Group 1: Consumer Price Index (CPI) Insights - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the year-on-year growth rate reaching its highest level since March 2023 [1][3] - The increase in CPI was primarily driven by a rise in food prices, which increased by 1.1%, contributing approximately 0.17 percentage points to the year-on-year CPI increase [4][6] - The overall CPI for 2025 remained flat compared to the previous year, indicating a relative lack of effective consumer demand and a mismatch between supply and demand [2][7] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) rose by 0.2% month-on-month in December 2025, marking the third consecutive month of increase, while the year-on-year decline narrowed to 1.9% [8][9] - Key industries such as coal mining and lithium-ion battery manufacturing saw price increases, reflecting improvements in supply-demand structures and ongoing capacity governance [9][10] - The overall PPI for 2025 decreased by 2.6%, indicating a historically low price level combination, which aligns with the current macroeconomic context of supply exceeding demand [11][12] Group 3: Economic Outlook and Policy Implications - The gradual release of "stabilizing growth and promoting consumption" policies is expected to lead to a moderate increase in CPI in 2026, surpassing the flat growth of 2025 [2][7] - The anticipated low base effect from the 2025 PPI decline may contribute to a rise in PPI in 2026, alongside increased demand for resources in a complex economic environment [12] - Continued efforts to address "involution" in competition and the establishment of a unified national market are expected to positively influence price dynamics in the coming year [11][12]
12月PPI环比连续上涨，CPI同比创2023年3月以来最高
2 1 Shi Ji Jing Ji Bao Dao·2026-01-09 09:48