11月通胀数据点评：超季节性因素作用明显

Group 1: Inflation Data Overview - China's November CPI increased by 0.2% year-on-year, lower than the expected 0.5% and previous value of 0.3%[4] - November PPI decreased by 2.5% year-on-year, better than the expected decline of 2.7% and previous decline of 2.9%[4] Group 2: CPI Analysis - The month-on-month CPI fell by 0.6%, a decline of 0.3 percentage points compared to the previous month, indicating a weaker performance than seasonal trends[7] - Food prices saw a significant month-on-month drop of 2.7%, exceeding the average decline of 2.5 percentage points for the past decade[13] - Core CPI showed a month-on-month decrease of 0.1%, with a slight year-on-year increase to 0.3%[24] Group 3: PPI Insights - November PPI turned positive with a month-on-month increase of 0.1%, recovering from a previous decline of 0.1%[28] - The year-on-year decline in PPI narrowed by 0.4 percentage points compared to the previous month, indicating marginal improvement[28] - The increase in PPI was supported by a recovery in domestic demand, particularly in the construction materials sector, with cement prices rising by 6.2% month-on-month[35]