11月CPI增速创去年3月以来新高 食品价格带来显著提升

Core Insights - The Consumer Price Index (CPI) in China rose by 0.7% year-on-year in November, marking the highest increase since March 2024, with a growth rate increase of 0.5 percentage points from the previous month [2] - Despite the low CPI growth throughout the year, the positive signal is that both October and November saw positive year-on-year CPI growth, with November's core CPI (excluding food and energy) rising by 1.2% [2][3] Group 1: CPI Trends - The CPI growth has been low overall this year, with six months experiencing negative year-on-year growth, leading to an average CPI that is flat compared to the previous year [2] - The government's target for CPI growth this year is set at around 2%, which is lower than the previous four years' target of around 3% and the lowest since 2004 [5] Group 2: Economic Implications - The increase in food prices is a significant factor contributing to the rise in CPI for November, with seasonal price increases playing a role [3] - The current economic environment shows a mismatch between supply and demand, with supply being forced to contract in response to shrinking demand, leading to a cycle of economic slowdown [3] Group 3: Future Outlook - Experts suggest that while the core CPI's upward trend indicates improving domestic consumption demand, the foundation for sustained improvement remains fragile, requiring ongoing policy support [4] - The adjustment of the CPI growth target to around 2% reflects a realistic approach given the current economic conditions, aiming to avoid deflation [5]