中国物价数据点评（2024年11月）：政策显效 缓慢改善

Group 1: Inflation Data Overview - November CPI inflation recorded at 0.2%, lower than the previous value of 0.3% and market expectation of 0.5%[4] - PPI inflation at -2.5%, better than the previous -2.9% and market expectation of -2.7%[4] - Core CPI inflation improved, with a year-on-year increase of 0.3%, up 0.1% from October[6] Group 2: Food and Core CPI Analysis - Food prices fell significantly, with a month-on-month decline of 2.7% and a year-on-year decrease of 1.0%[5] - Pork prices decreased by 3.4% month-on-month, contributing to the overall food price drop[5] - Core CPI month-on-month decreased by 0.1%, but remained within the seasonal range from 2020 to 2023[6] Group 3: PPI Insights - PPI inflation turned positive month-on-month at 0.1%, after five consecutive months of negative growth[9] - Domestic pricing pressures increased due to infrastructure projects and new industry dynamics, with black metal mining prices rising by 0.3%[9] - Some sectors, like automotive manufacturing, showed a narrowing decline in prices, indicating potential recovery[9] Group 4: Future Outlook - CPI inflation is expected to rise to around 0.4% in 2024, while PPI inflation may converge towards -2.0%[10] - Upcoming macroeconomic policies are anticipated to stimulate domestic demand and support price recovery[10] - The central political bureau's meeting in December is expected to outline proactive fiscal and moderate monetary policies for 2025[10]