Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 0.8% year-on-year [1] - The year-on-year CPI growth rate declined mainly due to the high base effect from the previous year's Spring Festival, with food prices decreasing by 0.7%, impacting the CPI by approximately 0.11 percentage points [1] - Energy prices fell by 5.0% in January, contributing to a year-on-year CPI decrease of about 0.34 percentage points, with gasoline prices down 11.4% [1] Group 2: Core CPI Trends - The core CPI (excluding food and energy) rose by 0.3% month-on-month, marking the highest increase in six months [2] - Prices for air tickets and travel agency services increased by 5.7% and 2.0% respectively, while prices for household appliances and personal care products saw increases between 0.7% and 1.4% [2] - The year-on-year increase in industrial consumer goods prices (excluding energy) expanded to 2.6%, with gold jewelry prices surging by 77.4% [2] Group 3: PPI Analysis - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increases, with the growth rate expanding by 0.2 percentage points from the previous month [3] - The increase in PPI was driven by the ongoing construction of a unified national market, leading to price rises in sectors such as cement manufacturing and lithium-ion battery production [3] - The year-on-year PPI decline narrowed to 1.4%, with significant price increases in the non-ferrous metal mining sector (up 22.7%) and cultural and educational products manufacturing (up 21.2%) [4]

Core Viewpoint - The National Bureau of Statistics of China released the Consumer Price Index (CPI) and Producer Price Index (PPI) data based on the 2025 benchmark, marking the first data release after the benchmark rotation [1] Group 1: Purpose of Benchmark Rotation - Benchmark rotation is a fundamental task in compiling price indices, aimed at adapting to changes in the structure of goods and services in production, circulation, and consumption [2] - The CPI reflects the price level changes of goods and services consumed by residents over a certain period, necessitating adjustments to the "fixed basket" of goods to accurately represent current consumption patterns [2] Group 2: Changes in CPI Survey - The CPI benchmark rotation involves revising the survey classification directory, survey points, representative specifications, classification weights, and price comparison benchmarks [3] - The current CPI survey includes 8 major categories and 268 basic classifications, with new categories added to reflect emerging consumption trends, such as electric vehicle charging and internet medical services [3][4] Group 3: Survey Coverage and Data Collection - Approximately 120,000 survey points and around 620,000 representative specifications were included in the current CPI survey, expanding the coverage compared to the previous benchmark [4] - New retail formats and products, such as membership supermarkets and smart drones, were incorporated into the survey, and data collection methods were optimized to include big data applications [4] Group 4: CPI Weight Calculation - CPI weights are determined based on household expenditure surveys and other macro data, ensuring they accurately reflect the consumption structure [5] - The weights for the 2025 benchmark are as follows: Food, Alcohol, and Dining Out (29.5%), Clothing (5.4%), Housing (22.1%), and others, with some categories showing slight increases or decreases compared to the previous benchmark [5][7] Group 5: Impact of Benchmark Rotation - The benchmark rotation will affect the CPI and PPI indices, with an average impact of approximately 0.06 and 0.08 percentage points on the monthly year-on-year indices, respectively [9]

2月11日，国家统计局发布了以2025年为基期的全国居民消费价格指数（CPI）和工业生产者出厂 价格指数（PPI）数据，这是本次基期轮换后的首次数据发布。对此，国家统计局城市司负责人接受了 《中国信息报》专访。 权数测算也是CPI基期轮换的一项重要工作。CPI权数测算遵循客观性、真实性和科学性相统一的 原则，使用国际可比的方法进行测算。CPI权数测算完成后，按照采集好的新基期规格品价格对2025年 指数进行重新计算，作为新的对比基期。 3.如何确定CPI权数？各大类权数是多少？和上一轮基期相比，权数有何变化？ 答：CPI权数是指按对比期价格购买"固定篮子"中各类商品或服务的支出占购买整个篮子所需支出 的比重。权数来源以住户收支与生活状况调查中居民消费支出资料为主，部分小类和基本分类通过权数 专项调查细化补充，并结合其他宏观数据、行业统计资料加以完善，确保权数客观真实反映居民消费结 构。具体来看，食品烟酒及在外餐饮、衣着、居住、生活用品及服务、交通通信、教育文化娱乐、医疗 1.为什么要开展价格指数基期轮换？ 答：基期轮换是价格指数编制的重要基础性工作，也是国际惯例和通行做法，旨在适应生产、流 通、消费领域商品和 ...

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 0.8% year-on-year [2][3] - The decline in food prices by 0.7% contributed to a decrease in CPI, while fresh vegetable prices rose by 6.9% [3][4] - Energy prices fell by 5.0%, impacting the CPI negatively by approximately 0.34 percentage points [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increase, with the year-on-year decline narrowing to 1.4% [2][5] - The increase in PPI was driven by the ongoing construction of a unified national market, leading to price rises in sectors such as cement and lithium-ion battery manufacturing [5][6] - The prices in the non-ferrous metal mining sector increased by 22.7%, while energy-related industries continued to see price declines [7]

Group 1 - The core CPI excluding food and energy prices increased by 0.8% year-on-year, indicating a moderate inflationary trend in consumer prices [1][2] - In January, the CPI rose by 0.2% month-on-month and year-on-year, reflecting a recovery in consumer demand [1][3] - The PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth, with a year-on-year decline of 1.4%, which is a narrowing of the decline compared to the previous month [1][4][5] Group 2 - The decline in CPI year-on-year was primarily influenced by the timing of the Spring Festival, which affected the comparison base from the previous year [2][3] - Food prices decreased by 0.7%, contributing to a drop in CPI by approximately 0.11 percentage points, while service prices saw a slight increase of 0.1% [2][3] - Energy prices fell by 5.0% in January, impacting CPI by approximately 0.34 percentage points, with gasoline prices down by 11.4% year-on-year [2][3] Group 3 - The core CPI excluding food and energy prices rose by 0.3% month-on-month, the highest increase in six months, driven by higher prices for air tickets and travel services [3][4] - Industrial consumer goods prices excluding energy saw a year-on-year increase of 2.6%, with significant price rises in gold jewelry and household goods [3][4] - The PPI's month-on-month increase was supported by the ongoing development of a unified national market, leading to price rises in various sectors such as cement and lithium-ion batteries [4][5]

Core Viewpoint - The January CPI year-on-year growth rate has decreased, primarily due to the impact of the Spring Festival timing and changes in international oil prices [1] Group 1: CPI Analysis - The year-on-year CPI growth rate has declined due to a high comparison base from the previous year when the Spring Festival occurred, leading to increased food and service prices [1] - Energy prices saw a significant decrease of 5.0% in January, contributing to a drop in the CPI by approximately 0.34 percentage points, with the downward impact on CPI increasing by about 0.06 percentage points compared to the previous month [1] - Gasoline prices fell by 11.4% year-on-year, with the decline rate expanding by 3.0 percentage points compared to the previous month [1] Group 2: Consumer Demand - Despite the decline in CPI, the recovery of consumer demand continues, and the core CPI shows a moderate upward trend [1]

2026年1月份CPI同比上涨 PPI同比降幅收窄 1月份，居民消费需求持续恢复，居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.2%，扣除 食品和能源价格的核心CPI同比上涨0.8%。受全国统一大市场建设持续推进、部分行业需求增加及国际 大宗商品价格传导等因素影响，工业生产者出厂价格指数（PPI）环比上涨0.4%，同比下降1.4%。 一、CPI同比涨幅回落主要受春节错月影响，核心CPI保持温和上涨 CPI同比涨幅有所回落，主要有以下两方面原因：一是春节错月影响。上年1月份为春节月份，食 品和部分服务价格上涨较多，导致上年同期对比基数较高，带动本月同比涨幅回落较多。分类别看，食 品价格下降0.7%，影响CPI同比下降约0.11个百分点，而上月对CPI的影响为上拉约0.21个百分点。食品 中，鲜菜价格上涨6.9%，涨幅比上月回落11.3个百分点，对CPI同比的上拉影响比上月回落约0.27个百 分点；鲜果价格上涨3.2%，涨幅比上月回落1.2个百分点；猪肉和鸡蛋价格分别下降13.7%和10.6%。服 务价格上涨0.1%，影响CPI同比上涨约0.05个百分点，对CPI同比的上拉影响比上月减少约0.20个百分 ...

（文章来源：国家统计局） 国家统计局城市司首席统计师董莉娟表示，CPI同比涨幅有所回落，主要有以下两方面原因：一是春节 错月影响。上年1月份为春节月份，食品和部分服务价格上涨较多，导致上年同期对比基数较高，带动 本月同比涨幅回落较多。二是国际油价变动导致能源价格降幅扩大。1月份能源价格下降5.0%，影响 CPI同比下降约0.34个百分点，对CPI同比的下拉影响比上月增加约0.06个百分点，其中汽油价格同比下 降11.4%，降幅比上月扩大3.0个百分点。居民消费需求持续恢复，核心CPI温和上涨的态势没有改变。 ...

（文章来源：国家统计局） 国家统计局2月11日发布了以2025年为基期的全国居民消费价格指数（CPI）和工业生产者出厂价格指 数（PPI）数据，这是本次基期轮换后的首次数据发布。对此，国家统计局城市司负责人表示，基期轮 换后，调查分类目录、调查网点和代表规格品、权数等变动均会对价格指数产生一定影响，但这些因素 的影响方向和幅度各不相同，综合起来才是对总指数的影响。经测算，本次基期轮换对CPI和PPI各月同 比指数的影响平均约为0.06和0.08个百分点，总体较小。 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 中国1月CPI同比 0.2%，前值 0.8%。 中国1月PPI同比 -1.4%，前值 -1.9%。 ...