重磅数据出炉：同比由涨转降

Core Viewpoint - The Consumer Price Index (CPI) in February showed a month-on-month decrease of 0.2% and a year-on-year decrease of 0.7%, influenced by factors such as the timing of the Spring Festival and fluctuations in international commodity prices [1][2]. Group 1: CPI Analysis - The CPI's year-on-year decline in February is attributed to a high comparison base from the previous year due to the Spring Festival, which caused significant price increases in food and services [1]. - The CPI's year-on-year change of -0.7% includes a lagged impact from last year's price changes of approximately -1.2 percentage points, while this year's new price changes contributed about 0.5 percentage points [2]. - Food prices decreased by 3.3% year-on-year, accounting for over 80% of the total decline in CPI, with significant impacts from airfare and tourism prices, which fell by 22.6% and 9.6% respectively [2]. Group 2: Contributing Factors - Favorable weather conditions in February facilitated the growth and transportation of fresh vegetables, leading to a year-on-year price drop of 12.6%, which contributed approximately -0.31 percentage points to the CPI decline [2]. - Promotional price reductions in automobiles, with fuel and new energy vehicles seeing year-on-year price drops of 5.0% and 6.0% respectively, also contributed to the CPI's decrease by about -0.16 percentage points [2].