【新华解读】需求逐步修复 11月我国物价呈现积极变化

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.7% year-on-year in November, marking the highest growth since March 2024, with a month-on-month decrease of 0.1% [1][2] - The rise in CPI was primarily driven by a shift in food prices from decline to increase, with fresh vegetable prices surging by 14.5% year-on-year [2] - Core CPI, excluding food and energy, rose by 1.2%, indicating stable performance and the effectiveness of domestic demand expansion policies [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% but a year-on-year decrease of 2.2%, reflecting seasonal demand increases and the impact of "anti-involution" policies [4] - The rise in PPI was influenced by increased demand for coal and gas during winter, with coal mining prices rising by 4.1% month-on-month [4] - The "anti-involution" policy has played a significant role in improving PPI data, with prices in emerging industries like photovoltaic equipment and lithium-ion batteries showing reduced year-on-year declines [4] Group 3: Future Outlook - Experts predict that the price level will continue to rise moderately from a low base, with CPI expected to increase by around 0.8% year-on-year in 2026 [5] - Core CPI is anticipated to rise to over 1.5% by the end of the year, with potential for CPI to approach 1.0% and possibly reach 2.0% in 2026 [6] - The overall economic environment is expected to support a stable recovery in domestic demand, with policies aimed at boosting consumption and employment continuing to be implemented [6]