12月通胀数据点评：超季节性因素持续，价格低位调整

Group 1: Inflation Data Overview - China's December CPI increased by 0.1% year-on-year, matching market expectations and down from 0.2% in the previous month[4] - December PPI decreased by 2.3% year-on-year, in line with expectations and a slight improvement from a 2.5% decline in November[4] Group 2: CPI Analysis - Food prices continued to underperform seasonally, contributing to a flat month-on-month CPI, which contrasts with a 0.6% decline in the previous month[7] - The structural change in CPI was due to food prices declining by 0.6%, while non-food prices turned positive, offsetting each other[7] - Core CPI showed an upward trend, supported by rising service prices and durable goods, with household appliance prices increasing by 0.4%[24] Group 3: PPI Insights - December PPI's year-on-year decline narrowed by 0.2 percentage points due to a lower base effect from the previous year[27] - Production materials prices remained flat, while living materials prices decreased by 0.1% month-on-month, indicating a mixed performance across sectors[31] - The coal mining and washing industry saw a significant price drop of 1.9% month-on-month, reflecting supply-demand dynamics[31]