——2025年12月价格数据点评：关注涨价潮的扩散

Price Data Overview - In December 2025, the CPI increased by 0.8% year-on-year, up from 0.7% in the previous month, aligning with market expectations[2] - The core CPI remained stable at 1.2% year-on-year for three consecutive months[4] - The PPI decreased by 1.9% year-on-year, an improvement from the previous month's decline of 2.2%, while it increased by 0.2% month-on-month[2] CPI Analysis - The rise in CPI is primarily driven by a low base effect and an increase in food prices at year-end, with food prices rising by 1.1% year-on-year in December[4] - Non-food prices remained stable at a year-on-year increase of 0.8%[4] - December food prices increased by 0.3% month-on-month, compared to a decrease of 0.6% in the same month last year[4] PPI Insights - The month-on-month PPI increase of 0.2% in December is attributed to rising international prices of non-ferrous metals and the ongoing effects of domestic "anti-involution" policies[6][7] - Prices in the non-ferrous metal mining and smelting sectors rose by 3.7% and 2.8% month-on-month, respectively[7] - The coal mining sector saw a month-on-month price increase of 1.3%, marking five consecutive months of growth[7] Future Outlook - For 2026, the domestic price environment is expected to continue improving, with the CPI likely to stabilize around 0.7%[9] - The ongoing price increases in upstream materials, such as non-ferrous metals and storage chips, may lead to downstream price adjustments in consumer goods[9] - The "anti-involution" policies are anticipated to further support price recovery in upstream and midstream sectors throughout the year[9]