2024年11月物价点评：政策驱动项有所改善

Group 1: Price Data Overview - In November, the CPI year-on-year increased by 0.2%, down from 0.3% in the previous month, and below the expected 0.5%[14] - The PPI year-on-year decreased by 2.5%, an improvement from the previous value of -2.9%, but still below the expected -2.7%[15] - The core CPI year-on-year rose to 0.3%, up from 0.2% in the previous month[16] Group 2: Economic Influences - Higher average temperatures in November facilitated agricultural production and transportation, significantly impacting food prices, which fell by 2.7%[18] - Industrial product prices, including cement, non-ferrous metals, and steel, increased due to domestic policy support[30] - International crude oil prices declined, leading to a decrease in prices in the oil-related sectors[10] Group 3: Market Trends - The PPI is expected to turn positive by the fourth quarter of next year, influenced by both policy and base effects[11] - The demand for industrial products has shown signs of recovery, with the PPI's year-on-year decline narrowing[25] - The prices of non-metallic mineral products and non-ferrous metal smelting increased by 1.2% in November[31]