Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.7% year-on-year, marking the highest growth since March 2024, with a rise of 0.5 percentage points from the previous month [2] - Food prices shifted from a decline of 2.9% to an increase of 0.2%, contributing positively to the CPI, with fresh vegetable prices rising by 14.5% after nine months of decline [2] - Core CPI, excluding food and energy, rose by 1.2%, maintaining above 1% for three consecutive months, driven by increases in service prices and industrial consumer goods [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) increased by 0.1% month-on-month, marking two consecutive months of growth, influenced by seasonal demand increases in certain domestic industries [4] - Year-on-year, the PPI decreased by 2.2%, with the decline slightly widening by 0.1 percentage points compared to the previous month, primarily due to high comparison bases from the previous year [6] - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed a narrowing decline, indicating improvements in market competition and policy effectiveness [6]

CPI同比上涨0.7%，为2024年3月份以来最高，同比涨幅扩大主要是食品价格由降转涨拉动。 12月10日，国家统计局城市司首席统计师董莉娟解读2025年11月份CPI和PPI数据。 11月份，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%，扣除食品和能 源价格的核心CPI同比上涨1.2%。受国内部分行业供需结构优化、国际大宗商品价格传导等因素影响， 工业生产者出厂价格指数（PPI）环比上涨0.1%，同比下降2.2%。 一、CPI同比涨幅扩大，核心CPI上涨1.2% CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以来最高，同比涨幅扩大主要是食品 价格由降转涨拉动。食品价格由上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54个百分 点转为上拉0.04个百分点。食品中，鲜菜价格由上月下降7.3%转为上涨14.5%，为连续下降9个月后首次 转涨，对CPI同比的上拉影响比上月增加约0.49个百分点；鲜果价格由上月下降2.0%转为上涨0.7%；牛 肉和羊肉价格分别上涨6.2%和3.7%，涨幅均有扩大；猪肉和禽肉类价格分别下降15.0%和0.6 ...

（文章来源：第一财经） 国家统计局城市司首席统计师董莉娟解读2025年11月份CPI和PPI数据。CPI同比上涨0.7%，涨幅比上月 扩大0.5个百分点，为2024年3月份以来最高，同比涨幅扩大主要是食品价格由降转涨拉动。食品价格由 上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54个百分点转为上拉0.04个百分点。食品 中，鲜菜价格由上月下降7.3%转为上涨14.5%，为连续下降9个月后首次转涨，对CPI同比的上拉影响比 上月增加约0.49个百分点；鲜果价格由上月下降2.0%转为上涨0.7%；牛肉和羊肉价格分别上涨6.2%和 3.7%，涨幅均有扩大；猪肉和禽肉类价格分别下降15.0%和0.6%，降幅均有收窄。能源价格下降3.4%， 降幅比上月扩大1.0个百分点，其中汽油价格降幅扩大至7.5%。 ...

Group 1 - The Consumer Price Index (CPI) increased by 0.7% year-on-year in November, the highest since March 2024, primarily driven by a turnaround in food prices from a decline to an increase [2] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months, indicating sustained inflationary pressure in the economy [2][3] - Food prices shifted from a decrease of 2.9% to an increase of 0.2%, with fresh vegetable prices rising by 14.5%, marking the first increase after nine months of decline [2] Group 2 - The Producer Price Index (PPI) increased by 0.1% month-on-month, marking the second consecutive month of growth, driven by seasonal demand increases in certain domestic industries [4] - Year-on-year, PPI decreased by 2.2%, with the decline slightly widening due to high comparison bases from the previous year [5] - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed a narrowing of year-on-year declines, reflecting improvements in market competition and regulatory measures [5][6]

中国11月CPI年率0.7%，预期0.7%，前值0.2%。CPI月率-0.1%，前值0.2%。PPI年率-2.2%，预期-2.0%，前值-2.1%。PPI月率0.1%，前值0.1%。 https://t.co/oRlEgQPNQf ...

二、PPI环比继续上涨，同比降幅略有扩大 PPI环比上涨0.1%，连续两个月上涨。本月PPI环比运行的主要特点：一是国内部分行业需求季节性增加带动其价格上涨。各地"迎峰度冬"开 始，煤炭、燃气需求季节性增加，煤炭开采和洗选业价格环比上涨4.1%，煤炭加工价格上涨3.4%，燃气生产和供应业价格上涨0.7%。入冬以 来，防寒保暖产品进入消费旺季，毛织造加工价格上涨0.6%，羽绒制品加工价格上涨0.2%。二是输入性因素影响国内有色金属和石油相关行 业价格走势分化。国际有色金属价格上行带动国内有色金属矿采选业价格环比上涨2.6%，有色金属冶炼和压延加工业价格上涨2.1%，其中铜 冶炼、金冶炼、铝冶炼价格分别上涨2.9%、1.4%和0.2%。国际油价下行影响国内石油和天然气开采业价格下降2.4%，精炼石油产品制造价格 下降2.2%。 PPI同比下降2.2%，降幅比上月扩大0.1个百分点，主要受上年同期对比基数走高影响。我国各项宏观政策不断显效，价格呈现积极变化。一 是综合整治"内卷式"竞争成效显现，相关行业价格同比降幅收窄。重点行业产能治理持续推进，市场竞争秩序不断优化，煤炭开采和洗选 业、光伏设备及元器件制造、锂离子 ...

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。 中国11月PPI同比 -2.2%，前值 -2.1%。 风险提示及免责条款 ...

（文章来源：国家统计局） 国家统计局：11月CPI同比上涨0.7%，PPI同比下降2.2%。 ...

每经AI快讯，12月9日消息，乌克兰11月CPI同比上涨9.3%，预期为上涨9.8%；环比上涨0.4%。 ...

Report Title - Copper Weekly Report 20251207: Macro Upward, Sharp Increase in LME Copper Cancellation Ratio, Shanghai Copper Expected to Remain Strong [1] Core Viewpoint - With the macroeconomic upward trend and a sharp increase in the LME copper cancellation ratio, Shanghai copper is expected to remain strong [1] Summary by Directory Price Data - Copper spot circulation sources are tight, and the copper spot premium has risen [10] - This week, the LME copper 0 - 3M premium first rose and then fell, showing a week - on - week weakening [12] Fundamental Data - This week, the average price of the copper concentrate TC index decreased by $0.11/ton week - on - week to - $42.86/ton, still at a low level [14] - According to SMM, the inventory of copper concentrates at ten ports increased by 27,100 tons week - on - week to 750,200 tons [17] - The price difference between refined and scrap copper strengthened week - on - week [19] - China's electrolytic copper production in December is expected to increase by 5.96% month - on - month and 6.69% year - on - year [21] - The overseas market is strong, the copper export window is open, and some smelters are actively preparing for exports [23] - This week, the spot inventory of electrolytic copper and the bonded area inventory both continued to decrease week - on - week [25] - LME copper inventory is still increasing but the cancellation ratio has soared, while COMEX inventory continues to increase [27] - The operating rate of refined copper rods continued to decline week - on - week. The breakthrough of the market to a record high significantly suppressed the consumption of refined copper rods [28] - From November 1st to 30th, the retail sales of new energy vehicles in the national passenger car market increased by 7% year - on - year and 6% compared with the same period last month [30] - The production of photovoltaic modules in December is expected to continue to decline [33] - The planned production volume of household air conditioners in December decreased by 22.3% compared with the actual production volume of the same period last year [36] Macroeconomic Data - China's RatingDog manufacturing PMI in November was 49.9 [40] - The CPI in the Eurozone rebounded to 2.2% in November [42] - Hassett said that now is a good time for another cautious interest rate cut [44]