格隆汇1月10日｜据国家统计局广东调查总队10日发布的数据，2025年12月份，广东居民消费价格指数 (CPI)同比涨幅持平，环比降幅收窄。12月份广东CPI同比上涨0.4%，涨幅与上月持平。其中，食品价格 同比由上月上涨0.3%转为持平。食品中，鲜菜、海水鱼价格上涨；猪肉、其他畜肉及副产品、鸡蛋和 奶粉价格有所下降。工业消费品价格上涨0.5%。其中，受国际贵金属价格波动及国内消费需求支撑， 铂金饰品、金饰品、银饰品价格同比涨幅较大，分别上涨95.3%、70.3%和19.2%。从环比看，CPI环比 下降0.1%，降幅比上月收窄0.3个百分点。 ...

（文章来源：第一财经） 国家统计局广东调查总队发布数据显示，2025年12月份，广东居民消费价格指数(CPI)同比上涨0.4%， 涨幅与上月持平。食品价格同比由上月上涨0.3%转为持平，其中鲜菜、海水鱼价格上涨，猪肉、其他 畜肉及副产品、鸡蛋和奶粉价格有所下降。工业消费品价格上涨0.5%，铂金饰品、金饰品、银饰品价 格同比涨幅较大。从环比看，CPI环比下降0.1%，降幅比上月收窄0.3个百分点。 ...

11月PPI同比下降2.2%，降幅比上月扩大0.1个百分点，主要受上年同期对比基数走高影响。综合整 治"内卷式"竞争成效显现，相关行业价格同比降幅收窄。 （文章来源：人民日报） 本报北京12月10日电 （记者刘志强）10日，国家统计局发布11月份物价运行数据。11月份，居民消费 持续恢复，居民消费价格指数（CPI）同比上涨0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以 来最高，扣除食品和能源价格的核心CPI同比上涨1.2%。受国内部分行业供需结构优化、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0.1%，连续两个月环比上涨，同比下 降2.2%。 CPI同比涨幅扩大，主要是食品价格由降转涨拉动。食品价格由上月下降2.9%转为上涨0.2%，对CPI同 比的影响由上月下拉0.54个百分点转为上拉0.04个百分点。能源价格下降3.4%，降幅比上月扩大1.0个百 分点，其中汽油价格降幅扩大至7.5%。扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月 保持在1%以上。服务和扣除能源的工业消费品价格分别上涨0.7%和2.1%，分别影响CPI同比上涨约0.29 个百分 ...

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]

Economic Overview - In August, the Consumer Price Index (CPI) remained flat month-on-month, with a year-on-year decrease of 0.4%, influenced by high base effects from the previous year [2][3] - Food prices increased by 0.5% month-on-month, while non-food prices decreased by 0.1% [2] Year-on-Year Analysis - The year-on-year decline in CPI was primarily due to a 4.3% drop in food prices, with significant decreases in pork, fresh vegetables, and eggs, all exceeding 10% [3] - Core CPI, excluding food and energy, rose by 0.9% year-on-year, marking an increase for four consecutive months, driven by rising industrial consumer goods and service prices [3][4] Industrial Consumer Goods - Industrial consumer goods prices, excluding energy, increased by 1.5% year-on-year, with notable price rises in household appliances and entertainment durable goods [4] - The price increase in industrial consumer goods is attributed to improved supply-demand dynamics and policies promoting consumption upgrades [4] Service Prices - Service prices rose by 0.6% year-on-year, supported by increased demand for high-quality social services and tourism during the summer [5] - Key service sectors such as medical and educational services saw price increases of 1.6% and 1.2%, respectively, indicating a steady upward trend in service pricing [5] Future Outlook - The government aims to continue expanding domestic demand and implementing consumption-boosting initiatives to promote reasonable price recovery [5]

Core Insights - The core CPI has expanded for three consecutive months, primarily due to the implementation of consumption-boosting initiatives and the regulation of corporate competition [1][2] - In July, the national consumer price index remained flat year-on-year, with a month-on-month increase of 0.4%, indicating a low operating trend for the year [1] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year in July, with the growth rate increasing by 0.1 percentage points from the previous month [1] Economic Factors - The implementation of consumption-boosting initiatives has gradually released the potential for goods and services consumption, enhancing price momentum [1] - The steady progress in building a unified domestic market has curbed disorderly low-price competition among enterprises, contributing to price recovery [1] Price Structure - Both industrial consumer goods prices and service prices have shown stable increases, driving the expansion of the core CPI [1] - In July, industrial consumer goods prices, excluding energy, rose by 1.2% year-on-year, marking three consecutive months of growth [1] - Service prices increased by 0.5% year-on-year, surpassing the CPI growth rate, and have been on the rise since March [1] - The prices of gold and platinum jewelry increased significantly in July, by 37.1% and 27.3% year-on-year, respectively, contributing to the rise in core CPI [1]