1月CPI、PPI数据出炉

Group 1: Consumer Price Index (CPI) Data - In January 2026, the national consumer price index (CPI) increased by 0.2% year-on-year, with urban areas rising by 0.2% and rural areas by 0.1% [1] - Food prices decreased by 0.7%, while non-food prices increased by 0.4%; consumer goods prices rose by 0.3%, and service prices increased by 0.1% [1] - Month-on-month, the CPI also rose by 0.2%, with urban and rural areas both increasing by 0.2% [1] Group 2: Producer Price Index (PPI) Data - In January 2026, the national industrial producer price index (PPI) decreased by 1.4% year-on-year, with the decline narrowing by 0.5 percentage points compared to the previous month [2] - Month-on-month, the PPI increased by 0.4%, with the growth rate expanding by 0.2 percentage points from the previous month [2] - The purchase price index for industrial producers also saw a year-on-year decline of 1.4%, with a narrowing of the decline by 0.7 percentage points compared to the previous month [2] Group 3: Price Index Base Period Rotation - The rotation of the price index base period is a fundamental task for compiling price indices, aimed at adapting to changes in the structure of goods and services in production, circulation, and consumption [5] - The CPI and PPI undergo base period rotation every five years, with the new base period starting in 2026 based on 2025 data [5] - The base period rotation involves adjusting the "fixed basket" of goods and services to reflect the latest changes in consumer structure, enhancing the representativeness of the price index [5] Group 4: Impact of Base Period Rotation - The base period rotation will affect the classification, survey points, representative specifications, and weights used in calculating the CPI and PPI, but the overall impact on the total index is relatively small [7] - The estimated average impact of the base period rotation on the year-on-year indices for CPI and PPI is approximately 0.06 and 0.08 percentage points, respectively [7]