周报：核心CPI回升明显，稳增长政策初见成效

CPI Analysis - In December 2024, the core CPI increased by 0.2% month-on-month, exceeding the 10-year average of 0.05%[1] - The overall CPI for December 2024 recorded a year-on-year increase of 0.1%, a slight improvement from November's -0.1%[2] - The food and beverage CPI in December 2024 was flat year-on-year, compared to November's -0.9%[2] Food Price Impact - Fresh vegetable prices fell by 2.4% month-on-month in December 2024, significantly lower than the 10-year average increase of 5.5%[1] - Fresh fruit prices decreased by 1.0% month-on-month in December 2024, while the 12-month average was an increase of 2.8%[1] - Pork prices rose by 12.5% year-on-year in December 2024, down from 13.7% in November[2] Economic Outlook - The CPI is expected to have strong upward momentum in 2025, driven by robust domestic demand recovery and a relatively low base from 2024[4] - The year-end CPI for 2025 is projected to reach approximately +1.2% year-on-year, with an overall increase of +0.6%[4] - The PPI for December 2024 recorded a month-on-month decrease of 0.1%, with a year-on-year decline of 2.3%[4] Market Conditions - The average temperature in November 2024 was the highest since 1961, contributing to a seasonal drop in fresh produce prices[3] - The core CPI showed a consistent recovery from October to December 2024, indicating the effectiveness of growth stabilization policies implemented since late September[3]