受能源成本上涨推动，美国11月PPI同比回升至3%，核心PPI环比低于预期

Core Insights - The Producer Price Index (PPI) for November in the U.S. rose to 3%, exceeding expectations, primarily driven by a surge in energy costs, indicating a rebound in overall wholesale inflation pressure [1][6] - Core PPI, excluding volatile food and energy prices, remained stable, suggesting that the underlying price growth trend is still moderate [1][6] Group 1: PPI Data - The PPI for November increased by 0.2% month-over-month, aligning with expectations, while the year-over-year increase was 3%, surpassing the anticipated 2.7% [6] - The final demand goods index rose by 0.9%, marking the largest monthly increase since February 2024, largely driven by a 4.6% spike in energy prices, which contributed over 80% to the overall increase [5][6] Group 2: Energy and Service Prices - The rise in energy prices contrasts with the overall decline in international oil prices during the same period, suggesting that the current data fluctuations may stem from domestic energy supply chain disruptions rather than significant input inflation pressure [7] - Service prices remained stable, with a 1.4% increase in portfolio management fees, while airline passenger costs decreased by 2.6%, indicating a divergence in inflation pressures across sectors [5] Group 3: Consumer Resilience and Economic Outlook - Retail sales in November exceeded expectations, demonstrating consumer resilience despite rising price pressures as the holiday shopping season approached [10] - The upcoming release of the Personal Consumption Expenditures (PCE) price index and personal income and spending data will provide critical insights for Federal Reserve policy, with expectations that interest rates will remain unchanged in the next meeting [10]