11月菜价、金价大幅上涨推动CPI涨幅扩大，反内卷对工业品价格继续形成支撑

Group 1: CPI Analysis - In November, the CPI increased by 0.7% year-on-year, up from 0.2% in the previous month, with a cumulative CPI of 0.0% from January to November[1] - The year-on-year CPI growth rate expanded by 0.5 percentage points, primarily due to a significant increase in vegetable prices, which rose by 14.5% year-on-year, contributing 0.49 percentage points to the CPI increase[5] - The core CPI remained at 1.2%, the highest level of the year, driven by a surge in international gold prices, which led to a 58.4% year-on-year increase in domestic gold jewelry prices[5] Group 2: PPI Analysis - The PPI decreased by 2.2% year-on-year in November, a slight increase in the decline compared to the previous month, with a cumulative PPI decline of 2.7% from January to November[1] - The PPI increased by 0.1% month-on-month, maintaining the same growth rate as the previous month, influenced by seasonal demand increases and rising prices in the coal and non-ferrous metal sectors[8] - The overall industrial product market remains weak, with a "strong supply and weak demand" situation persisting, indicating limited upward price movement for industrial goods[11]