2024年12月物价数据点评：核心CPI弱改善，政策仍需发力

Group 1: CPI and PPI Trends - In December 2024, the CPI increased by 0.1% year-on-year, while the PPI decreased by 2.3%, with the decline narrowing from 2.5% in the previous month[5] - The core CPI turned positive in December, ending four consecutive months of negative growth, with a month-on-month increase of 0.2%[6] - The core CPI year-on-year growth rose to 0.4% in December, indicating a slight recovery in consumer prices[6] Group 2: Sector Analysis - Food prices decreased by 0.6% month-on-month in December, while non-food CPI increased by 0.1%[6] - The prices of fresh vegetables, livestock, and aquatic products showed stabilization compared to November, but remained weak compared to historical levels[6] - The PPI for gas and electricity supply increased by 1.2% and 0.9% respectively, while coal mining saw the largest decline at 1.9% due to ample supply and limited new demand[12] Group 3: Economic Outlook - The report suggests that various policies will continue to support economic growth and stabilize prices in 2025, but the sustainability of price increases remains uncertain due to seasonal factors[16] - The effectiveness of fiscal policy implementation will be crucial in determining the slope of price recovery[16] - Risks include uncertainties in the real estate market and potential underperformance of policy measures[17]