12月CPI：同比回升至0.8%，价格回升持续性待察

Core Insights - The Consumer Price Index (CPI) in December increased year-on-year from 0.7% in November to 0.8%, while the annual CPI for the year slightly decreased from 0.2% in 2024 to 0% [1] - Food prices continued to improve in December, with the core CPI rising month-on-month to 0.2%, maintaining the same year-on-year rate of 1.2% as in November, supported by industrial consumer goods including gold jewelry [1] - High-frequency indicators in January show accelerated price increases for industrial goods, likely driven by supply-side constraints, credit expansion, and expectations of fiscal spending in the new year [1] Price Trends - The increase in travel during the New Year holiday, with a significant rise in the number of travelers and expanded travel radius, is expected to boost service sector prices, although the sustainability of overall price increases will depend on the actual effects of fiscal expansion in the first quarter of this year [1] - The 2026 policy for trade-in subsidies on consumer goods will continue and be optimized, potentially providing additional support for service consumption and bolstering demand [1]