CPI与PPI“双升”传递积极信号

Group 1 - The Consumer Price Index (CPI) increased by 0.8% year-on-year in December 2025, marking the highest growth since March 2023, with a month-on-month increase of 0.2% [1] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months, driven primarily by rising food prices and increased consumer demand [2] - The Producer Price Index (PPI) showed improvement, with a month-on-month increase of 0.2% and a narrowing year-on-year decline, indicating a positive trend in industrial prices [2][3] Group 2 - The upward trend in PPI is attributed to the ongoing "anti-involution" efforts and geopolitical tensions affecting global resource supply stability, leading to increased commodity prices [2] - Economic forecasts suggest that the CPI will moderately rise in 2026, with an expected average around 0.5%, while PPI may turn positive in year-on-year growth by the third quarter [3] - Key factors driving price recovery include improvements in domestic demand, service price recovery, and stabilization of consumer and business expectations [3]