CPI的含义和解读

消费者物价指数（CPI）是衡量家庭在一定时期内购买商品和服务价格总体水平变化的一种指标。它比较了一个家庭中某一篮子产成品和服务的成本与基准期内同一篮子的成本，消费者价格指数被用作衡量通货膨胀的指标，是一个关键的经济数据。可能的影响：1）利率：高于预期的季度价格通胀增长或增长趋势被认为是通胀；这将导致债券价格下跌，收益率和利率上升。2）股票价格：高于预期的价格通胀对股票市场是利空的，因为较高的通胀将导致更高的利率。S.3）汇率：高通货膨胀具有不确定的影响。由于价格上涨意味着竞争力下降，这将导致折旧。相反，高通货膨胀会导致更高的利率和更为紧缩的货币政策，从而导致升值。

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.