国家统计局：PPI出现积极变化 支持价格合理回升积极因素继续累积

Core Viewpoint - The Producer Price Index (PPI) in November showed a month-on-month increase for the second consecutive month, indicating a trend of narrowing year-on-year decline since August, with positive changes observed in recent PPI data [1][2] Group 1: PPI Trends - In November, the PPI increased by 0.1% month-on-month, driven by seasonal demand for winter energy and heating, improved market competition, and rising international non-ferrous metal prices [1] - Year-on-year, the PPI decreased by 2.2%, with the decline widening by 0.1 percentage points compared to the previous month, primarily due to a high base effect from the same period last year [1] Group 2: Factors Supporting Price Recovery - Consumer upgrades are increasingly evident, with rising demand for high-quality living leading to price increases in sectors such as sports and cultural goods. In November, the price of arts and crafts and ceremonial goods manufacturing rose by 20.6% year-on-year, an increase of 2.2 percentage points from the previous month; the price of sports balls manufacturing rose by 4.3%, up by 1 percentage point [1] - Emerging industries are experiencing positive development, with accelerated smart and green transformation leading to increased demand for raw materials and finished products. In November, prices in the non-ferrous metal smelting and rolling industry rose by 7.8% year-on-year, an increase of 1 percentage point from the previous month; graphite and carbon product manufacturing prices rose by 3.8%; integrated circuit manufacturing prices rose by 1.7% [2] - The effects of regulating market competition are becoming evident, with prices in photovoltaic equipment and components manufacturing, lithium-ion battery manufacturing, and new energy vehicle manufacturing showing a narrowing decline compared to the previous month [2] Group 3: Future Outlook - Overall, the PPI has shown a month-on-month increase for two consecutive months, with positive factors supporting reasonable price recovery continuing to accumulate. However, the year-on-year PPI remains in decline, indicating that further efforts are needed to solidify the foundation for price recovery [2]