中新社北京2月11日电 (记者 王恩博)中国国家统计局11日公布，主要受春节错月影响，1月份中国居民 消费价格指数(CPI)同比涨幅回落至0.2%，但扣除食品和能源价格的核心CPI保持温和上涨。 国家统计局城市司首席统计师董莉娟分析称，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。 同期，扣除能源的工业消费品价格同比上涨2.6%，涨幅比上月扩大0.1个百分点。其中，黄金饰品价格 同比上涨77.4%。 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，而上月对CPI的影响为上拉约 0.21个百分点。服务价格同比上涨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个百分点。 中国民生银行首席经济学家温彬表示，1月CPI同比最大的干扰因素是春节错位，市场对其早有预期。 从结构看，虽然食品与能源表现偏弱，但核心CPI表现稳健。展望2月，由于春节错月转向拉升CPI，预 计同比增速将显著回升。(完) 同时，国际油价变动导致能源价格降幅扩大。1月份能源价格同比下降5.0%，影响CPI同比下降约0.3 ...

经济研究·宏观快评 证券研究报告 | 2026年02月11日 通胀数据快评 PPI 环比显著走强 | 证券分析师： | 邵兴宇 | 010-88005483 | shaoxingyu@guosen.com.cn | 执证编码：S0980523070001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 事项： 2 月 11 日，国家统计局发布了 2026 年 1 月份全国 CPI 和 PPI 数据。2026 年 1 月，中国 CPI 同比+0.2%（前 值+0.8%），万得一致预期+0.15%，核心 CPI 同比+0.8%（前值+1.2%）；PPI 同比-1.4%（前值-1.9%），万 得一致预期-1.5%。 评论： 2026 年 1 月的通胀数据呈现出鲜明的分化特征：一方面，受春节错 ...

Group 1: Consumer Price Index (CPI) Insights - 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, marking a six-month high [1][4][8] - The decline in food prices by 0.7% contributed to a decrease in the CPI's year-on-year growth, with the previous year's high base due to the Spring Festival affecting the current comparison [5][6] - The core CPI's month-on-month increase of 0.3% indicates a sustained recovery in consumer demand, with significant price increases in services such as air tickets and travel agency fees [7][8] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) rose by 0.4% month-on-month in January, marking the fourth consecutive month of increase, with a growth rate expansion of 0.2 percentage points compared to the previous month [1][9] - Year-on-year, the PPI decreased by 1.4%, but the decline was less severe than in the previous month, indicating a potential stabilization in industrial pricing [11] - Various sectors, including non-ferrous metal mining and manufacturing, showed significant price increases, while energy-related industries continued to experience price declines [10][11] Group 3: Economic Outlook - Analysts expect a potential rebound in CPI growth in February due to the timing of the Spring Festival, which may influence consumer spending patterns [6][11] - The overall inflation trend is anticipated to align with the central bank's goal of a "moderate recovery," with PPI growth expected to steadily rise while CPI remains relatively stable [11][12]

Inflation Data Overview - In January 2026, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, while the core CPI (excluding food and energy) rose by 0.8% year-on-year[4] - The Producer Price Index (PPI) saw a month-on-month increase of 0.4% but a year-on-year decrease of 1.4%[4] Seasonal Effects and Consumer Demand - The January CPI year-on-year drop to 0.2% was influenced by the late timing of the Spring Festival, which typically weakens food price increases[4] - Historical data suggests that seasonal disturbances like this are often corrected in February, indicating potential recovery in CPI[5] Core CPI and Consumer Recovery - The core CPI's month-on-month increase of 0.3% marks a six-month high, reflecting improving consumer demand supported by effective consumption policies[4] - Price increases in household goods and services, such as travel and entertainment, indicate a robust recovery in service consumption[4] PPI Trends and Influences - The PPI's year-on-year decline narrowed to -1.4%, with a month-on-month increase of 0.4%, both reaching their highest values since October 2023[4] - Factors contributing to PPI recovery include the "anti-involution" policy and international commodity price increases[4] Risks and Future Outlook - Potential risks include policy measures falling short of expectations, unexpected changes in the domestic economy, and fluctuations in exports[4]

国家统计局最新公布的数据显示，1月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%。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两方面原 因：一是春节错月影响。去年1月为春节月，食品和部分服务价格上涨较多，导致上年基数较高，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。我国居民消费需求持续恢复，核心 CPI温和上涨的态势没有改变。 国家统计局最新公布的数据显示，1月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%。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两方面原 因：一是春节错月影响。去年1月为春节月，食品和部分服务价格上涨较多，导致上年基数较高，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。我国居民消费需求持续恢复，核心 CPI温和上涨的态势没有改变。 ...

二是扣除能源的工业消费品价格同比涨幅持续扩大。扣除能源的工业消费品价格同比上涨2.6%，涨幅 比上月扩大0.1个百分点。其中，黄金饰品价格同比上涨77.4%；家用器具、家庭日用杂品和服装价格涨 幅在2.1%—6.6%之间。 （文章来源：人民网） 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。 董莉娟表示，居民消费需求持续恢复，核心CPI温和上涨的态势没有改变。 一是核心CPI环比继续上涨。扣除食品和能源价格的核心CPI环比上涨0.3%，为近6个月最高。其中，飞 机票和旅行社收费价格环比分别上涨5.7%和2.0%；家政服务、美发、电影及演出票价格涨幅在0.4%— 2.8%之间；数据存储设备和计算机价格分别上涨8.0%和2.6%；家用器具、家庭日用杂品、个人护理用 品价格涨幅在0.7%—1.4%之间。 人民网北京2月11日电国家统计局11日公布数据显示，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. ...

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0.2个百分点。服务中，飞机票、旅行社收费和家政服务价格 分别下降14.3%、7.7%和3.5%，三项合计影响CPI同比下降约0.16个百分点，而上月其对CPI同比影响为上拉约0.04个百分点。 国家统计局2月11日发布的数据显示，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%；工业生产者出厂价格指数（PPI）环比上涨0.4%，同比下降1.4%。 核心CPI保持温和上涨 1月CPI同比上涨0.2%，涨幅有所回落。对此，国家统计局城市司首席统计师董莉娟认为，主要受春节错月影响。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1月同比涨幅回落较多。 图片来源：国家统计局 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 ...

Group 1 - The core viewpoint of the article indicates that in January, consumer demand continues to recover, with the Consumer Price Index (CPI) rising by 0.2% month-on-month and year-on-year, while essential goods prices remain stable before the holiday [1] - The Producer Price Index (PPI) increased by 0.4% month-on-month, reflecting a slight upward trend in industrial production [1] Group 2 - Key consumer price movements include stable food prices, a 4.8% decrease in fresh vegetable prices, and slight declines in grain and cooking oil prices by 0.1% and 0.2% respectively [5] - Prices for pork and poultry increased by 1.2% and 0.2%, while both aquatic products and fresh fruits saw a 2.0% increase [5]

新华社北京2月11日电（记者王雨萧、何晓）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%，扣除食品和能源价格的核心 CPI同比上涨0.8%。 居民消费需求持续恢复，核心CPI保持温和上涨态势，环比上涨0.3%，为近6个月最高。 此外，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%。 【纠错】 【责任编辑:胡蓉】 统计数据显示，食品价格同比下降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%。 国家统计局城市司首席统计师董莉娟介绍，CPI同比涨幅有所回落，主要有两方面原因：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。 ...

Group 1 - The core viewpoint of the articles indicates a continuous recovery in consumer demand, with the Consumer Price Index (CPI) showing a slight increase while the Producer Price Index (PPI) has also risen, reflecting various economic factors [1][4][5] Group 2 - In January, the CPI increased by 0.2% month-on-month and year-on-year, while the core CPI, excluding food and energy, rose by 0.8% year-on-year [1] - The decline in food prices, particularly a 0.7% drop, contributed to a decrease in the CPI's year-on-year growth rate, with fresh vegetable prices rising by 6.9% but showing a reduced growth rate compared to the previous month [2][3] - Energy prices fell by 5.0% in January, impacting the CPI negatively by approximately 0.34 percentage points, with gasoline prices down 11.4% year-on-year [2][3] Group 3 - The PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth, driven by the ongoing development of a unified national market and increased demand in certain sectors [4][5] - Specific industries such as cement manufacturing and lithium-ion battery production saw price increases, while the prices of photovoltaic equipment turned from a decline to an increase of 1.9% [4] - Year-on-year, the PPI decreased by 1.4%, but the decline was less severe than in the previous month, with notable increases in the prices of non-ferrous metal mining and manufacturing sectors [5]