Group 1: Inflation Data - November CPI year-on-year growth increased to 0.7%, the highest since March 2024[1] - Month-on-month CPI decreased by 0.1%, better than the same period last year[1] - Food CPI month-on-month growth was 0.5%, marking four consecutive months of increase[5] Group 2: Producer Price Index (PPI) - November PPI month-on-month growth was 0.1%, continuing growth for two consecutive months[2] - Year-on-year PPI decreased by 2.2%, with a slight increase in the decline compared to the previous month[2] - Prices of non-ferrous metals continued to rise, while black metal processing prices fell[2] Group 3: Economic Outlook - The political bureau meeting indicated a focus on more proactive fiscal and moderately loose monetary policies for 2026[2] - Economic stability is expected in 2026, with inflation likely to rise and nominal GDP growth accelerating[2] - Risks include declining real estate demand and increased external uncertainties[3]
11月通胀数据点评：物价延续回升态势
Western Securities·2025-12-10 09:04