物价会持续上涨吗？央行最新回应

Core Viewpoint - The People's Bank of China (PBOC) is focusing on promoting stable economic growth and a reasonable rebound in prices as key considerations for monetary policy, continuing to implement a moderately accommodative monetary policy [1][3]. Economic Indicators - As of December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, reaching the highest level since March 2023 [2][4]. - The core CPI, excluding food and energy, rose by 1.2%, maintaining a growth rate above 1% for four consecutive months [2][4]. - The Producer Price Index (PPI) saw a reduction in its year-on-year decline, narrowing by 1.7 percentage points compared to the low point in July, with a month-on-month increase for three consecutive months [2][4]. Price Structure Analysis - Significant declines were observed in the food and transportation categories within the CPI's eight major components, with pork prices dropping by 30% and transportation equipment prices decreasing by 11.7% since the beginning of 2023 [2][5]. - Conversely, prices in education, culture, and entertainment rose by 3.6%, with tourism prices increasing by 14.4%, indicating an ongoing optimization and upgrading of consumer spending patterns in China [2][5]. Policy Implications - The PBOC is committed to a supportive monetary policy stance, ensuring ample liquidity, with financial growth significantly outpacing nominal GDP growth over an extended period [3][5]. - Future monetary policy will focus on implementing the central economic work conference's directives, aiming to create a conducive monetary and financial environment for a reasonable price rebound [3][5].