2月通胀数据点评：CPI、PPI回升幅度均超预期

Group 1: CPI Insights - In February 2026, China's CPI increased by 1.3% year-on-year, up from 0.2% in January, exceeding Bloomberg's consensus expectation of 0.9%[1] - The month-on-month CPI growth rose to 1.0% in February from 0.2% in January, indicating a significant rebound[2] - Core CPI also showed improvement, rising to 1.8% year-on-year from 0.8% in January, and month-on-month growth increased to 0.7% from 0.3%[7] Group 2: PPI Insights - February 2026 PPI decreased by 0.9% year-on-year, a smaller decline compared to January's 1.4%, and was better than the expected decline of 1.1%[1] - Month-on-month PPI growth remained stable at 0.4%, consistent with January's performance[8] - The reduction in PPI decline was driven by rising prices in non-ferrous metals and oil, while coal and automotive prices continued to exert downward pressure[9] Group 3: Market Trends and Influences - The Chinese New Year effect contributed to the CPI increase, with a notable rise in consumer demand due to the timing of the holiday[2] - Global trade activity remains robust, with the global manufacturing PMI above the neutral level for six consecutive months, supporting external demand resilience[3] - Recent geopolitical tensions in the Middle East have led to a 27.9% increase in Brent crude oil prices, which could further influence domestic PPI trends[3]