Core Viewpoint - The inflation data for February shows a significant improvement, with CPI rising from 0.2% to 1.3%, exceeding expectations of 0.9%, marking the highest level in three years. Core CPI also increased from 0.8% to 1.8%, the highest since 2020. PPI narrowed its decline from -1.4% to -0.9% [2][8][27]. CPI Analysis - The CPI increase is primarily driven by core CPI contributions, with the average core CPI for January-February at 1.3%, significantly above the past five-year average of 0.2% [3][8]. - The rise in core CPI is attributed to competitive service prices, which contributed approximately 0.26 percentage points to the core CPI's seasonal increase of 0.3 percentage points [3][9]. - The food prices saw a notable increase, rising from -0.7% to 1.7%, while energy prices improved from -5% to -3.1% [16][20]. - The core service prices, excluding rent, are estimated to rise from 0.3% to 2.5%, influenced by the long Spring Festival holiday and concentrated consumer demand [24][23]. PPI Analysis - The PPI increased by 0.4% month-on-month, exceeding market expectations of 0.1%, driven by input factors such as rising prices in the oil and non-ferrous metal sectors [11][27]. - The PPI's month-on-month increase is supported by ongoing improvements in midstream manufacturing supply and demand, with PPI for midstream manufacturing rising approximately 0.4% [12][28]. - The PPI's year-on-year decline narrowed from -1.4% to -0.9%, indicating a potential for price recovery in the overall economy [27][28]. Price Trends and Market Signals - The proportion of CPI items experiencing price increases has returned to historical averages, with the percentage of items rising from 48% to 52% [33]. - In the PPI sector, the number of industries with rising prices increased from 13 to 19, indicating a significant recovery in price trends [36].

Inflation Data Summary - In February 2026, China's CPI increased by 1.3% year-on-year, up from 0.2% in January, and rose by 1.0% month-on-month[2] - Core CPI rose by 1.8% year-on-year, significantly higher than the previous month's 0.8%, marking the highest level since February 2019[2][4] - Food prices increased by 1.7% year-on-year, with fresh vegetables, seafood, and fruits rising by 10.9%, 6.1%, and 5.9% respectively[4] PPI Analysis - February 2026 PPI decreased by 0.9% year-on-year, a reduction in the decline by 0.5 percentage points from the previous month, while month-on-month it increased by 0.4%[2][9] - The prices of non-ferrous metals rose by 21.3% year-on-year and 4.8% month-on-month, driven by global resource competition[9] - Production material prices increased by 0.5% month-on-month, with mining and processing industries showing robust performance[9] Economic Outlook - The continuous month-on-month expansion of PPI suggests a potential for positive year-on-year growth in Q2 2026, marking a significant macroeconomic turning point since 2023[12] - The rising price levels are expected to benefit nominal GDP growth and favor cyclical sectors, particularly those with scarce resource attributes[12]

Core Viewpoint - The consumer price index (CPI) in Guiyang is projected to increase by 0.5% year-on-year in 2025, which is 0.2 percentage points higher than the previous year, with the core CPI (excluding food and energy) rising by 1.0% [1] Group 1: Price Changes - Food prices are expected to rise by 0.1%, while non-food prices are projected to increase by 0.5% [1] - Consumer goods prices are anticipated to increase by 0.2%, and service prices are expected to rise by 0.9% [1] Group 2: Price Structure - Among the eight categories of goods and services, six are expected to see price increases, one remains stable, and one is projected to decline [1] - The price of other goods and services is expected to rise by 7.4%, while daily necessities and services are projected to increase by 1.8% [1] - Education, culture, and entertainment prices are expected to rise by 1.7%, clothing prices by 0.6%, and food, tobacco, and alcohol prices by 0.5% [1] - Housing prices are projected to increase by 0.3%, while medical care prices are expected to remain stable, and transportation and communication prices are anticipated to decline by 2.0% [1]

Core Insights - The Consumer Price Index (CPI) for January 2026 decreased to 0.2% year-on-year from 0.8% in the previous month, indicating a slowdown in inflation [2] - The core CPI increased by 0.3% month-on-month, reaching a six-month high, suggesting a structural strengthening in consumer demand [2] Economic Analysis - The improvement in core CPI reflects a gradual recovery in consumer demand at the beginning of the year, providing significant support for a moderate inflation recovery [2] - The effectiveness of consumption promotion policies is evident, with rising prices in household appliances and daily necessities, contributing to a steady recovery in goods consumption [2] - Increased demand for travel and entertainment services ahead of the holiday season has led to rising prices in tourism, film, and domestic services, indicating a strong recovery in service consumption [2] - As February approaches, entering the Spring Festival consumption peak, price increase signs are expected to become more pronounced [2]

Core Viewpoint - Japan's core Consumer Price Index (CPI), excluding fresh food, rose by 2.0% year-on-year to 112.0 in January, marking the 53rd consecutive month of increase [1] Group 1: Price Increases - The primary driver of rising prices in Japan is the continuous increase in food prices, with the food prices excluding fresh items rising by 6.2% year-on-year [1] - Coffee bean prices saw a significant year-on-year increase of 51.0%, while the price of ordinary japonica rice rose by 27.9% [1] - Other categories such as housing repairs, communication fees, and hotel accommodations also experienced year-on-year price increases [1]

Group 1 - Japan's Consumer Price Index (CPI) rose by 1.5% year-on-year in January [1] - The core CPI, which excludes volatile items, increased by 2.0% year-on-year [1]

Group 1 - The core viewpoint of the articles indicates that the Consumer Price Index (CPI) in Liaoning province increased by 0.8% year-on-year in January 2026, surpassing the national average by 0.6 percentage points [1] - The core CPI, excluding food and energy prices, rose by 1.4% year-on-year, with an increase of 0.1 percentage points compared to the previous month [1] - Month-on-month, the CPI increased by 0.6%, which is higher than the national average increase of 0.4%, with urban areas rising by 0.7% and rural areas by 0.6% [1] Group 2 - In terms of year-on-year changes, prices in eight major categories showed a trend of "six increases and two decreases," with other goods and services rising by 18.5%, and food, tobacco, and dining out increasing by 1.7% [1] - Month-on-month, the prices in eight major categories exhibited a trend of "six increases, one decrease, and one stable," with other goods and services increasing by 3.1% and healthcare prices rising by 1.4% [2] - The transportation and communication category saw a significant decrease of 4.1% year-on-year, while clothing prices decreased by 0.1% month-on-month [1][2]

Core Insights - In January 2026, Liaoning's Consumer Price Index (CPI) increased by 0.8% year-on-year, surpassing the national average by 0.6 percentage points [1] - The core CPI, excluding food and energy prices, rose by 1.4% year-on-year, with an increase of 0.1 percentage points compared to the previous month [1] - Month-on-month, the CPI rose by 0.6%, again higher than the national average of 0.4% [1] Year-on-Year Analysis - Among eight categories of goods and services, six experienced price increases while two saw declines [1] - The largest increase was in other goods and services, which rose by 18.5%, followed by living goods and services at 2.3%, and food, tobacco, and dining out at 1.7% [1] - Healthcare prices increased by 1.3%, clothing by 0.8%, and education, culture, and entertainment by 0.1% [1] - Conversely, housing prices decreased by 0.1%, and transportation and communication prices fell by 4.1% [1] Month-on-Month Analysis - Month-on-month, six categories saw price increases, one category decreased, and one remained stable [2] - Other goods and services prices rose by 3.1%, healthcare by 1.4%, and food, tobacco, and dining out by 0.8% [2] - Living goods and services increased by 0.6%, education, culture, and entertainment by 0.5%, and transportation and communication by 0.4% [2] - Clothing prices decreased by 0.1%, while housing prices remained unchanged from the previous month [2]

Group 1: CPI Overview - In January 2026, the overall CPI in the U.S. increased by 0.17%, below the expected 0.3% and the previous value of 0.30%[2] - The core CPI rose by 0.30%, matching expectations and up from 0.23% in the previous month[2] - Year-on-year CPI growth was 2.39%, lower than the expected 2.5% and the previous 2.68%[2] Group 2: Inflation Structure - The decline in overall CPI was primarily due to a significant drop in gasoline prices, which negatively impacted energy inflation[2] - Super core service inflation recorded a new high in year-on-year growth, indicating persistent inflationary pressure in this sector[2] - Excluding the unusual drop in used car prices, the core goods inflation is expected to rebound more significantly in the coming months[2] Group 3: Future Outlook - The expectation of expansive fiscal and monetary policies, along with seasonal impulses, is likely to support a phase of demand expansion in the U.S. economy in Q1 2026[2] - There are upward risks for non-farm payrolls and core CPI growth in February and March 2026, with the first interest rate cut by the Federal Reserve anticipated in June 2026[2] - Risks include potential overreach of Trump policies, excessive rate cuts leading to inflation rebound, and prolonged high-interest rates causing liquidity crises in the financial system[2]

Core Insights - The Consumer Price Index (CPI) in January showed a month-on-month increase of 0.2% and a year-on-year increase of 0.2%, indicating a positive signal of recovering consumer demand and steady market potential [1] - The core CPI rose by 0.3% month-on-month, marking the highest increase in six months, reflecting a sustained recovery trend in the domestic consumption market [1] - The year-on-year mild increase in CPI is attributed to multiple positive factors, showcasing an optimized consumption structure and the dual growth of service consumption and upgraded goods [1] Detailed Summary - The core CPI, which excludes food and energy prices, is less affected by short-term factors and better reflects the overall trend of domestic consumer demand [1] - The slight year-on-year changes in CPI are evident in various market details, such as increased prices in agricultural products due to pre-holiday stocking, rising travel-related service prices driven by released tourism demand, and sustained growth in entertainment and life service consumption during the holiday season [1] - The robust performance of the core CPI serves as a "barometer" for consumption recovery, with expectations of improved employment and income, further releasing domestic demand potential as macro policies are implemented and the national unified market is developed [2]