CPI、PPI点评报告：稳增长效应释放，PPI降幅继续收窄

Group 1: CPI Analysis - In November 2024, the CPI year-on-year growth was 0.2%, a decrease of 0.1 percentage points from October[4] - The core CPI, excluding food and energy, increased by 0.3% year-on-year, up 0.1 percentage points from the previous month[4] - Food prices saw a significant decline due to increased supply and lower transportation costs, with fresh vegetables dropping 10.0% year-on-year[8] Group 2: PPI Analysis - The PPI fell by 2.5% year-on-year in November 2024, with the decline narrowing by 0.4 percentage points compared to October[4] - Industrial product prices showed signs of recovery, with a month-on-month increase of 0.1%[4] - The decrease in PPI was influenced by a low base effect and a rebound in durable consumer goods prices[24] Group 3: Consumer Behavior - Consumer demand showed signs of weak recovery, with non-food prices increasing by 0.0% year-on-year, up 0.3 percentage points from the previous month[14] - Retail sales of consumer goods increased by 4.8% year-on-year in October, indicating a gradual expansion in consumption[14] - Transportation and communication prices saw a significant reduction in decline, contributing to the rise in non-food price growth[14] Group 4: Future Outlook - The CPI growth rate is expected to rise in 2024 due to the implementation of consumption-promoting policies and low base effects[32] - The PPI is projected to improve in 2024, with an expected year-on-year growth rate of approximately -2.1%[33]