本报讯（记者 赵语涵）昨天，国家统计局发布2026年1月居民消费价格指数（CPI）。1月，居民消费需 求持续恢复，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%。节前 民生商品量足价稳，鲜菜、粮油等价格环比下降，猪肉、水产品、鲜果等价格环比温和上涨。 春节即将到来，1月CPI数据反映了节前物价走势。从环比看，节前重要民生商品量足价稳。食品价格 环比持平，其中鲜菜价格下降4.8%，粮食和食用油价格分别下降0.1%和0.2%，猪肉和禽肉类价格分别 上涨1.2%和0.2%，水产品和鲜果价格均上涨2.0%。 1月CPI同比涨幅有所回落，国家统计局城市司首席统计师董莉娟分析，主要受到春节错月，以及国际 油价变动导致能源价格降幅扩大的影响。具体来看，2025年1月为春节月份，食品和部分服务价格上涨 较多，导致同期对比基数较高，带动本月同比涨幅回落较多。分类别看，食品价格同比下降0.7%，影 响CPI同比下降约0.11个百分点。食品中，鲜菜价格上涨6.9%，鲜果价格上涨3.2%，猪肉和鸡蛋价格分 别下降13.7%和10.6%。服务价格上涨0.1%，服务中，飞机票、旅行社收费和家政服 ...

（来源：中华工商时报） 转自：中华工商时报 在全国统一大市场建设持续推进、部分行业需求增加等因素带动下，1月份，PPI继续呈现积极变化。 "1月份，PPI环比上涨0.4%，连续4个月上涨，涨幅比上月扩大0.2个百分点。全国统一大市场建设持续 推进带动部分行业价格上涨，水泥制造、锂离子电池制造价格环比均连续4个月上涨。"董莉娟说。 董莉娟分析，部分行业需求增加，进一步带动相关行业价格上涨。例如，人工智能等数字化技术加快发 展、算力需求增长带动计算机通信和其他电子设备制造业价格环比上涨0.5%；春节前礼品和食品等备 货需求增加带动工艺美术及礼仪用品制造、农副食品加工业价格分别上涨4.1%和0.3%。 国家统计局2月11日发布数据显示，1月份，居民消费需求持续恢复，全国居民消费价格指数（CPI）同 比上涨0.2%，环比上涨0.2%；工业生产者出厂价格指数（PPI）同比下降1.4%，降幅比上月收窄0.5个百 分点；环比上涨0.4%，涨幅比上月扩大0.2个百分点。 "1月份，居民消费需求持续恢复，CPI保持上涨，但同比涨幅有所回落。"国家统计局城市司首席统计师 董莉娟分析，CPI涨幅回落，一是受春节错月影响，上年1月份 ...

除了春节错月因素，能源价格同比降幅扩大也是CPI同比涨幅回落的原因之一。1月能源价格同比下降 5.0%，对CPI同比的下拉影响比2025年12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2025年12月扩大3.0个百分点。 扣除食品和能源价格的核心CPI温和上涨，体现出居民消费需求持续恢复。数据显示，1月核心CPI同比 上涨0.8%，环比上涨0.3%，环比涨幅为近6个月最高。 "促消费政策推动耐用消费品价格走高，是近期核心CPI涨幅较高的主要支撑。"东方金诚首席宏观分析 师王青对上海证券报记者表示。数据显示，扣除能源的工业消费品价格同比上涨2.6%，涨幅比2025年 12月扩大0.1个百分点。 1月，PPI环比上涨0.4%，涨幅比2025年12月扩大0.2个百分点，实现了连续4个月上涨。PPI同比下降 1.4%，降幅比2025年12月收窄0.5个百分点，实现连续2个月同比降幅收窄。 究其原因，民生银行首席经济学家温彬对上海证券报记者表示，主要是重点行业产能治理成效持续显 现、部分行业供需结构有所改善、新质生产力培育壮大带动相关行业价格上涨等。 物价运行呈低位温和回升态势。国家统计局2月 ...

Group 1 - The core viewpoint of the articles indicates a recovery in consumer demand in January, with the Consumer Price Index (CPI) rising by 0.2% month-on-month and the Producer Price Index (PPI) increasing by 0.4% month-on-month, while the PPI decreased by 1.4% year-on-year [1] - The core CPI, which excludes food and energy prices, rose by 0.3% month-on-month, marking the highest increase in six months, driven by significant price increases in airline tickets (5.7%) and travel agency fees (2.0%) [1] - The year-on-year increase in industrial consumer goods prices, excluding energy, expanded to 2.6%, with a notable rise in gold jewelry prices by 77.4% year-on-year [1] Group 2 - Factors influencing the CPI slowdown include the timing of the Spring Festival, which affects the base for year-on-year comparisons, and the impact of declining international oil prices from late last year to early this year [2] - The PPI is expected to continue narrowing its decline, supported by the rebound in global commodity prices and policies aimed at reducing competition, with a significant possibility of positive year-on-year growth in PPI by the second quarter [2] - The upcoming base year rotation for CPI and PPI, starting in 2026, is projected to have a minimal impact on the monthly year-on-year indices, averaging around 0.06 and 0.08 percentage points respectively [2]

CPI Analysis - In January 2026, the CPI increased by 0.2% month-on-month and 0.2% year-on-year, significantly dropping due to the Spring Festival timing effect[2] - Food prices turned negative year-on-year at -0.7%, a decline of 1.8 percentage points, influenced by last year's high base effect[2] - Core CPI, excluding food and energy, recorded a year-on-year increase of 0.8%, down 0.4 percentage points from the previous month, but reached a six-month high of 0.3% month-on-month[2] PPI Insights - The PPI in January 2026 decreased by 1.4% year-on-year, but the decline narrowed by 0.5 percentage points from the previous month, with a month-on-month increase of 0.4%[2] - Key industries showed price increases, such as photovoltaic equipment manufacturing up 1.9% and computer manufacturing up 0.5% month-on-month[2] - Energy-related industries continued to see price declines, with oil and gas extraction prices down 16.7% and coal mining down 9.8%[2] Future Projections - February 2026 CPI is expected to rise by 1.3% year-on-year, potentially the highest since February 2023, driven by the Spring Festival demand shift[2] - The anticipated month-on-month CPI increase for February is around 0.9%, with new price factors contributing 1.1%[2] - The PPI is projected to turn positive in the second quarter of 2026, reflecting improved industrial price conditions and a gradual recovery of economic momentum[2] Risk Considerations - There is a risk that domestic policy effects may not meet expectations, which could impact inflation and economic recovery[2]

Group 1: CPI Analysis - In January, 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][4] - 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][6] - Energy prices fell by 5.0% in January, contributing to a 0.34 percentage point decrease in the year-on-year CPI, with gasoline prices down 11.4% [1][6] Group 2: Core CPI and Consumer Demand - The core CPI continued to rise, with a month-on-month increase of 0.3%, the highest in six months, driven by higher prices for air tickets and travel services [2] - Prices for essential consumer goods remained stable, with fresh vegetable prices down 4.8% and pork prices up 1.2% [2][8] - The demand for various services, including household services and entertainment, showed moderate price increases, indicating a recovery in consumer demand [2][8] Group 3: PPI Analysis - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increases, while the year-on-year decline narrowed to 1.4% [3][11] - The increase in PPI was influenced by the ongoing development of a unified national market, leading to price rises in sectors such as cement and lithium-ion battery manufacturing [2][3] - Input factors, including international metal prices, significantly affected domestic prices, with non-ferrous metal mining prices up 22.7% year-on-year [3][18] Group 4: Price Changes by Category - In January, food and beverage prices decreased by 0.2% year-on-year, with significant declines in egg and meat prices impacting the CPI [6][11] - Other categories showed mixed results, with prices for household goods and services rising by 2.6% year-on-year, while transportation and communication prices fell by 3.4% [6][11] - The prices of industrial producer goods varied, with production materials experiencing a year-on-year decline of 1.3%, while living materials saw a decrease of 1.7% [13][15]

华泰证券首席宏观经济学家易峘分析数据时表示，春节错位压制1月CPI同比增速、但2月有望明显回 升，核心CPI环比延续回升态势或显示通胀中枢稳步抬升，有色及通信价格等上涨带动1月PPI超预期上 行。 CPI同比上涨0.2% 从数据来看，1月CPI较12月的0.8%回落至0.2%，环比持平于0.2%。 本报（chinatimes.net.cn）记者张智 北京报道 随着春节的临近，年货的采买如火如荼，物价也随之小幅波动。 2月11日，国家统计局发布数据显示，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%。 节前重要民生商品量足价稳。数据显示，2月5日，商务部会同财政部在少数民族地区组织投放2000吨中 央储备冻牛羊肉，增加节日肉类市场供应。同时，指导各地结合实际，灵活安排地方储备肉菜投放。安 徽、福建、山东等地落实猪肉、冬春蔬菜储备10万吨以上，山西、广西、新疆等地大型批发市场、超市 生活必需品库存量比平时增加10%—20%。河北组织420家商贸流通企业与外地的供应基地签订供货协 议，提前锁定货源。 "值得注意的是，猪肉为 ...

2月11日，国家统计局数据显示，今年1月，全国居民消费价格同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨0.8%。国家统计局城市司首席统计师 董莉娟表示，1月CPI同比涨幅有所回落，主要原因为春节错月影响和国际油价变动导致的能源价格降幅扩大。值得注意的是，国家统计局发布以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。国家统计局城市司相关负责人表示， 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。 核心CPI保持温和上涨 数据显示，今年1月，全国居民消费价格同比上涨0.2%。其中，城市上涨0.2%，农村上涨0.1%；食品价格下降0.7%，非食品价格上涨0.4%；消费品价格上涨 0.3%，服务价格上涨0.1%。环比来看，1月，全国居民消费价格上涨0.2%。其中，城市上涨0.2%，农村上涨0.2%；食品价格持平，非食品价格上涨0.2%；消 费品价格上涨0.2%，服务价格上涨0.2%。 董莉娟表示，CPI同比涨幅有所回落，主要受春节错月影响和国际油价变动导致能源价格降幅扩大的影响。具体 ...

Group 1 - In January, the Consumer Price Index (CPI) increased by 0.2% year-on-year and 0.2% month-on-month, indicating a recovery in consumer demand [1][2] - The Producer Price Index (PPI) decreased by 1.4% year-on-year, but the decline was narrower by 0.5 percentage points compared to the previous month, while it increased by 0.4% month-on-month, marking a continuous rise for four months [1][3] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year and 0.3% month-on-month, reaching the highest level in six months, reflecting a sustained recovery in consumer demand [2] Group 2 - The increase in PPI is attributed to the ongoing construction of a unified national market and rising demand in certain industries, with specific sectors like cement and lithium-ion battery manufacturing seeing price increases for four consecutive months [3] - The demand for digital technologies and artificial intelligence is driving price increases in the computer and communication equipment manufacturing sector, which rose by 0.5% month-on-month [3] - The improvement in employment and income expectations, along with the strengthening of domestic demand, is expected to further support prices in related industries [3]

Inflation Data Summary - In January 2026, the CPI year-on-year increased by 0.2%, down from 0.8% in the previous month, while the month-on-month change remained at 0.2%[2] - The PPI year-on-year decreased by 1.4%, an improvement from the previous decline of 1.9%, with a month-on-month increase of 0.4%[2] CPI Analysis - The decline in CPI year-on-year was influenced by the misalignment of the Spring Festival, with fresh vegetable prices contributing a 0.27 percentage point decrease to the CPI[2] - Excluding the Spring Festival effect, the CPI month-on-month growth of 0.2% was weaker than the average of 0.6% observed in years when the festival fell in mid to late February[2] - Fresh vegetable prices saw a significant drop, with a month-on-month decrease of 4.8%, leading to a year-on-year decline of 0.7% in food prices[2] PPI Insights - The PPI has shown a continuous month-on-month increase for four consecutive months, with a potential for year-on-year growth by mid-year if the monthly changes remain stable[2] - Key drivers for PPI improvement include rising prices in non-ferrous metals and a positive demand outlook in certain industries, despite some drag from the oil sector[2] Core CPI and Consumer Trends - The core CPI, excluding energy, showed a year-on-year increase of 0.8%, with a month-on-month growth of 0.3%, indicating strong performance in non-energy consumer goods[2] - The average wholesale price of pork increased by 3.73% in January, marking the first monthly rise since July 2025, driven by a decrease in the breeding sow population[2] Risks and Future Outlook - Potential risks include slower-than-expected domestic policy implementation, a sharper decline in real estate investment, and unexpected inflation in the U.S.[3]