Group 1: CPI Analysis - The core CPI year-on-year remains high at 1.2%, unchanged from the previous month, marking the highest level since February 2024[7] - In November, the overall CPI increased by 0.7% year-on-year, supported by food prices and consumption subsidies[7] - Food prices rose by 0.5% month-on-month, with fresh vegetable prices increasing by 7.2% due to weather factors[8] Group 2: PPI Insights - The PPI decreased by 2.2% year-on-year in November, with a month-on-month increase of 0.1%[18] - The decline in PPI is influenced by falling international oil prices, while upstream prices for coal and non-ferrous metals have risen[18] - The "anti-involution" policy continues to impact industrial prices, with coal mining prices increasing by 4.1% month-on-month[18] Group 3: Future Outlook - The recovery of service CPI is expected to be a key variable for price stabilization in 2026, shifting focus from physical consumption[17] - The ongoing emphasis on service consumption in the "14th Five-Year Plan" and central economic work conference highlights the need for policy support[17] - Risks remain regarding the uncertainty in the real estate market and potential inadequacies in policy measures[24]
2025 年 11 月物价数据点评：核心CPI同比维持高位
GUOTAI HAITONG SECURITIES·2025-12-10 11:20