Data released on February 12 by the Sichuan Survey Team of the National Bureau of Statistics indicated that in January 2026, the Consumer Price Index (CPI) for Sichuan province decreased by 0.3% year-on-year, shifting from an increase in the previous month to a decline. On a monthly basis, CPI rose by 0.1%, reversing the previous month's decline and showing a mild upward trend. Prices for meat and vegetables remained stable, while core CPI experienced a moderate increase.
In a Yonghui Supermarket in Wuhou District, Chengdu, a variety of agricultural products were available, including pork hind leg at 23.8 yuan per kilogram, eggs at 9.4 yuan per kilogram, and potatoes at 4.8 yuan per kilogram. A local resident, Ms. Wang, noted that as the Spring Festival approached, prices for meat, eggs, and vegetables remained steady, similar to usual levels.
According to the data, pork prices in January fell by 15.8% compared to the same period last year but increased by 2.3% month-on-month. An official from the Consumer Price Survey Department of the Sichuan Survey Team explained that the monthly rise was mainly due to concentrated consumer demand for pork ahead of the Lunar New Year. However, since 2025, hog slaughter volumes in Sichuan have been stable with a slight increase, keeping overall pork prices consistently low.
In terms of vegetable prices, fresh vegetable costs rose by 0.5% year-on-year but declined by 6.7% from the previous month. The official noted that temperatures in Sichuan remained generally stable in January, with limited impact from cold weather on fresh vegetable production. Good growing conditions, low spoilage rates, and smooth logistics ensured ample market supply, leading to the monthly decrease.
Service prices saw mixed trends. With the winter holiday and Spring Festival approaching, holiday-related economic effects began to appear. Airfare prices increased by 4.5% month-on-month, and travel agency fees rose by 1.8%. However, due to the timing difference compared to the previous year's Spring Festival, both airfares and travel service fees showed year-on-year declines.
Overall, influenced by factors such as the New Year holiday, Spring Festival preparations, and domestic demand expansion policies, Sichuan's CPI shifted from a 0.1% decline in the previous month to a 0.1% increase in January, indicating mild upward momentum. Year-on-year, CPI turned from a 0.2% rise in December to a 0.3% drop in January, remaining at a relatively low level, partly due to the timing difference with the prior year's holiday.
Excluding food and energy prices, core CPI rose by 0.3% month-on-month, accelerating by 0.3 percentage points from the previous month. Year-on-year, core CPI increased by 0.7%, maintaining growth for the 11th consecutive month. The official stated that the mild rise in core CPI reflects ongoing recovery in household consumption demand.
Meanwhile, the Producer Price Index (PPI) for Sichuan in January fell by 1.2% year-on-year, with the rate of decline narrowing by 1.3 percentage points from the previous month. Month-on-month, PPI increased by 2.2%, accelerating by 1.4 percentage points, showing a trend of narrowing year-on-year decline and expanding monthly increase.
An official from the Production Price Survey Department attributed this trend mainly to rising prices in three categories. First, seasonal factors such as reduced hydropower generation led to a significant increase in prices for electricity and heat production and supply. Second, production constraints in major global copper mining areas and heightened safe-haven demand for resources like gold and copper drove continued price increases in non-ferrous metal smelting and processing. Third, rising silver prices substantially raised costs for silver paste, a key material in battery production, leading to sharp increases in battery prices.
For instance, prices for lithium-ion battery manufacturing in Sichuan rose by 21.6% month-on-month in January, while manufacturing prices for photovoltaic equipment and components increased by 16.4%, with solar cell prices up 26.6%.
Additionally, the development of a national unified market and anti-internal competition policies contributed to price increases in some sectors. In January, prices for specialized equipment manufacturing rose by 0.3% year-on-year and 1.0% month-on-month, while prices for electrical machinery and equipment manufacturing increased by 1.1% year-on-year and 3.3% month-on-month. The official noted that the unified market provides broader opportunities for these industries, and anti-internal competition policies encourage innovation and high-quality development, helping maintain stable price levels for high-value-added products.
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