中国官方：推动CPI温和回升的有利因素在累积

Core Viewpoint - The favorable factors driving a moderate recovery in China's Consumer Price Index (CPI) are accumulating, with the CPI expected to remain stable in 2025, reflecting a complex macroeconomic environment and structural characteristics in pricing [1][2]. Group 1: CPI Trends and Influences - In 2025, China's CPI is projected to remain flat compared to the previous year, with the core CPI (excluding food and energy) rising by 0.7%, an increase of 0.2 percentage points from the previous year [1]. - The overall price level in China has been low, with food prices decreasing by 1.5% in 2025, contributing to a 0.27 percentage point decline in CPI [1]. - Energy prices are expected to decrease by 3.3% in 2025, impacting CPI by approximately 0.25 percentage points [1]. Group 2: Economic Context and Policy Support - The current low CPI is influenced by both domestic and international macroeconomic conditions, with traditional growth drivers slowing down and external pressures affecting domestic price adjustments [2]. - In December 2025, the CPI rose by 0.8%, the highest increase since March 2023, indicating a gradual improvement in supply-demand relationships in certain sectors [2]. - The implementation of consumption-boosting policies and coordinated fiscal and financial measures are expected to gradually expand consumer demand, providing a foundation for stable price operations [2].