Group 1 - In November 2025, the national consumer price index (CPI) increased by 0.7% year-on-year, with urban areas rising by 0.7% and rural areas by 0.4% [1] - The average CPI from January to November remained flat compared to the same period last year [1] - Month-on-month, the CPI decreased by 0.1% in November, with urban areas also declining by 0.1% while rural areas remained unchanged [1] Group 2 - In November, the prices of food, tobacco, and alcohol increased by 0.3% year-on-year, contributing approximately 0.09 percentage points to the CPI [2] - Fresh vegetable prices surged by 14.5%, impacting the CPI by approximately 0.31 percentage points, while pork prices fell by 15.0%, contributing to a decrease of about 0.21 percentage points [2] - Among other categories, prices for other goods and services, daily necessities, and clothing rose by 14.2%, 2.1%, and 1.9% respectively, while transportation and communication prices decreased by 2.3% [2] Group 3 - Month-on-month, food, tobacco, and alcohol prices rose by 0.3%, contributing about 0.07 percentage points to the CPI [3] - Fresh vegetable prices increased by 7.2%, affecting the CPI by approximately 0.17 percentage points, while pork prices decreased by 2.2%, contributing to a decline of about 0.03 percentage points [3] - Other categories saw three price increases and four decreases month-on-month, with other goods and services, clothing, and healthcare prices rising by 1.2%, 0.7%, and 0.1% respectively [3]

CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以来最高，同比涨幅扩大主要是食品 价格由降转涨拉动。食品价格由上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54个百分 点转为上拉0.04个百分点。食品中，鲜菜价格由上月下降7.3%转为上涨14.5%，为连续下降9个月后首次 转涨，对CPI同比的上拉影响比上月增加约0.49个百分点；鲜果价格由上月下降2.0%转为上涨0.7%；牛 肉和羊肉价格分别上涨6.2%和3.7%，涨幅均有扩大；猪肉和禽肉类价格分别下降15.0%和0.6%，降幅均 有收窄。能源价格下降3.4%，降幅比上月扩大1.0个百分点，其中汽油价格降幅扩大至7.5%。扣除食品 和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。服务和扣除能源的工业消费品价 格分别上涨0.7%和2.1%，分别影响CPI同比上涨约0.29个百分点和0.53个百分点。其中扩内需政策措施 继续显效，家用器具和服装价格分别上涨4.9%和2.0%，飞机票、家政服务和在外餐饮价格分别上涨 7.0%、2.4%和1.2%。金饰品价格涨幅扩大至58.4%。另外，燃油小汽车和新能 ...

11月份，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%，扣除食品和能 源价格的核心CPI同比上涨1.2%。受国内部分行业供需结构优化、国际大宗商品价格传导等因素影响， 工业生产者出厂价格指数（PPI）环比上涨0.1%，同比下降2.2%。 一、CPI同比涨幅扩大，核心CPI上涨1.2% CPI环比下降0.1%，主要受服务价格季节性下降影响。服务价格下降0.4%，影响CPI环比下降约0.16个 百分点。其中，节后出行需求季节性回落，宾馆住宿、飞机票、旅行社收费和交通工具租赁费价格分别 下降10.4%、10.2%、6.2%和3.6%，合计影响CPI环比下降约0.13个百分点；房屋租赁进入淡季，房租价 格下降0.2%。受国际油价变动影响，国内汽油价格下降2.2%，影响CPI环比下降约0.07个百分点。扣除 能源的工业消费品价格上涨0.3%，其中受国际金价变动影响国内金饰品价格上涨7.3%，受冬装换季上 新影响服装价格上涨0.8%。食品价格上涨0.5%，高于季节性水平0.9个百分点，主要是鲜菜价格上涨影 响。部分地区降雨降温影响鲜菜生产储运，鲜菜价格上涨7.2%，远高于平均下降3.2% ...

CPI环比下降0.1%，主要受服务价格季节性下降影响。服务价格下降0.4%，影响CPI环比下降约0.16个 百分点。其中，节后出行需求季节性回落，宾馆住宿、飞机票、旅行社收费和交通工具租赁费价格分别 下降10.4%、10.2%、6.2%和3.6%，合计影响CPI环比下降约0.13个百分点；房屋租赁进入淡季，房租价 格下降0.2%。受国际油价变动影响，国内汽油价格下降2.2%，影响CPI环比下降约0.07个百分点。扣除 能源的工业消费品价格上涨0.3%，其中受国际金价变动影响国内金饰品价格上涨7.3%，受冬装换季上 新影响服装价格上涨0.8%。食品价格上涨0.5%，高于季节性水平0.9个百分点，主要是鲜菜价格上涨影 响。部分地区降雨降温影响鲜菜生产储运，鲜菜价格上涨7.2%，远高于平均下降3.2%的季节性水平， 影响CPI环比上涨约0.17个百分点；市场供应较为充足，猪肉、鸡蛋和水产品价格分别下降2.2%、2.1% 和1.8%，合计影响CPI环比下降约0.07个百分点。 11月份，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%，扣除食品和能 源价格的核心CPI同比上涨1.2%。受 ...

Core Insights - In November 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, while the purchasing price index fell by 2.5% year-on-year [1][4] - Month-on-month, both the PPI and purchasing price index increased by 0.1%, consistent with the previous month [1] Industrial Producer Price Year-on-Year Changes - In November, the prices of production materials dropped by 2.4%, contributing approximately 1.79 percentage points to the overall decline in the PPI [4] - The mining industry saw a price decrease of 6.1%, while raw materials and processing industries experienced declines of 2.9% and 1.9%, respectively [4] - Prices for living materials decreased by 1.5%, with food prices down by 1.5% and clothing prices down by 0.3% [4] Industrial Producer Price Month-on-Month Changes - In November, production material prices rose by 0.1%, contributing about 0.08 percentage points to the overall increase in the PPI [9] - The mining industry prices increased by 1.7%, while raw materials prices fell by 0.2% [9] - Living material prices remained stable, with food prices down by 0.1% and clothing prices up by 0.1% [9] Purchasing Price Index Changes - The purchasing price index for industrial producers saw a month-on-month increase of 0.1% and a year-on-year decrease of 2.5% [10] - Fuel and power prices dropped by 6.9%, while prices for non-metallic building materials fell by 5.8% [8] - Prices for non-ferrous metals and wires increased by 8.1% [8] Summary of Key Price Changes - The overall PPI decreased by 2.7% from January to November, with production materials down by 3.1% [10] - The mining sector experienced a significant year-on-year decline of 9.3% in prices [10] - The food manufacturing industry saw a year-on-year price drop of 1.2% [11]

Group 1: Core Insights - In November, the producer price index for industrial producers showed a decline in production material prices by 2.4%, contributing approximately 1.79 percentage points to the overall decrease in producer prices [2] - The prices in the extraction industry fell by 6.1%, while raw material prices decreased by 2.9% and processing industry prices dropped by 1.9% [2] - Consumer goods prices decreased by 1.5%, impacting the overall producer price index by about 0.38 percentage points, with food prices down by 1.5% and durable goods prices down by 3.6% [2] Group 2: Year-on-Year Changes - The year-on-year changes in producer prices indicated a 2.2% overall decline, with production materials down by 2.4% and consumer goods down by 1.5% [10] - Specific declines included extraction prices down by 6.1%, raw materials down by 2.9%, and processing down by 1.9% [10] - Notably, the price of general daily necessities increased by 1.1%, while durable consumer goods saw a significant drop of 3.6% [10] Group 3: Month-on-Month Changes - In November, the month-on-month producer price index showed a slight increase of 0.1% in production materials, contributing approximately 0.08 percentage points to the overall increase [7] - The extraction industry prices rose by 1.7%, while raw materials saw a minor decrease of 0.2% [7] - Consumer goods prices remained stable, with food prices down by 0.1% and clothing prices up by 0.1% [7] Group 4: Purchase Price Changes - The purchase prices for industrial producers indicated a decline of 2.5% year-on-year, with fuel and power prices down by 6.9% and building materials down by 5.8% [10] - In contrast, prices for non-ferrous metals and wires increased by 8.1%, reflecting a significant rise in this category [10] - Month-on-month changes showed a slight increase of 0.1% in overall purchase prices, with notable increases in non-ferrous metals by 1.8% and building materials by 0.2% [8]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.7% year-on-year, marking the highest growth since March 2024, with a rise of 0.5 percentage points from the previous month [2] - Food prices shifted from a decline of 2.9% to an increase of 0.2%, contributing positively to the CPI, with fresh vegetable prices rising by 14.5% after nine months of decline [2] - Core CPI, excluding food and energy, rose by 1.2%, maintaining above 1% for three consecutive months, driven by increases in service prices and industrial consumer goods [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) increased by 0.1% month-on-month, marking two consecutive months of growth, influenced by seasonal demand increases in certain domestic industries [4] - Year-on-year, the PPI decreased by 2.2%, with the decline slightly widening by 0.1 percentage points compared to the previous month, primarily due to high comparison bases from the previous year [6] - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed a narrowing decline, indicating improvements in market competition and policy effectiveness [6]

Group 1: Year-on-Year Changes in Industrial Producer Prices - In November 2025, the industrial producer's ex-factory prices decreased by 2.2% year-on-year, while the purchase prices fell by 2.5% [1] - The average year-on-year decline for ex-factory prices from January to November was 2.7%, and for purchase prices, it was 3.1% [1] - The decline in ex-factory prices was primarily driven by a 2.4% drop in production materials, contributing approximately 1.79 percentage points to the overall decrease [3] Group 2: Month-on-Month Changes in Industrial Producer Prices - In November 2025, the industrial producer's ex-factory prices increased by 0.1% month-on-month, with production materials prices also rising by 0.1% [7] - The prices of mining products rose by 1.7% month-on-month, while raw materials prices decreased by 0.2% [7] - The prices of living materials remained stable, with food prices decreasing by 0.1% and clothing prices increasing by 0.1% [7] Group 3: Breakdown of Price Changes by Category - In the purchase prices, fuel and power prices decreased by 6.9%, while building materials and non-metallic prices fell by 5.8% [6] - Chemical raw materials prices decreased by 5.0%, and agricultural products prices dropped by 4.9% [6] - Conversely, prices for non-ferrous metals and wires increased by 8.1% [6] Group 4: Key Industry Price Changes - The coal mining and washing industry saw a significant price drop of 16.3% [10] - The black metal mining industry experienced a decline of 9.8% [10] - The non-metallic mining industry, however, had a price increase of 16.5% [10]

（文章来源：国家统计局） 国家统计局：11月CPI同比上涨0.7%，PPI同比下降2.2%。 ...

Core Insights - National Bureau of Statistics data indicates an overall increase in steel prices in the national circulation market from mid-November to late November 2025 [1] Price Changes Summary - Rebar (Φ20mm, HRB400E) price is 3168.4 CNY/ton, up 29.4 CNY/ton, a 0.9% increase, with an expansion of 0.2 percentage points compared to the previous period [1] - Wire rod (Φ8-10mm, HPB300) price is 3322.2 CNY/ton, up 39.6 CNY/ton, a 1.2% increase, with an expansion of 0.9 percentage points compared to the previous period [1] - Ordinary medium plate (20mm, Q235) price is 3387.4 CNY/ton, down 6.3 CNY/ton, a 0.2% decrease, with a narrowing of 0.3 percentage points compared to the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3294.9 CNY/ton, up 5.9 CNY/ton, a 0.2% increase, reversing from a 0.2% decrease in the previous period [1] - Seamless steel pipe (219*6, 20) price is 4068.8 CNY/ton, unchanged from the previous period [1] - Angle steel (5) price is 3431.4 CNY/ton, up 8.1 CNY/ton, a 0.2% increase, with an expansion of 0.1 percentage points compared to the previous period [1]