中国的通胀在2026年1月放缓, 但核心物价在几个月中增长最快, China's inflation slowed in January 2026, but core prices rose fastest in months, signaling stabilizing demand despite ongoing deflationary pressures.

中国的消费物价指数在2026年1月同比上升了0.2%,从12月的0.8%增长放缓到低于0.4%的预测,其驱动力来自去年中国新年初的基本效应和5.0%的能源价格下跌。 China’s consumer price index rose 0.2% year-on-year in January 2026, slowing from December’s 0.8% increase and below the 0.4% forecast, driven by base effects from last year’s early Chinese New Year and a 5.0% drop in energy prices. 核心消费物价指数上升了0.8%,从12月的1.2%降至12月的1.2%,但每月增长为0.3%,是近六个月来增长最快的,表明基本需求正在改善。 Core CPI rose 0.8%, easing from 1.2% in December but showing a 0.3% monthly gain—the fastest in nearly six months—suggesting improving underlying demand. 生产方面，PPI按年下跌1.4%，较12月1.9%的跌幅缩小，价格连续第四个月上涨，得益于AI相关行业需求增强、国家市场统一以及全球大宗商品价格上涨。 On the production side, the PPI fell 1.4% annually, narrowing from December’s 1.9% decline, with monthly prices rising for the fourth consecutive month, supported by stronger demand in AI-related sectors, a unified national market, and higher global commodity prices. 通缩依然存在,但随着政府努力通过有针对性的财政和货币措施提高国内需求,出现了稳定迹象。 Deflation persists, but signs of stabilization emerge amid government efforts to boost domestic demand through targeted fiscal and monetary measures.