2025年3月通胀数据点评：外部环境与内部政策共同影响通胀

Inflation Data Summary - In March 2025, the CPI decreased by 0.1% year-on-year, an improvement from the previous value of -0.7%[1] - The month-on-month CPI fell by 0.4%, compared to a prior decrease of 0.2%[1] - The PPI showed a year-on-year decline of 2.5%, slightly worse than the previous decline of 2.2%[1] Food and Core CPI Insights - Food item CPI year-on-year decline narrowed to 1.4%, with a month-on-month decline of 1.4%, compared to previous values of -3.3% and -0.5% respectively[5] - Core CPI year-on-year growth improved to 0.5%, up from -0.1% in the previous month[5] - Service CPI year-on-year growth rose to 0.3%, a significant recovery from -0.4%[5] PPI Sector Analysis - The mining and raw materials sectors saw PPI declines of 8.3% and 2.4% respectively, with energy sector PPI continuing to decline[5] - The PPI for durable consumer goods showed a notable increase, with household appliances PPI improving to -0.3% from -3.3%[5] - Consumer goods PPI trends varied, with essential goods generally seeing an increase while discretionary items showed mixed results[5] Risk Factors - There are risks associated with policy effectiveness not meeting expectations and potential geopolitical conflicts affecting commodity prices[2]