CICC: February CPI is expected to rebound year-on-year, but the subsequent improvement in prices still depends on the pace of domestic demand recovery

2026-02-22 22:22:33

CICC pointed out that the January CPI year-on-year dropped from 0.8% to 0.2%, mainly due to the offset of the Spring Festival, with significant drag from food and services. Gold prices rose, and the release of renewal demand could not offset the service drag, causing the core CPI year-on-year to fall back to 0.8%. PPI month-on-month growth expanded to 0.4%, and the year-on-year decline narrowed to -1.4%, mainly driven by international non-ferrous metal price increases, chemical and photovoltaic industry internal competition, and AI demand. However, mid- and downstream industries still face significant cost pressure. Looking ahead, February CPI year-on-year is expected to rebound, but the subsequent price improvement will still depend on the speed of domestic demand recovery. (People’s Financial News)

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