11月我国CPI同比上涨0.7% 物价水平进一步企稳

Group 1: CPI Analysis - In November, the CPI increased by 0.7% year-on-year, the highest level since March 2024, with an increase of 0.5 percentage points from the previous month [1] - The rise in CPI was primarily driven by a significant increase in vegetable prices, which turned from a decline of 2.9% in October to an increase of 0.2% in November, contributing positively to the CPI [2] - Core CPI, excluding food and energy, rose by 1.2% year-on-year in November, indicating a continued upward trend [2][3] Group 2: PPI Analysis - The PPI increased by 0.1% month-on-month in November, marking the second consecutive month of growth, attributed to seasonal demand increases and rising prices in certain industries [4] - Year-on-year, the PPI decreased by 2.2%, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by high comparison bases from the previous year [4][5] - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed a narrowing decline, indicating improvements in market competition and capacity management [5] Group 3: Future Outlook - The economic outlook suggests that core CPI will continue to rise steadily, supported by coordinated policy efforts to boost consumption and improve living standards [3][6] - The PPI is expected to decline by approximately 0.5% year-on-year in 2026, with a significant narrowing of the decline, driven by ongoing "anti-involution" policies and the rapid development of emerging industries [6]