Group 1: CPI and PPI Overview - In December 2024, the CPI increased by 0.1% year-on-year, a slowdown compared to November, aligning with market expectations[3] - The PPI decreased by 2.3% year-on-year, with the decline narrowing by 0.2 percentage points from the previous month, which was better than market expectations[3] - Month-on-month, the CPI remained stable, while the PPI fell by 0.1%, entering negative territory again[3] Group 2: CPI Detailed Analysis - In December, the prices of daily necessities and services rose by 0.3% month-on-month, indicating a positive turnaround[5] - The prices of food, tobacco, and alcohol decreased by 0.3% month-on-month, with the decline significantly reduced compared to November[5] - Year-on-year, the prices of other goods and services rose by 4.9%, maintaining a high growth rate[5] Group 3: PPI Detailed Analysis - The prices of production materials fell by 2.6% year-on-year, with the decline narrowing by 0.3 percentage points from November[7] - The prices of general daily necessities increased by 0.6% year-on-year, with the growth rate expanding by 0.4 percentage points from the previous month[7] - In December, the price of oil and gas extraction fell by 6.2% year-on-year, with the decline narrowing by 6.3 percentage points from November[8] Group 4: Risks and Considerations - Potential risks include unexpected macroeconomic changes, sudden geopolitical events, and significant fluctuations in overseas markets[31]
通胀数据点评:CPI同比小幅回落,PPI同比持续回升
Huafu Securities·2025-01-09 08:25