these data alleviate the short-term pressure for interest rate hikes, but compared to supply-driven inflation, demand-driven inflation requires more attention from policymakers.