。2021-2025年,扣除食品和能源的核心消费价 格涨幅在0.5%—1.3%之间，累计上涨4.4%。 。核心消费中,工业消费品(扣除能源)价格五 年间"三涨二降"，2022年涨幅最大，2023年 降幅最大,2024年涨幅收窄,2025年转为上 涨;服务价格年度涨幅在0.4%—1.4%之间。 "十四五"时期江苏部分类别价格累计涨幅(%) 食品 虎源 核心消费 工补塌费品 服务 (扣除能源) 居民消费价格指数（CPI），是衡量民生冷暖与经济运行态势的"晴雨表"，其变动直接关系到百姓的"钱袋子"与获得感。国家统计局江苏调查总队数据显 示："十四五"时期，江苏坚持把惠民生与促消费有机结合，经济结构持续优化、发展动能加快转换，整体呈现稳中有进、韧性增强的良好态势，全省居民 消费价格总体保持温和上涨运行态势。 核心消费价格温和上涨 "十四五"期间,全省居民消费价格总体保持 平稳,核心消费价格保持温和上涨,充分体现 了价格调控、"两新"和促进服务消费等政策 实施的成效。 来源：交汇点新闻、现代快报 编辑：曾雪琦 审核：刘海琴 | PACI TIDE DI 官方微博 官方视频号 官方微信 ...

Group 1: Inflation Trends - The decline in January CPI year-on-year to 0.2% is primarily due to the high base effect from last year's Spring Festival, which was in January, while this year's is in February[5] - Food CPI even experienced negative growth, with the contribution of food, tobacco, and alcohol to CPI turning negative[5] - January's month-on-month CPI remained unchanged at 0.2%, consistent with December's figure[5] Group 2: Core CPI and Industrial Prices - Core CPI increased by 0.8% year-on-year in January, with a month-on-month rise of 0.3%, marking the highest increase in six months, indicating a sustained recovery in domestic demand[9] - Excluding energy, industrial consumer goods prices rose by 2.6% year-on-year, an increase of 0.1 percentage points from December[9] - The moderate rise in core CPI and industrial consumer goods prices suggests that the decline is not due to insufficient demand[10] Group 3: PPI Insights - January PPI decreased by 1.4% year-on-year, with the decline narrowing by 0.5 percentage points from December, indicating a marginal easing of downward pressure[16] - A significant signal is the new price increase factor for PPI turning positive for the first time in 41 months, suggesting a shift from reliance on base effects to current price increases driving PPI recovery[16] - January's month-on-month PPI rose by 0.4%, marking the fourth consecutive month of increase, with notable contributions from the non-ferrous metal mining and manufacturing sectors[18] Group 4: Risk Factors - Potential risks include geopolitical tensions and unexpected increases in international oil prices[24]

Core Viewpoint - The consumer price index (CPI) in Guangdong remained stable year-on-year in December 2025, with a slight month-on-month decrease, indicating a mixed trend in consumer prices [1] Group 1: CPI Overview - In December, Guangdong's CPI increased by 0.4% year-on-year, maintaining the same growth rate as the previous month [1] - The month-on-month CPI decreased by 0.1%, but the decline was narrower by 0.3 percentage points compared to the previous month [1] Group 2: Food Prices - Food prices in Guangdong shifted from a 0.3% increase in the previous month to a stable position in December [1] - Prices for fresh vegetables and marine fish increased, while prices for pork, other livestock products, eggs, and milk powder decreased [1] Group 3: Industrial Consumer Goods - The prices of industrial consumer goods rose by 0.5% [1] - Significant year-on-year price increases were observed in precious metal items, with platinum jewelry up by 95.3%, gold jewelry by 70.3%, and silver jewelry by 19.2% [1]

Group 1 - The core viewpoint of the article indicates that in December 2025, the Consumer Price Index (CPI) for Guangdong residents increased by 0.4% year-on-year, maintaining the same growth rate as the previous month [1] - Food prices changed from a 0.3% increase in the previous month to flat, with fresh vegetables and seawater fish prices rising, while prices for pork, other livestock products, eggs, and milk powder decreased [1] - The price of industrial consumer goods rose by 0.5%, with significant year-on-year increases in the prices of platinum, gold, and silver jewelry [1] Group 2 - On a month-on-month basis, the CPI decreased by 0.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [1]

Group 1 - The Consumer Price Index (CPI) for November increased by 0.7% year-on-year, the highest since March 2024, with a 0.5 percentage point increase from the previous month [1] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months [1] - Food prices shifted from a decrease of 2.9% in the previous month to an increase of 0.2%, contributing positively to the CPI [1] Group 2 - The Producer Price Index (PPI) increased by 0.1% month-on-month, marking the second consecutive month of increase, while year-on-year it decreased by 2.2% [2] - Seasonal demand increases in certain domestic industries, such as coal and gas, contributed to the month-on-month price rise in November [2] - The year-on-year decline in PPI was influenced by a high comparison base from the previous year, with the reduction in price declines for certain industries indicating the effectiveness of measures against "involution" competition [2]

Core Insights - In October, there was a positive change in consumer prices, with a month-on-month increase and a year-on-year shift from decline to growth [1][3]. Group 1: Month-on-Month Changes - The Consumer Price Index (CPI) rose by 0.2% month-on-month, an increase of 0.1 percentage points from the previous month, driven by expanded holiday consumption and rising industrial goods prices [3]. - Holiday travel demand led to increased transportation and accommodation prices, with hotel prices rising by 8.6%, flight tickets by 4.5%, and tourism prices by 2.5% [3]. - Food prices increased by 0.3% month-on-month, with fresh vegetables, lamb, fresh fruits, shrimp, and beef seeing price increases between 0.5% and 4.3% [3]. - Industrial consumer goods prices rose by 0.3% month-on-month, contributing to the CPI increase [3]. Group 2: Year-on-Year Changes - The CPI increased by 0.2% year-on-year, reversing the previous month's decline of 0.3%, with core CPI (excluding food and energy) rising by 1.2%, an increase of 0.2 percentage points from the previous month [3][4]. - Service prices saw a year-on-year increase of 0.8%, with notable rises in air ticket and hotel prices, reflecting ongoing consumer upgrades and increased demand for high-quality services [4]. - Industrial consumer goods prices rose by 2% year-on-year, marking six consecutive months of growth, with household appliances and durable goods seeing price increases between 2.4% and 5% [4]. - The downward pressure from food and energy prices has lessened, with food prices down 2.9% and energy prices down 2.4% year-on-year, but the decline rates have narrowed compared to the previous month [4]. Group 3: Market Outlook - The overall market demand remains insufficient, and prices are operating at a low level despite positive changes in consumer prices [5]. - Future measures will focus on expanding domestic demand, promoting a unified national market, optimizing the competitive environment, and improving supply-demand relationships to facilitate reasonable price recovery [5].

Group 1: CPI Insights - In October, the CPI year-on-year increased by 0.2%, up from -0.3% in the previous month, exceeding market expectations of -0.1%[2][4] - The core CPI year-on-year growth rose to 1.2%, compared to 1.0% in the previous month[2][4] - Food prices saw a narrowing year-on-year decline from -4.4% to -2.9%, with a month-on-month increase of 0.3%, surpassing the seasonal average decline of -0.4%[4][5] Group 2: PPI Insights - The PPI year-on-year decline narrowed to -2.1% from -2.3%, while the month-on-month PPI increased by 0.1%, marking the first increase of the year[2][6] - The improvement in PPI is attributed to enhanced industrial supply-demand relationships and rising international metal prices, with copper mining prices increasing by 5.3% month-on-month[6][7] - The prices in the coal mining sector rose by 1.6% month-on-month, indicating a recovery in upstream industries[6][7] Group 3: Future Outlook - CPI is expected to continue its upward trend in Q4, potentially reaching an annual average of 0.7% in 2026, driven by recovering food prices and ongoing consumption policies[8][9] - The PPI's year-on-year decline is anticipated to continue narrowing, although the timeline for a return to positive growth remains uncertain due to slow supply-side adjustments[9][10]

Core Viewpoint - In October, the implementation of policies aimed at expanding domestic demand, combined with the National Day and Mid-Autumn Festival holidays, led to a rise in the Consumer Price Index (CPI), which increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of growth [1] Group 1: CPI Trends - The CPI increased by 0.2% month-on-month, a rise of 0.1 percentage points compared to September, slightly above seasonal levels [1] - The service prices shifted from a decline of 0.3% in September to an increase of 0.2%, exceeding seasonal levels by 0.2 percentage points, contributing approximately 0.07 percentage points to the month-on-month CPI increase [1] Group 2: Holiday Impact - The overlapping of the National Day and Mid-Autumn Festival holidays resulted in strong travel demand, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively, all above seasonal levels [1] - Medical service prices also saw an increase of 0.5% during this period [1] Group 3: Food and Industrial Prices - Food prices rose by 0.3%, contrasting with a seasonal expectation of a 0.1% decline, driven by increased consumption demand during the holidays [1] - Prices for fresh vegetables, lamb, fresh fruits, shrimp and crabs, and beef increased between 0.5% and 4.3% [1] - Industrial consumer goods prices remained stable with a slight increase, while energy prices decreased by 0.4%, leading to a 0.3% rise in industrial consumer goods prices excluding energy, contributing approximately 0.07 percentage points to the CPI increase [1] - Domestic gold jewelry prices surged by 10.2% due to rising international gold prices [1]

Core Insights - The core CPI excluding food and energy prices rose by 1.0% year-on-year in September, marking the fifth consecutive month of increase and the first time in 19 months that the growth rate returned to 1% [1] - The prices of industrial consumer goods excluding energy increased by 1.8%, also showing a continuous expansion for five months [1] Industrial Consumer Goods - The prices of gold and platinum jewelry surged by 42.1% and 33.6% respectively, indicating significant demand and price pressure in the luxury goods sector [1] - Prices for household appliances, daily necessities, and communication tools rose by 5.5%, 3.2%, and 1.5% respectively, with all categories experiencing an increase in their growth rates [1]

Core Viewpoint - The current positive changes in prices in China are continuing to accumulate, but the consumer price index (CPI) remains low, necessitating efforts to promote a reasonable recovery in prices [1] Group 1: CPI Analysis - In August, the CPI remained flat month-on-month and shifted from stable to a decline year-on-year, primarily due to the high base effect from the previous year [1] - Food prices in August decreased by 4.3% year-on-year, with the decline expanding by 2.7 percentage points compared to the previous month, significantly impacting the CPI [1] - The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking a 0.1 percentage point increase from the previous month and continuing a trend of rising for four consecutive months [1] Group 2: Industrial and Service Prices - Industrial consumer goods prices saw an increase, with a year-on-year rise of 1.5% in August, up by 0.3 percentage points from the previous month, driven by improved supply and demand [2] - Prices for household appliances and entertainment durable goods rose by 4.6% and 2.4% respectively, contributing approximately 0.09 percentage points to the CPI [2] - Service prices increased by 0.6% year-on-year in August, with a 0.1 percentage point rise from the previous month, influenced by increased demand for high-quality social services [2] - Medical and educational service prices rose by 1.6% and 1.2% respectively, while transportation rental and tourism prices increased by 0.8% and 0.7% [2] Group 3: Future Outlook - The market supply-demand relationship remains prominent, and the consumer price level is still low, indicating the need for continued efforts to expand domestic demand and implement consumption-boosting initiatives [2]