【新华解读】守护民生“烟火气” 1月物价走势保持平稳

Core Insights - The core consumer price index (CPI) in China showed a mild increase, with a month-on-month rise of 0.2% and a year-on-year rise of 0.2% in January, while the core CPI excluding food and energy rose by 0.8% year-on-year, indicating a steady recovery in consumer demand [1][2][3] Industry Analysis - The increase in core CPI is attributed to high service consumption demand and rising prices of durable goods, supported by international gold price increases and consumption policies [1][2] - Specific price changes include a 5.7% increase in airplane tickets, a 2.0% rise in travel agency fees, and price increases in household goods and personal care items ranging from 0.7% to 1.4% [1][2] - The industrial consumer goods price, excluding energy, rose by 2.6% year-on-year, with notable increases in gold jewelry prices by 77.4% and household goods by 2.1% to 6.6% [2] Consumer Goods Stability - Essential consumer goods such as vegetables, meat, and fruits maintained stable prices, with fresh vegetable prices decreasing by 4.8% and pork prices increasing by 1.2% [2][3] - The stability in prices of essential goods is seen as a successful regulatory measure to ensure basic living needs are met [2] Future Outlook - Predictions indicate that the CPI growth rate will significantly increase to around 1.0% in February due to the reversal of the Spring Festival timing effect, with a combined CPI growth rate of approximately 0.6% for January and February [3] - For 2026, the CPI growth rate is expected to fluctuate between 0.5% and 1.2%, with a potential year-end rate around 0.8% [3][4] - The data from January is viewed as a positive signal for high-quality economic development in 2026, emphasizing the need for policies to support income growth, youth employment, and infrastructure investment [4]