2月CPI和PPI数据解读：2月通胀：春节错位形成基数扰动，预计物价不改温和回升

Group 1: Inflation Data - February CPI year-on-year growth rate was -0.7%, down from 0.5% in January, and below market expectations of -0.4%[1] - February PPI year-on-year growth rate recorded at -2.2%, slightly lower than the previous -2.3% and market expectations of -2.1%[1] - Excluding the impact of the Spring Festival, February CPI year-on-year growth remained positive at 0.1%[3] Group 2: Price Movements - Food prices in February decreased by 3.3%, contributing approximately 0.60 percentage points to the CPI decline[4] - Energy prices saw a month-on-month increase of 0.6%, with gasoline prices rising by 1.3%[5] - Core CPI (excluding food and energy) year-on-year decreased by 0.1% in February, indicating some upward support from certain service prices[7] Group 3: Economic Outlook - The government aims for a CPI increase of around 2% for the year, reflecting a direction rather than a strict control measure[8] - The current inflation level is seen as in the early stages of bottoming out and recovering, with potential for further monetary easing throughout the year[1] - The overall economic environment suggests a gradual recovery in consumer demand, supported by counter-cyclical policies[8]