1月美国CPI数据点评：1月美国CPI环比大涨

Inflation Data - In January, the US CPI increased by 0.7% month-on-month and 3.0% year-on-year, marking a 24-month high since February 2023[2] - Core CPI rose by 0.6% month-on-month, consistent with the previous month, and increased by 3.3% year-on-year[3][7] - Food prices increased by 0.6% month-on-month and 2.5% year-on-year, while energy prices rose by 1.9% month-on-month and 1.0% year-on-year[3][7] Price Trends - Housing prices increased by 0.6% month-on-month and 3.9% year-on-year, contributing significantly to the CPI rise[4][8] - Transportation prices rose by 1.0% month-on-month and 3.2% year-on-year, showing a notable increase compared to the previous month[3][7] - The prices of clothing and entertainment also saw increases of 0.9% and 1.2% month-on-month, respectively[3] Economic Implications - The January CPI data does not support a rate cut by the Federal Reserve, indicating a trend of increasing inflation[8][9] - The Federal Reserve's interest rate policy is unlikely to constrain China's monetary policy, which retains significant flexibility[10]