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美国2025年12月核心CPI同比上涨2.6%,低于预期的2.7%,环比增速0.2%亦逊于预期,显示通胀降温趋势延续。住房成本仍是主要推手,环比上涨0.4%,但食品价格环比涨幅收窄至0.7%(牛肉短缺与鸡蛋价格暴跌抵消部分压力),能源价格环比微涨0.3%。核心商品价格环比零增长,二手车、服装等关税敏感品类价格波动趋缓,反映关税传导效应弱于预期。数据公布后,市场对美联储4月降息概率升至42%,但短期政策仍以观望为主,因住房通胀黏性及就业市场韧性仍存。机构普遍认为,2026年通胀或呈现“前高后低”格局,降息时点可能延后至第二季度。