Industrial product prices continue to rise, with the CPI increasing further year-on-year to 0.8%.

VitaliksTwin · 2026-01-12T20:28:10+00:00

Huatai Securities research report indicates that industrial product prices accelerated in January, driven by supply-side constraints and boosted by credit and fiscal expectations. December CPI shows a stable price environment, with core CPI rebounding, especially due to improved food prices and strong support from industrial consumer goods demand. Future policy adjustments may further promote consumption.

VitaliksTwin

2026-01-12 20:28:10

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According to the latest research report from Huatai Securities, high-frequency data in January sent positive signals—the accelerating upward trend of industrial product prices is becoming more evident. Behind this wave of price increases, both structural supply-side constraints and strong expectations of credit issuance and fiscal expenditure have played a role.

On the consumption side, December’s YoY CPI data showed a moderate rebound, rising from 0.7% in November to 0.8%. For the whole year, the YoY CPI slightly declined from 0.2% in 2024 to 0%. This set of data reflects that the overall price environment is becoming more stable.

The performance of core CPI is also noteworthy. In December, food prices showed a significant improvement, driving the core CPI month-on-month up to 0.2%, while the YoY remained flat at 1.2% in November. Particularly worth mentioning is the continued strength of industrial consumer goods such as gold jewelry, which is providing strong support for the YoY core CPI.

Demand-side momentum should not be overlooked either. During the New Year holiday, the number of outbound travelers saw a substantial YoY increase, laying a foundation for subsequent service sector price increases. Looking ahead, the optimization and adjustment of the old-for-new policy subsidy scope in 2026 is expected to provide additional support for consumer goods and service consumption, thereby effectively boosting overall demand.

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