11月物价数据点评：通胀仍在低位，政策边际发力

Group 1: Inflation Data Overview - In November 2024, the CPI increased by 0.2% year-on-year, while the PPI decreased by 2.5%, with the decline narrowing[9] - The PPI showed a month-on-month increase of 0.1%, marking the first positive change since June 2024[18] - Core CPI remained low at 0.3% year-on-year, indicating a need for further stimulus to boost consumer prices[10] Group 2: Policy Impact and Economic Outlook - Recent policies have begun to show effects, as evidenced by the manufacturing PMI remaining in the expansion zone at 50.3 for two consecutive months[18] - The report anticipates that macroeconomic policies will actively support growth in 2025, but will not be excessively stimulative[23] - There is a continued need for additional policies to enhance domestic demand and improve price recovery[23] Group 3: Sector-Specific Insights - Food prices fell significantly, with fresh vegetables and fruits dropping by 13.2% and 3.0% respectively, influenced by unseasonably warm weather[10] - The average price of live pigs decreased to 16.4 yuan/kg, down 5.8% from October, indicating a surplus in supply[10] - Prices in the construction materials sector improved, with cement and glass manufacturing prices rising by 6.2% and 1.8% respectively[18]