11月通胀数据点评：本月通胀数据的两个“异常”

Group 1: Inflation Data Overview - In November, the CPI year-on-year increased by 0.2%, below the expected 0.5% and previous 0.3%[1] - The CPI month-on-month decreased by 0.6%, compared to a decrease of 0.3% in the previous month[1] - The core CPI year-on-year rose to 0.3% from 0.2%[1] Group 2: PPI Analysis - The PPI year-on-year decreased by 2.5%, better than the expected decline of 2.7% and previous 2.9%[1] - The PPI month-on-month increased by 0.1%, reversing the previous month's decline of 0.1%[1] - The month-on-month PPI increase is notable as it is the only month since 2016 where PPI was positive while both factory and purchase prices were below 50%[1] Group 3: Durable Goods Price Improvement - Prices for durable goods, particularly in the automotive and communication sectors, showed improvement, with automotive prices up by 0.1% and communication tools up by 1.1%[1] - The CPI for transportation tools increased by 0.1%, marking its first positive change since March of this year[1] - The improvement in durable goods prices may be attributed to new product launches or other unknown factors, indicating potential stabilization in consumer expectations[1] Group 4: Food and Core CPI Insights - Food prices fell by 2.7%, significantly below seasonal expectations, primarily due to high temperatures and increased supply of live pigs[1] - The core CPI month-on-month decreased by 0.1%, which is weaker than the seasonal average of 0% from 2015-2019[1] - The rental prices month-on-month decreased by 0.1%, reflecting ongoing adjustments in the rental market[1]