2025年12月通胀数据点评：物价继续回升

Inflation Data Summary - December CPI increased by 0.8% year-on-year, the highest since March 2023[1] - Month-on-month CPI rose by 0.2%, better than the same period last year[1] PPI Insights - December PPI increased by 0.2% month-on-month, with a larger growth compared to the previous month[2] - Year-on-year PPI decreased by 1.9%, but the decline is narrowing compared to last month[2] Food and Energy Prices - December food CPI rose by 1.1% year-on-year, with a month-on-month increase of 0.3%[5] - Energy prices saw a year-on-year decline of 8.2%, with transportation fuel prices down 1.1% month-on-month[5] Core CPI and Rental Prices - Core CPI remained stable year-on-year at 1.2%, with a month-on-month increase of 0.2%[5] - Rental prices decreased by 0.3% year-on-year, indicating a further widening of the decline[5] Economic Outlook - The fourth quarter shows a rebound in CPI and PPI growth, suggesting a potential increase in nominal GDP growth[2] - Inflation and nominal GDP growth trends are expected to continue into 2026[2]