12月通胀点评：内需不足带动的价格疲弱贯穿全年

Inflation Overview - December CPI year-on-year growth was 0.1%, down from 0.2% in November, primarily due to weak food prices[2] - December PPI year-on-year decline was 2.3%, with a month-on-month decrease of 0.1%[12] CPI Analysis - December CPI month-on-month growth remained flat, with food prices decreasing by 0.6% and non-food prices increasing by 0.1%[3] - For 2024, the cumulative CPI growth was 0.2%, with food prices down 0.6% and service prices up 0.7%[6] PPI Insights - December PPI showed a slight increase compared to November, but the overall trend remains downward due to seasonal factors[17] - Key industries experiencing price declines include petroleum and coal processing (-8.7%) and chemical manufacturing (-4.8%) in December[13] Future Projections - CPI is expected to rise to 0.9% in 2025, with quarterly fluctuations, peaking at 1.3% in Q4[6] - PPI is projected to decline by 0.6% in 2025, with a potential recovery to 1.1% by Q4[17] Demand Factors - Insufficient domestic demand is identified as the main factor dragging down CPI growth, particularly in food prices[6] - The service price growth has shown a slight upward trend since Q4 2024, indicating potential recovery[6]