物价水平保持企稳态势

Group 1 - The Consumer Price Index (CPI) increased by 0.7% year-on-year in November, the highest since March 2024, driven primarily by a reversal in food prices from a decline to an increase [2][4] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months, indicating stable inflationary pressures [2][4] - The increase in CPI was influenced by seasonal price rises in services and industrial consumer goods, with notable increases in household appliances (4.9%) and clothing (2.0%) [2][4] Group 2 - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% but a year-on-year decline of 2.2%, reflecting seasonal demand increases in certain industries [4][5] - The PPI decline was less severe than in previous months, with improvements noted in sectors such as coal mining and photovoltaic equipment manufacturing, indicating a narrowing of price drops due to ongoing capacity governance [4][5] - Emerging industries, including new materials and intelligent services, are driving price increases in related sectors, with significant year-on-year price rises in external storage devices (13.9%) and artistic products (20.6%) [5][6] Group 3 - To maintain price stability and promote reasonable price recovery, there is a need to continue expanding domestic demand and optimizing market competition [6][7] - The upcoming year-end period is seen as a critical time for consumption, with plans for various promotional activities to stimulate consumer spending [7] - The outlook for 2026 suggests that with the implementation of demand expansion policies and ongoing capacity governance, prices are expected to rise moderately, supported by improvements in supply-demand structures [7]