0.2%！12月CPI环比由降转涨 年末促消费政策效应持续显现

Core Insights - The Consumer Price Index (CPI) increased by 0.8% year-on-year and 0.2% month-on-month in December 2025, while the Producer Price Index (PPI) decreased by 1.9% year-on-year but increased by 0.2% month-on-month, indicating a mixed economic outlook [1][9]. CPI Analysis - The rise in CPI is attributed to three main factors: increased prices of vegetables and fruits due to prior rainy weather, the effectiveness of year-end consumption promotion policies leading to higher prices for appliances, mobile phones, and cars, and a significant increase in gold prices, which boosted industrial consumer goods prices [2][3]. - The month-on-month CPI increase was primarily driven by rising prices of industrial consumer goods excluding energy, which rose by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [3]. - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for four consecutive months, reflecting sustained consumer demand and effective consumption policies [3]. PPI Analysis - The PPI's month-on-month increase of 0.2% in December 2025 marks the third consecutive month of growth, driven by improved supply-demand dynamics in certain industries and rising prices in the non-ferrous metals sector [6][7]. - Key industries such as coal mining and processing, lithium-ion battery manufacturing, and new energy vehicle production showed price increases, indicating a positive trend in industrial pricing [7]. - Year-on-year, the PPI decreased by 1.9%, but the decline is narrowing, with macroeconomic policies positively impacting certain industry prices, particularly in the digital economy and green transition sectors [9].