Group 1: CPI Analysis - In January 2026, the CPI increased by 0.2% year-on-year, a decrease of 0.6 percentage points from the previous month[1] - The impact of the Spring Festival on CPI was significant, with food prices contributing a decrease of approximately 0.11 percentage points[1] - Core CPI growth narrowed by 0.4 percentage points to 0.8% compared to the previous month[1] Group 2: PPI Analysis - The PPI decreased by 1.4% year-on-year in January 2026, with the decline narrowing by 0.5 percentage points from the previous month[1] - PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth, with an increase of 0.2 percentage points from the previous month[1] - The rise in international non-ferrous metal prices contributed 0.34 percentage points to the month-on-month PPI increase[1]
2026年1月物价数据点评：CPI短期承压，PPI改善延续
Ping An Securities·2026-02-12 03:31