CPI筑底信号显现：核心消费持续回暖，扩内需政策成效渐显

Group 1 - The core viewpoint of the articles highlights the stability of consumer prices in 2025, with the Consumer Price Index (CPI) remaining flat compared to the previous year, while the core CPI, excluding food and energy, increased by 0.7%, a rise of 0.2 percentage points from the previous year [1][2][3] - The decline in food prices, which fell by 1.5% due to favorable climate conditions and sufficient supply, contributed to a decrease in CPI by approximately 0.27 percentage points [1] - Energy prices also played a significant role in lowering CPI, with a decrease of 3.3% impacting CPI by about 0.25 percentage points, influenced by international oil price fluctuations [1] Group 2 - The expansion of domestic demand and related policies have shown effectiveness, with the core CPI experiencing a mild recovery, rising by 0.7% in 2025, and maintaining a growth rate above 1% for four consecutive months [2] - Specific sectors, such as household appliances and communication tools, saw price increases of 1.8% and 0.6% respectively, while the price decline for fuel and new energy vehicles has narrowed significantly [2] - The implementation of consumption-boosting policies and fiscal-financial collaboration is expected to gradually expand consumer demand, providing a foundation for stable price operations [3]