2025年12月份CPI和PPI出炉 扩内需政策助力供需关系改善

Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with core CPI (excluding food and energy) rising by 1.2% year-on-year [1][3] - The rise in CPI was primarily driven by increased prices in non-energy industrial consumer goods, which rose by 0.6%, contributing approximately 0.16 percentage points to the month-on-month CPI increase [2] - Food prices rose by 1.1% year-on-year, significantly contributing to the CPI increase, while energy prices decreased by 3.8% [3] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month in December 2025, marking three consecutive months of increase, while the year-on-year decline narrowed to 1.9% [5] - Factors contributing to the PPI increase include seasonal demand improvements and rising prices in the non-ferrous metals sector [5][6] - Positive changes in various industries were noted, with prices in coal mining, lithium-ion battery manufacturing, and photovoltaic equipment showing reduced year-on-year declines [5][6] Group 3: Economic Outlook - The overall economic indicators suggest a stable improvement in China's economy, with demand gradually recovering and supply-side structural optimization continuing [7] - The implementation of consumption-boosting policies has shown significant effects, particularly in the cultural and quality consumption sectors [7] - The combination of favorable weather conditions and effective consumption policies has led to a notable increase in food prices, contributing to the CPI's upward trend [4][7]