蔡含篇：基数效应影响，通胀率继续上行

Group 1: CPI Analysis - In December, the CPI increased by 0.8% year-on-year, up 0.1 percentage points from the previous month, indicating a slight rise in consumer prices but remaining in a low range[7] - The low base effect is the main factor driving the CPI increase, with household appliance prices rising significantly, although overall consumer demand remains weak[9] - Food prices rose by 1.1% year-on-year, with fresh vegetable prices seeing the highest increase at 18.2%[13] Group 2: PPI Analysis - The PPI decreased by 1.9% year-on-year in December, but the decline narrowed by 0.3 percentage points compared to the previous month, indicating a stabilization in industrial prices[29] - Raw material prices increased, contributing to a reduction in the rate of decline for the PPI, while the demand for industrial products remains insufficient[29] - Prices in the non-ferrous metal sector rose significantly, with mining prices increasing by 24.0% and smelting prices by 10.8% year-on-year, reflecting a shift towards higher technology industries[30] Group 3: Future Outlook - The CPI is expected to rise moderately in 2026 due to the low base effect and policies aimed at stabilizing growth and promoting consumption, despite ongoing economic pressures[38] - The PPI may also see an upward trend in 2026, driven by increased competition for resources and policy adjustments, although internal economic pressures persist[38]