国内观察：2024年12月通胀数据：价格水平仍然较低，核心通胀相对略好

Inflation Data Summary - In December 2024, the CPI year-on-year increased by 0.1%, down from 0.2% in the previous month, while the month-on-month change was 0.0%, compared to -0.6% previously[3] - The PPI year-on-year decreased by 2.3%, an improvement from the previous decline of 2.5%, with a month-on-month change of -0.1%, slightly better than the previous 0.0%[3] Core Inflation Insights - Core CPI remained stable with a month-on-month increase of 0.2% and a year-on-year rise to 0.4%, marking three consecutive months of growth[3] - Service prices shifted from decline to increase, with a month-on-month rise of 0.1% and a year-on-year increase to 0.5%, likely driven by increased travel demand during the New Year holiday[3] Food Price Dynamics - Food CPI fell by 0.6% month-on-month, continuing a three-month decline, which is below the five-year average of 0.64%[3] - Fresh vegetables and fruits saw month-on-month declines of 2.4% and 1.0%, respectively, influenced by weather conditions and supply recovery[3] Consumer Goods and PPI Trends - Consumer goods prices decreased by 0.1% month-on-month, reflecting insufficient domestic demand, with alcoholic beverages also showing a decline[3] - PPI performance was slightly better than seasonal trends, with a month-on-month change of -0.1%, compared to a five-year average of -0.2%[3] Structural Analysis of PPI - Production materials remained stable month-on-month, while living materials decreased by 0.1%, with durable goods being the main drag[3] - The overall trend of PPI recovery requires additional policy support to sustain growth[3]