12月通胀数据点评：核心CPI同比已连续3个月上升

Inflation Data Summary - In December 2024, the Consumer Price Index (CPI) year-on-year growth was 0.1%, down from 0.2% in the previous month, with a month-on-month change of 0% compared to -0.6% previously[2] - The Producer Price Index (PPI) year-on-year change was -2.3%, slightly improved from -2.5% in the previous month, with a month-on-month change of -0.1% compared to 0.1% previously[2] Core CPI Insights - Core CPI has increased year-on-year for three consecutive months, with December's non-food CPI at -0.5% and core CPI at 0.4%[3] - Energy prices saw a year-on-year decline of 1.7%, but the decrease was less severe than the previous month by 2.1 percentage points[3] Food and Service Price Trends - Food CPI year-on-year growth was -0.5%, with fresh vegetables and fruits showing significant price drops of 0.5% and -3% respectively[3] - Service CPI increased slightly to 0.5% year-on-year, marking the first rise since October 2023[3] PPI Sector Analysis - The PPI for upstream mining and raw materials showed a reduced decline, with mining PPI at -4.6% and raw materials at -2.2%[3] - The PPI for midstream equipment manufacturing showed signs of recovery, with general equipment manufacturing PPI at -1%[3] Policy Implications - The "Two New" policy is expected to continue influencing inflation data, with significant funding increases for 2025 aimed at supporting consumption and equipment upgrades[3]