1月CPI温和上涨 物价持续修复

Group 1 - The National Bureau of Statistics released the first data on the Consumer Price Index (CPI) and Producer Price Index (PPI) based on the 2025 benchmark, indicating a 0.2% month-on-month increase in CPI and a 0.4% month-on-month increase in PPI for January [1] - The core CPI, excluding food and energy prices, showed a moderate month-on-month increase of 0.3%, the highest in six months, suggesting a gradual improvement in consumer demand [2][3] - The PPI has increased for four consecutive months, with a year-on-year decline of 1.4%, which is a narrowing of the decline by 0.5 percentage points compared to the previous month [2][3] Group 2 - The adjustment of the benchmark is expected to have a positive impact on the price index trends, with an average influence of approximately 0.06 and 0.08 percentage points on the CPI and PPI respectively [1] - The increase in PPI is attributed to the ongoing construction of a unified national market and rising demand in certain industries, such as cement manufacturing and lithium-ion battery production [3] - The performance of PPI is also influenced by international commodity prices and seasonal demand related to the Spring Festival, with expectations for PPI year-on-year data to potentially turn positive in the second quarter [3]