1.2%↑！创2024年3月以来新高！

Core Viewpoint - In November, consumer spending continued to recover, and the effectiveness of comprehensive rectification of "involution-style" competition became evident, with notable changes in price trends across various industries [2][7]. Consumer Price Index (CPI) - In November, the CPI increased by 0.7% year-on-year, with the growth rate expanding by 0.5 percentage points compared to the previous month, marking the highest increase since March 2024 [3][4]. - Food prices rose by 0.2% year-on-year, while non-food prices increased by 0.8%. Fresh vegetable prices turned from a decline of 7.3% last month to an increase of 14.5%, contributing approximately 0.49 percentage points to the CPI [3][4]. - Month-on-month, fresh vegetable prices rose significantly by 7.2%, far exceeding the average seasonal decline of 3.2%, impacting the CPI by about 0.17 percentage points [3]. Core CPI - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [5]. - Prices for services and industrial consumer goods, excluding energy, increased by 0.7% and 2.1%, respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI [5]. Producer Price Index (PPI) - The PPI decreased by 2.2% year-on-year, with the decline rate expanding by 0.1 percentage points compared to the previous month, primarily due to a high comparison base from the previous year [6]. - The PPI showed a month-on-month increase for two consecutive months, attributed to seasonal demand increases in certain domestic industries [8]. Industry Price Trends - The comprehensive rectification of "involution-style" competition has led to a narrowing of price declines in related industries, such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing [7]. - Emerging industries are rapidly developing, driving price increases in sectors like external storage devices (up 13.9% year-on-year) and integrated circuit manufacturing (up 1.7%) [7]. - Consumer potential is being effectively released, reflected in price increases in sectors such as craft art and ceremonial supplies (up 20.6% year-on-year) and sports ball manufacturing (up 4.3%) [7].