居民消费需求持续恢复 1月CPI同比上涨0.2%

Group 1 - In January, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, while the core CPI, excluding food and energy, rose by 0.8% year-on-year [1][2] - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increase, with a year-on-year decline of 1.4%, although the decline has narrowed compared to the previous month [1][3] - The increase in consumer demand is attributed to the ongoing construction of a unified national market and rising demand in certain industries, leading to price increases in sectors such as cement manufacturing and lithium-ion battery production [3] Group 2 - The January CPI was influenced by a "Spring Festival misalignment," which affected the year-on-year comparison, as January 2025 was a month with significant price increases due to the holiday [2] - Food prices decreased by 0.7% year-on-year, contributing to a 0.11 percentage point decline in the CPI, while service prices increased by 0.1%, contributing a 0.05 percentage point increase [1][2] - The energy prices saw a significant drop of 5.0% in January, with gasoline prices falling by 11.4% year-on-year, which had a larger downward impact on the CPI compared to the previous month [2] Group 3 - The core CPI continues to show a moderate upward trend, with a month-on-month increase of 0.3%, the highest in the past six months [2] - The PPI's year-on-year decline is narrowing due to improvements in supply-demand structures in key industries, with non-metallic mineral products and black metal smelting showing reduced price declines [3] - The new CPI and PPI data, based on a 2025 benchmark, reflect changes in consumer behavior and include new categories such as housing security equipment and internet medical services [4][5]