点评2025年1月美国CPI数据：美国1月通胀升温

Inflation Data - In January, the US CPI increased by 0.5% month-on-month (previous value: 0.4%) and 3.0% year-on-year (previous value: 2.9%) [3] - Energy prices rose by 1.1% month-on-month (previous value: 2.4%) and 1.0% year-on-year (previous value: -0.5%) [7] - Core CPI increased by 0.4% month-on-month (previous value: 0.2%) and 3.3% year-on-year (previous value: 3.2%) [7] Contributing Factors - Major contributors to the CPI increase include energy, housing rents, transportation services (mainly auto insurance), and used cars [3] - Used car prices rose by 2.2% month-on-month (previous value: 0.8%) [7] - Transportation services CPI increased by 1.8% month-on-month (previous value: 0.5%) [7] Market Reactions - Following the inflation data release, market expectations for the next Federal Reserve rate cut shifted from September to December [3] - The dollar index and US Treasury yields experienced a short-term increase [3] Economic Outlook - Short-term inflation drivers include a solid labor market and rising wage growth [8] - Potential drag factors include a short-term decline in oil prices and a decrease in food prices as indicated by the CRB spot index [8]