核心CPI温和上涨 PPI环比继续上涨——透视1月份物价数据

Group 1 - In January, the Consumer Price Index (CPI) increased by 0.2% year-on-year and 0.2% month-on-month, indicating a recovery in consumer demand [1][2] - The Producer Price Index (PPI) decreased by 1.4% year-on-year, but the decline was narrower by 0.5 percentage points compared to the previous month, while it increased by 0.4% month-on-month, marking a continuous rise for four months [1][3] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year and 0.3% month-on-month, reaching the highest level in six months, reflecting a sustained recovery in consumer demand [2] Group 2 - The increase in PPI is attributed to the ongoing construction of a unified national market and rising demand in certain industries, with specific sectors like cement and lithium-ion battery manufacturing seeing price increases for four consecutive months [3] - The demand for digital technologies and artificial intelligence is driving price increases in the computer and communication equipment manufacturing sector, which rose by 0.5% month-on-month [3] - The improvement in employment and income expectations, along with the strengthening of domestic demand, is expected to further support prices in related industries [3]