物价温和回升，货币降息降准

Core Viewpoint - The article discusses the moderate recovery of prices in February, driven primarily by input costs rather than demand, indicating a need for monetary policy adjustments and proactive fiscal measures [1][2]. Group 1: Price Trends - February CPI increased by 1.3% year-on-year, marking a rise of 1.1 percentage points from the previous month, reaching a three-year high [1][7]. - PPI decreased by 0.9% year-on-year, with the decline narrowing by 0.5 percentage points compared to the previous month, continuing a trend of narrowing for three consecutive months [1][22]. Group 2: Factors Influencing Prices - The increase in food prices by 1.7% year-on-year and service prices by 1.1% is attributed to the timing of the Spring Festival [2][9]. - Rising international oil prices and metal prices have intensified input cost pressures, with Brent crude oil futures averaging a 20.7% increase month-on-month [4][22]. - Despite weak overall demand, sectors related to new productive forces, such as semiconductor materials, are experiencing high demand and price increases [2][22]. Group 3: CPI and Core CPI Insights - Core CPI, excluding food and energy, rose by 1.8% year-on-year, reflecting a slight recovery in consumer demand [10][11]. - Service prices saw significant increases, with airfares and accommodation prices rising by 29.1% and 5.4% respectively [10]. Group 4: Pork Price Cycle - The pork price decline is slowing, with a year-on-year decrease of 8.6% in February, but the decline is less severe than in previous months [14][15]. - The current "pig cycle" is still in a downtrend, with production capacity adjustments beginning but not yet sufficient to drive a significant price recovery [14][16]. Group 5: PPI Improvement - PPI's decline is narrowing due to input inflation and strong demand in certain tech sectors, with a year-on-year decrease of 0.9% in February [22]. - Prices in the non-ferrous metal mining and processing sectors increased by over 20% year-on-year, reflecting rising international prices [22][23].