Group 1: CPI Analysis - In December 2025, the CPI increased by 0.8% year-on-year, up from 0.7% in the previous month, marking the highest increase since August 2023[2] - The cumulative CPI for January to December 2025 was 0.0%, indicating a stagnation in price growth over the year[1] - The main drivers for the December CPI increase included rising vegetable and fruit prices due to adverse weather, consumer promotion policies boosting appliance and vehicle prices, and an increase in international gold prices[3] Group 2: PPI Analysis - The PPI in December 2025 decreased by 1.9% year-on-year, a slight improvement from a 2.2% decline in November, with a cumulative decline of 2.6% for the year[1] - The December PPI saw a month-on-month increase of 0.2%, marking the third consecutive month of rising prices[6] - Key factors contributing to the PPI changes included improved supply-demand dynamics in certain industries and rising prices in the non-ferrous metals sector, with specific increases of 3.7% and 2.8% in mining and refining respectively[7][8] Group 3: Economic Outlook - The overall economic environment in 2025 was characterized by weak demand and a "strong supply, weak demand" scenario, leading to a continued decline in PPI[10] - Looking ahead to January 2026, the CPI is expected to drop to around 0.2% year-on-year due to a higher base effect from the previous year and seasonal price fluctuations[5] - The forecast for 2026 indicates a continued low inflation environment, with an expected annual CPI of approximately 0.4%[5]

Core Insights - In November, Beijing's industrial producer prices decreased by 1.3% year-on-year and 0.2% month-on-month, while the purchasing prices fell by 1.7% year-on-year and 0.1% month-on-month [1][2] Group 1: Year-on-Year Analysis - Among the 34 industrial sectors surveyed, 11 sectors saw an increase in producer prices, 20 sectors experienced a decline, and 3 sectors remained unchanged [1] - The producer prices for production materials decreased by 0.4% year-on-year, with processing materials down by 0.8% and raw materials down by 0.1%, while extraction materials increased by 0.7% [1] - The producer prices for living materials fell by 3.2% year-on-year, with durable consumer goods down by 5.8%, food down by 1.6%, and clothing down by 1.3%, while general daily necessities increased by 3.0% [1] - In the purchasing prices, agricultural and sideline products dropped by 11.1%, black metal materials decreased by 6.2%, and construction materials and non-metallic products fell by 4.5% [1] Group 2: Month-on-Month Analysis - In November, 15 sectors reported an increase in producer prices month-on-month, while 11 sectors saw a decrease and 8 sectors remained stable [2] - The producer prices for production materials increased by 0.2% month-on-month, with extraction materials up by 2.8% and processing materials up by 0.3%, while raw materials decreased by 0.1% [2] - The producer prices for living materials decreased by 0.9% month-on-month, with durable consumer goods down by 1.6% and clothing down by 0.1%, while food prices increased by 0.3% [2] - In purchasing prices, chemical raw materials fell by 0.8%, while both black metal materials and agricultural products decreased by 0.6% [2]

Core Insights - In July 2025, the Producer Price Index (PPI) in Liaoning decreased by 5.8% year-on-year, with the decline widening by 0.2 percentage points compared to the previous month [1] - The Industrial Producer Price Index (IPI) also saw a year-on-year decrease of 6.8%, with a slight month-on-month decline of 0.2%, which is a narrowing of the previous month's decline by 0.7 percentage points [1] Price Trends - The prices of production materials decreased by 5.0% year-on-year in July, with the mining industry down by 10.7%, raw materials down by 5.8%, and processing industry down by 3.7% [1] - Consumer goods prices fell by 9.5% year-on-year, with durable goods down by 15.1%, food down by 5.5%, general daily necessities down by 2.2%, while clothing saw a slight increase of 0.1% [1] Raw Material Price Movements - In July, the prices of nine major raw materials showed a mixed trend with two categories increasing and seven decreasing [1] - Textile raw materials increased by 1.7%, and non-ferrous metals and wire materials increased by 1.4% [1] - Conversely, building materials and non-metallic materials decreased by 0.9%, wood and pulp decreased by 1.0%, other industrial raw materials and semi-finished products decreased by 1.1%, chemical raw materials decreased by 7.9%, black metal materials decreased by 8.7%, agricultural and sideline products decreased by 9.9%, and fuel and power decreased by 12.8% [1]