央行回应物价关切：多项积极信号显现，继续实施适度宽松货币政策推动物价合理回升

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a supportive monetary policy to promote reasonable price recovery and support high-quality development of the real economy [1][4]. Group 1: Price Trends - Positive changes in price levels have been observed, with the Consumer Price Index (CPI) rising by 0.8% year-on-year in December 2025, the highest level since March 2023 [3]. - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [3]. - The Producer Price Index (PPI) has seen a narrowing decline of 1.7 percentage points from its low in July, with a month-on-month increase for three consecutive months [3]. Group 2: Price Structure and Consumer Behavior - Significant declines in specific categories were noted, such as a 30% drop in pork prices and an 11.7% decrease in transportation equipment prices, influenced by cyclical factors and market supply-demand dynamics [3]. - Conversely, education, culture, and entertainment prices rose by 3.6%, with tourism prices increasing by 14.4%, indicating an ongoing optimization and upgrading of consumer spending structures [3]. Group 3: Monetary Policy and Economic Support - The PBOC has maintained a supportive monetary policy stance, ensuring liquidity remains ample, with financial growth significantly outpacing nominal GDP growth over an extended period [4]. - Future monetary policy will focus on stabilizing economic growth and promoting reasonable price recovery, aligning with the central economic work conference's directives [4]. - The PBOC aims to create a conducive monetary and financial environment for price recovery through integrated effects of incremental and stock policies [4].