【银河社服顾熹闽】CPI专题丨服务消费CPI能否重启上行?

中国银河证券研究
Feb 13

【报告导读】1.服务消费价格天然易涨难跌。2.中国服务CPI能否重启上行?3.哪些服务行业价格具备上行动力?核心观点服务消费价格天然易涨难跌。受需求及能源价格波动影响,2023年以来国内CPI同比增速趋势下行,服务消费CPI在趋势上虽难以摆脱整体价格走势。但从绝对增速上看,服务消费CPI易涨难跌特征显著,核心逻辑在于服务业价格受租金、人力成本刚性影响显著。以日本为例,即使在通缩时期,日本补课费、...

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