Group 1: CPI Overview - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, the highest growth since March 2023, primarily driven by rising food prices [1][3][18] - Food prices rose by 1.1%, while energy prices decreased by 3.8%. The core CPI, excluding food and energy, increased by 1.2% year-on-year [1][19] - Month-on-month, the CPI rose by 0.2%, with urban areas increasing by 0.2% and rural areas also by 0.2% [3][19] Group 2: PPI Overview - In December 2025, the Producer Price Index (PPI) decreased by 1.9% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2][10][22] - Month-on-month, the PPI increased by 0.2%, marking a 0.1 percentage point increase from the previous month [10][21] - The overall decline in the PPI for the year 2025 was 2.6% [10] Group 3: Price Changes in Goods and Services - In December, prices for food, tobacco, and alcohol rose by 0.8% year-on-year, contributing approximately 0.24 percentage points to the CPI [5] - Fresh vegetable prices surged by 18.2%, while fresh fruit prices increased by 4.4%. Conversely, pork prices fell by 14.6% [5][20] - Among other categories, healthcare prices rose by 1.8%, while transportation and housing prices decreased by 2.6% and 0.2%, respectively [5] Group 4: Industrial Producer Prices - In December, the prices of industrial producers' output saw a year-on-year decline of 1.9%, with production material prices dropping by 2.1% [10][13] - The prices of living materials decreased by 1.3%, with food prices down by 1.5% [13] - Month-on-month, production material prices increased by 0.3%, while living material prices remained stable [17] Group 5: Influencing Factors - The increase in CPI was attributed to enhanced consumer demand due to policies promoting consumption and the upcoming New Year holiday [18][19] - The PPI's month-on-month increase was driven by improved supply-demand dynamics in certain industries, with notable price increases in coal mining and lithium-ion battery manufacturing [21][22] - The overall economic policies have led to a narrowing of price declines in various sectors, indicating a positive trend in certain industries [22]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI rising by 1.2% year-on-year, indicating a recovery in consumer demand as New Year's approaches [1][2][3] - The month-on-month increase in CPI was primarily driven by rising prices of industrial consumer goods, excluding energy, which rose by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [2] - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables (18.2%) and fresh fruits (4.4%), contributing approximately 0.17 percentage points to the year-on-year CPI increase [3] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month, marking the third consecutive month of increase, with the growth rate expanding by 0.1 percentage points compared to the previous month [4] - The month-on-month PPI increase was supported by improved supply-demand dynamics, with notable price increases in coal mining (1.3%) and lithium-ion battery manufacturing (1.0%) [4] - Year-on-year, the PPI decreased by 1.9%, but the decline rate narrowed by 0.3 percentage points, reflecting positive changes in certain industries due to ongoing macroeconomic policies [4]

Group 1: Consumer Price Index (CPI) - In December 2025, the national Consumer Price Index (CPI) increased by 0.8% year-on-year and by 0.2% month-on-month, marking the highest year-on-year increase since March 2023 [1][5] - The rise in CPI was primarily driven by an increase in food prices, which rose by 1.1% year-on-year, contributing approximately 0.17 percentage points to the CPI increase [5] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [5] Group 2: Producer Price Index (PPI) - In December 2025, the national Producer Price Index (PPI) decreased by 1.9% year-on-year but increased by 0.2% month-on-month, marking a continuous increase for three months [7][8] - The month-on-month increase in PPI was influenced by rising prices in certain industries, such as coal mining and processing, which saw price increases of 1.3% and 0.8% respectively [10] - Year-on-year, the decline in PPI narrowed by 0.3 percentage points, with significant price increases in sectors related to the digital economy and green transformation, such as a 15.3% increase in prices for external storage devices [11][12]

Core Insights - In December 2025, the national consumer price index (CPI) increased by 0.8% year-on-year, with urban areas rising by 0.9% and rural areas by 0.6% [3][20] - The producer price index (PPI) for industrial producers decreased by 1.9% year-on-year, with a narrowing decline compared to the previous month [12][25] CPI Analysis - The CPI rose by 0.2% month-on-month in December, driven by increased consumer demand ahead of the New Year [20][21] - Food prices increased by 1.1% year-on-year, significantly impacting the CPI, with fresh vegetable prices soaring by 18.2% [6][23] - Core CPI, excluding food and energy, rose by 1.2%, maintaining a growth rate above 1% for four consecutive months [20][23] PPI Analysis - The PPI saw a month-on-month increase of 0.2%, marking the third consecutive month of growth [24][25] - The decline in PPI year-on-year was less severe than in previous months, indicating a potential stabilization in industrial pricing [12][25] - Key industries such as coal mining and lithium-ion battery manufacturing experienced price increases, reflecting improved supply-demand dynamics [24][25] Price Movement by Category - In December, food and beverage prices rose by 0.8% year-on-year, contributing approximately 0.24 percentage points to the CPI [6][11] - The prices of production materials decreased by 2.1% year-on-year, with significant declines in mining and raw materials sectors [14][19] - The prices of durable consumer goods fell by 3.5%, while general daily necessities saw a price increase of 1.4% [14][19]

Core Viewpoint - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, with urban areas rising by 0.9% and rural areas by 0.6%, indicating a steady increase in consumer prices driven by food and non-food price changes [1][4][6]. CPI Summary - The CPI rose by 0.2% month-on-month in December, reversing a previous decline of 0.1% [5]. - Core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [6]. - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables (18.2%) and fresh fruits (4.4%), contributing to the overall CPI increase [6][8]. - Energy prices decreased by 3.8% year-on-year, with gasoline prices dropping by 8.4% [6]. PPI Summary - The Producer Price Index (PPI) increased by 0.2% month-on-month, marking three consecutive months of growth [8]. - Year-on-year, the PPI decreased by 1.9%, but the decline was less severe than in previous months, indicating some stabilization in industrial prices [9]. - Key industries such as coal mining and lithium-ion battery manufacturing saw price increases, reflecting improved supply-demand dynamics [8][9]. - Input factors like international commodity prices influenced the price trends in domestic industries, with non-ferrous metal prices rising due to global market conditions [8][9].

据国家统计局网站， 2025 年 12 月份，全国居民消费价格同比上涨 0.8% 。 其中，城市上涨 0.9% ，农村上涨 0.6% ；食品价格上涨 1.1% ，非食品价格上涨 0.8% ；消费品 价格上涨 1.0% ，服务价格上涨 0.6% 。 12 月份，全国居民消费价格环比上涨 0.2% 。其中，城市上涨 0.2% ，农村上涨 0.2% ；食品价格 上涨 0.3% ，非食品价格上涨 0.1% ；消费品价格上涨 0.3% ，服务价格持平。 2025 年全年，全国居民消费价格与上年持平。 PPI 环比上涨 0.2% ，连续 3 个月上涨，涨幅比上月扩大 0.1 个百分点。 本月 PPI 环比运行的主要 特点： 一是供需结构改善带动部分行业价格上涨。 重点行业产能治理与市场竞争秩序综合整治持续显 效，煤炭开采和洗选业、煤炭加工价格环比分别上涨 1.3% 和 0.8% ，均连续 5 个月上涨；锂离子电 池制造价格上涨 1.0% ，水泥制造价格上涨 0.5% ，均连续 3 个月上涨；新能源车整车制造价格由上 月下降 0.2% 转为上涨 0.1% 。需求季节性增加带动燃气生产和供应业、电力热力生产和供应业价格 分别 ...

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI rising by 1.2% year-on-year, indicating a recovery in consumer demand as the New Year approaches [1][2][3] - The month-on-month increase in CPI was primarily driven by rising prices of industrial consumer goods, excluding energy, which rose by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [2] - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables (18.2%) and fresh fruits (4.4%), contributing approximately 0.17 percentage points to the year-on-year CPI increase [3] Group 2: PPI Analysis - The Producer Price Index (PPI) rose by 0.2% month-on-month, marking the third consecutive month of increase, with the growth rate expanding by 0.1 percentage points compared to the previous month [4] - The month-on-month PPI increase was supported by improved supply-demand dynamics, with notable price increases in coal mining (1.3%) and lithium-ion battery manufacturing (1.0%) [4] - Year-on-year, the PPI decreased by 1.9%, but the decline rate narrowed by 0.3 percentage points, reflecting positive price changes in certain industries due to ongoing macroeconomic policies [5]

Group 1: CPI Overview - In December 2025, the national consumer price index (CPI) increased by 0.8% year-on-year, with urban areas rising by 0.9% and rural areas by 0.6% [1] - The CPI rose by 0.2% month-on-month in December, with both urban and rural areas experiencing the same increase [1] - For the entire year of 2025, the CPI remained unchanged compared to the previous year [1] Group 2: Year-on-Year Price Changes - In December, food, tobacco, and alcohol prices rose by 0.8% year-on-year, contributing approximately 0.24 percentage points to the CPI increase [2] - Fresh vegetable prices surged by 18.2%, impacting the CPI by approximately 0.39 percentage points, while fresh fruit prices increased by 4.4%, contributing about 0.09 percentage points [2] - Prices for pork decreased by 14.6%, leading to a CPI decrease of about 0.20 percentage points [2] Group 3: Month-on-Month Price Changes - In December, food, tobacco, and alcohol prices increased by 0.2% month-on-month, contributing approximately 0.05 percentage points to the CPI [3] - Fresh fruit prices rose by 2.6%, impacting the CPI by about 0.05 percentage points, while fresh vegetable prices increased by 0.8%, contributing approximately 0.02 percentage points [3] - Prices for clothing and transportation remained stable, while housing prices decreased by 0.1% [3] Group 4: PPI Overview - In December 2025, the industrial producer price index (PPI) decreased by 1.9% year-on-year, with the decline narrowing by 0.3 percentage points from the previous month [8] - Month-on-month, the PPI rose by 0.2%, with the increase expanding by 0.1 percentage points compared to the previous month [8] - For the entire year of 2025, the PPI fell by 2.6% [8] Group 5: Year-on-Year PPI Changes - In December, the prices of production materials decreased by 2.1%, contributing approximately 1.53 percentage points to the overall decline in the PPI [9] - Prices in the mining industry fell by 4.7%, while raw materials and processing industries saw declines of 2.6% and 1.6%, respectively [9] - Life goods prices decreased by 1.3%, impacting the PPI by about 0.35 percentage points [9] Group 6: Month-on-Month PPI Changes - In December, production materials prices increased by 0.3%, contributing approximately 0.24 percentage points to the overall PPI increase [10] - Prices in the mining industry rose by 0.8%, while life goods prices remained stable [10] - Prices for non-ferrous metals and fuel power categories saw increases, while black metal materials prices decreased by 0.4% [10] Group 7: CPI and PPI Insights - The CPI's month-on-month increase was driven by rising industrial consumer goods prices, with core CPI (excluding food and energy) rising by 1.2% [18][19] - The PPI's month-on-month increase reflects improvements in supply-demand structures and seasonal demand increases in certain industries [21] - The overall economic policies have positively influenced price trends in various sectors, leading to a narrowing of price declines in specific industries [22]

2025年12月份CPI同比涨幅继续扩大 PPI同比降幅收窄 ——国家统计局城市司首席统计师董莉娟解读2025年12月份CPI和PPI数据 CPI同比上涨0.8%，涨幅比上月扩大0.1个百分点，回升至2023年3月份以来最高，同比涨幅扩大主要是 食品价格涨幅扩大拉动。食品价格上涨1.1%，涨幅比上月扩大0.9个百分点，对CPI同比的上拉影响比上 月增加约0.17个百分点。食品中，鲜菜和鲜果价格涨幅分别扩大至18.2%和4.4%，对CPI同比的上拉影响 比上月合计增加约0.16个百分点；牛肉、羊肉和水产品价格分别上涨6.9%、4.4%和1.6%，涨幅均有扩 大；猪肉价格下降14.6%，降幅略有收窄。能源价格下降3.8%，降幅比上月扩大0.4个百分点，其中汽油 价格降幅扩大至8.4%。扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以 上。服务价格上涨0.6%，影响CPI同比上涨约0.25个百分点。其中，家庭服务价格上涨1.2%；房租价格 下降0.3%。扣除能源的工业消费品价格上涨2.5%，影响CPI同比上涨约0.63个百分点。其中，金饰品价 格涨幅继续扩大至68.5%；家用器具和家庭日用 ...

CPI同比上涨0.8%，涨幅比上月扩大0.1个百分点，回升至2023年3月份以来最高，同比涨幅扩大主要是 食品价格涨幅扩大拉动。食品价格上涨1.1%，涨幅比上月扩大0.9个百分点，对CPI同比的上拉影响比上 月增加约0.17个百分点。食品中，鲜菜和鲜果价格涨幅分别扩大至18.2%和4.4%，对CPI同比的上拉影响 比上月合计增加约0.16个百分点；牛肉、羊肉和水产品价格分别上涨6.9%、4.4%和1.6%，涨幅均有扩 大；猪肉价格下降14.6%，降幅略有收窄。能源价格下降3.8%，降幅比上月扩大0.4个百分点，其中汽油 价格降幅扩大至8.4%。扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。 服务价格上涨0.6%，影响CPI同比上涨约0.25个百分点。其中，家庭服务价格上涨1.2%；房租价格下降 0.3%。扣除能源的工业消费品价格上涨2.5%，影响CPI同比上涨约0.63个百分点。其中，金饰品价格涨 幅继续扩大至68.5%；家用器具和家庭日用杂品价格涨幅分别扩大至5.9%和3.2%；燃油小汽车和新能源 小汽车价格降幅分别收窄至2.4%和2.2%。 二、PPI环比涨幅扩大，同比降幅 ...