Sichuan's Consumer Price Index (CPI) increased by 1.0 percent year-on-year in February, reaching its highest growth rate in nearly three years. On a monthly basis, CPI rose by 1.1 percent, matching the rate observed in February 2024 and marking the highest level since February 2020.
The rise in February's CPI was primarily driven by holiday-related consumption, increased costs, and the timing of the Lunar New Year. The Spring Festival holiday led to a surge in demand for food, dining, and tourism, pushing up prices for related goods and services. Higher labor costs and increased logistics expenses during the holiday period also contributed to the upward pressure on consumer prices. Combined with the fact that this year's Lunar New Year fell entirely in February and consumer market activity continued to recover, these factors collectively pushed the year-on-year CPI growth to a multi-year high.
Notable price increases were observed in several categories. Airfare prices rose by 42.1 percent month-on-month, vehicle rental costs increased by 35.9 percent, and travel agency fees went up by 19.8 percent. Hotel accommodation, pet services, and movie and performance ticket prices also saw significant increases, rising by 15.0 percent, 14.4 percent, and 13.0 percent, respectively. Prices of everyday food items also edged higher, with pork prices increasing by 5.0 percent, fresh fruit by 6.2 percent, and fresh vegetables by 0.3 percent compared to the previous month.
Meanwhile, Sichuan's Producer Price Index (PPI) declined by 1.0 percent year-on-year in February, though the rate of decline narrowed by 0.2 percentage points from the previous month. On a monthly basis, PPI rose by 0.1 percent, but the growth rate slowed by 2.1 percentage points compared to January. Some industries showed positive price trends—for instance, non-ferrous metal smelting and processing prices increased by 4.4 percent month-on-month, with a slight moderation in growth, while year-on-year prices surged by 18.1 percent, accelerating by 5.1 percentage points from the previous month.