2月通胀数据点评：通胀稳步回升

Inflation Trends - February CPI increased by 1.3% year-on-year, a significant rise from January's 0.2%[1] - The average CPI growth for January and February is close to the December year-on-year growth rate, indicating a continued upward trend in inflation[2] PPI Insights - February PPI rose by 0.4% month-on-month, while the year-on-year decline narrowed to 0.9%[2] - Prices of non-ferrous metals increased by 4.8% month-on-month, and chemical prices rose by 1%[2] Food and Energy Prices - February food CPI rose by 1.9% month-on-month and 1.7% year-on-year, with pork prices increasing by 4% month-on-month[4] - Energy prices rebounded, with transportation fuel prices up by 2.8% month-on-month due to rising international oil prices[4] Core CPI and Rental Trends - Core CPI rose by 0.7% month-on-month and 1.8% year-on-year, marking a new high since the pandemic[4] - Rental prices for leasing properties decreased by 0.1% month-on-month and 0.5% year-on-year, continuing a downward trend[4] Future Outlook - The report anticipates that CPI growth will improve in 2026, with PPI potentially turning positive around mid-year[2] - The recent surge in international oil prices is expected to impact March's CPI data significantly[2]