2024年12月物价数据点评：价格稳定，政策发力

Group 1: CPI and PPI Analysis - In December 2024, the CPI increased by 0.1% year-on-year, with urban areas rising by 0.1% and rural areas remaining flat[8] - Food prices decreased by 0.5%, while non-food prices increased by 0.2%[8] - The core CPI, excluding food and energy, rose by 0.4% year-on-year, indicating weak demand[11] - The PPI fell by 2.3% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month[16] Group 2: Price Stability and Policy Implications - Prices remained stable at low levels in December, with CPI showing signs of improvement on a month-on-month basis[4] - The upcoming Spring Festival may temporarily boost consumer prices, but a stable outlook is expected in the long term[24] - The low inflation environment allows for more aggressive monetary and fiscal policies to support economic recovery[25] - Risks include geopolitical tensions, changes in international financial conditions, and unexpected shifts in US-China policies[26]