2024年12月物价点评：核心CPI有所改善

Inflation Trends - December core CPI improved to 0.4% YoY, up from 0.3% in the previous month[2] - December CPI YoY was 0.1%, slightly down from 0.2% previously, aligning with market expectations[2] - PPI YoY improved to -2.3%, an increase from -2.5% in the prior month, but remains weak[2] Price Movements - Food prices decreased by 0.6% MoM, significantly below seasonal expectations, with fresh vegetables and fruits dropping 2.4% and 1.0% respectively[2] - Non-food items saw a slight increase of 0.1% MoM, slightly above seasonal trends[3] - Energy prices for transportation fuels rose, influenced by tight international crude oil supply and demand[3] Sector Analysis - PPI remains weak due to insufficient demand and seasonal production declines, with copper refining prices down 1.7%[4] - Prices in the petroleum and natural gas extraction sector stabilized at 0.1% MoM, recovering from a previous decline of -0.4%[4] - The manufacturing prices for new energy vehicles increased by 0.7%, while prices for photovoltaic equipment fell by 0.6%[4] Risks - Domestic policy implementation may not meet expectations, posing risks to economic stability[4]