Group 1: CPI Insights - In November 2025, the CPI increased by 0.7% year-on-year, while the PPI decreased by 2.2% year-on-year[7] - The core CPI remained high at 1.2% year-on-year, unchanged from the previous month, marking the highest level since February 2024[10] - Food prices contributed positively to the CPI, with fresh vegetable prices rising by 7.2% month-on-month, while pork prices fell by 2.2%[8] Group 2: PPI Analysis - The PPI showed a month-on-month increase of 0.1%, but the year-on-year decline expanded to 2.2%[15] - Upstream prices were supported by rising global non-ferrous metal prices, while the impact of "anti-involution" policies continued to manifest in certain industries[15] - Coal mining and non-ferrous mining sectors led the PPI increase, with coal prices rising by 4.1% month-on-month[15] Group 3: Policy and Market Outlook - The "14th Five-Year Plan" and recent central economic meetings emphasized the importance of service consumption, indicating a potential shift in price recovery drivers towards service CPI in 2026[14] - The effectiveness of fiscal subsidies and anti-involution policies is expected to continue influencing market dynamics, with a focus on core service CPI recovery elasticity[14] - Risks remain regarding the uncertainty in the real estate market and the potential inadequacy of policy measures[4]

【11月日本核心CPI同比升3.0%，市场加息预期增强】12月19日，日本总务省公布报告，今年11月日本 去除生鲜食品后的核心消费价格指数同比上升3.0%至112.5，连续51个月同比上升。物价上涨主因是食 品，房屋修缮、电费等价格也同比上涨。日本首相高市早苗推行财政政策加剧日元贬值，专家担忧会进 一步推动物价上涨。日本核心通胀率连续44个月高于央行2%目标，巩固市场对日本央行加息预期。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 ...

新华财经东京12月19日电 日本总务省19日公布的报告显示，今年11月日本去除生鲜食品后的核心消费 价格指数（CPI）同比上升3.0%至112.5，连续51个月同比上升。 数据显示，11月日本核心CPI同比升幅与上月持平，环比升幅为0.3%，略低于上月的0.4%。导致11月物 价继续上涨的最主要原因是食品，包括谷物、点心、预制食品、在外就餐、饮料、肉类、奶蛋类食品等 在内，与消费者餐桌相关的食品全面涨价。其中咖啡豆价格同比涨幅仍高达51.6%，普通粳米价格由于 去年价格高企，今年同比涨幅有所回落，但依然高达37.0%。此外，房屋修缮、电费、汽车相关费用、 通信费、酒店住宿等价格均呈现同比上涨。 由于日本首相高市早苗坚持积极财政政策加剧日元贬值，此间媒体和专家普遍忧虑其政策将进一步推动 日本物价上涨。 （文章来源：新华财经） ...

数据显示，11月日本核心CPI同比升幅与上月持平，环比升幅为0.3%，略低于上月的0.4%。导致11月物 价继续上涨的最主要原因是食品，包括谷物、点心、预制食品、在外就餐、饮料、肉类、奶蛋类食品等 在内，与消费者餐桌相关的食品全面涨价。其中咖啡豆价格同比涨幅仍高达51.6%，普通粳米价格由于 去年价格高企，今年同比涨幅有所回落，但依然高达37.0%。此外，房屋修缮、电费、汽车相关费用、 通信费、酒店住宿等价格均呈现同比上涨。 日本总务省19日公布的报告显示，今年11月日本去除生鲜食品后的核心消费价格指数（CPI）同比上升 3.0%至112.5，连续51个月同比上升。 由于日本首相高市早苗坚持积极财政政策加剧日元贬值，此间媒体和专家普遍忧虑其政策将进一步推动 日本物价上涨。 资讯编辑：刘佳惠 021-26093916 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进 ...

Stocks spiked and bond yields dropped after Wall Street cheered a cooler-than-expected November inflation reading.The consumer price index for November rose at a 2.7% annual rate, which was below expectations at 3%.The core CPI, which excludes volatile food and energy prices, rose at a 2.6% annual rate. Economists polled by FactSet expected a 3.1% uptick. ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美国11月核心CPI同比 2.6%，预期 3%。 ...

Group 1 - In November, the Consumer Price Index (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 [2] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [3] - The Producer Price Index (PPI) decreased by 2.2% year-on-year, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by a high comparison base from the previous year [4] Group 2 - Food prices contributed to the CPI increase, with fresh vegetable prices rising by 14.5% year-on-year after a nine-month decline, significantly impacting the CPI [2] - The prices of coal mining and washing, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing have shown a narrowing decline in year-on-year prices, indicating the effectiveness of measures against "involution" competition [4][5] - Emerging industries are driving price increases in related sectors, with prices for external storage devices and components rising by 13.9% year-on-year, and integrated circuit manufacturing prices increasing by 1.7% [4][5]

新京报讯(记者姜慧梓)在12月15日举行的国新办新闻发布会上，国家统计局有关负责人表示，受多重因 素影响，今年市场价格总体低位运行，但随着促进价格合理回升的各项措施逐步显效，价格最近两个月 出现了一些积极变化。 其中，食品价格回升主要是受部分地区降雨降温因素影响，11月份鲜菜价格同比上涨14.5%，在连续9 个月下降后首次转涨；工业消费品价格上涨主要是由于扩大消费政策带动，家用器具价格同比上涨 4.9%；尽管旅游出行相关服务价格出现季节性回落，但高品质生活需求扩大，使得相关服务价格总体 稳定。 11月份，居民消费价格指数(CPI)同比上涨0.7%，连续3个月回升，且涨幅比上月扩大0.5个百分点，为 今年以来最高同比涨幅。当月，扣除食品和能源的核心CPI同比上涨1.2%，涨幅自5月份以来总体连续 扩大，连续三个月涨幅在1%以上。 国家统计局新闻发言人、总经济师付凌晖表示，居民消费价格涨幅扩大，主要是食品价格回升，工业消 费品价格上涨和服务价格基本稳定共同作用的结果。 ...

从中国国家统计局最新发布的11月份居民消费价格指数（CPI）数据来看，似乎为走出低迷的通胀状态释放出了一些积极的信号。然而，要避免因数据表象 而产生的误判，进而可能导致决策上的偏差，深入剖析数据背后的真相至关重要。 具体来看，11月份的CPI同比上涨0.7%。尽管这一增幅算不上高企，但它却是自2023年3月以来所录得的最高水平，成功打破了此前持续在低位徘徊，甚至 在部分月份跌入负增长的局面。 为了更全面地理解CPI的变动轨迹，我们有必要拉长时间的维度来审视。回顾过去一年CPI同比涨幅的动态变化，11月份的数据显得尤为引人注目。 这种可喜的变化并非孤立现象。细致观察具体构成项，会发现鲜菜价格同比上涨了14.5%，成为拉动整体CPI上涨的最大力量。与此同时，牛羊肉价格的涨 幅也在持续扩大，这背后可能交织着养殖成本的不断攀升、消费者需求结构的升级以及进口市场波动等多重因素的影响。 在中国经济这幅复杂交织的画卷中，通货膨胀的走向，尤其是能否走出"低通胀"的阴影，已然成为当下最为引人注目的核心议题。 展望未来，政策层面可能会加大调控力度，以促进经济的平稳健康发展。财政政策有望通过减税降费、扩大有效投资等多种方式来提振内 ...

Economic Overview - The State Council Information Office will hold a press conference on December 15, 2025, to discuss the national economic operation for November 2025, presented by Fu Linghui, spokesperson of the National Bureau of Statistics [1] Consumer and Producer Price Index - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with the growth rate expanding; the core CPI, excluding food and energy, rose by 1.2%, maintaining a growth rate above 1% for three consecutive months [3] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking two consecutive months of growth; however, it decreased by 2.2% year-on-year, with the decline rate widening by 0.1 percentage points compared to the previous month [3] - Notably, the effects of comprehensive rectification of "involution-style" competition are becoming evident, as industries such as coal mining, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing have experienced a narrowing of year-on-year price declines for several months [3] - The price trends in certain industries reflect the rapid development of emerging industries and the effective release of consumer potential [3]