国家统计局12月10日发布数据显示，11月份，居民消费持续恢复，全国居民消费价格指数（CPI）环比 略降0.1%，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。1-11月平均，全国 居民消费价格与上年同期持平。 "受前期天气及生产流通环节短期扰动影响，部分生鲜农产品供应阶段性收紧，叠加年末需求上升，带 动食品分项价格快速上行。"国联民生证券首席经济学家陶川表示。 国家统计局城市司首席统计师董莉娟表示，11月份，CPI同比涨幅扩大主要是食品价格由降转涨拉动。 此外，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，11月份，工业生产者出厂价 格指数（PPI）环比上涨0.1%，同比下降2.2%。 食品价格拉动CPI同比涨幅扩大 从同比看，11月份，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。 具体看，食品中，11月份，鲜菜价格同比由上月下降7.3%转为上涨14.5%，为连续下降9个月后首次转 涨；猪肉和禽肉类价格同比分别下降15.0%和0.6%，降幅均有收窄。 ● 本报记者 连润 11月份，PPI环比上 ...

国家统计局12月10日公布数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨幅扩大；扣除 食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。同期，工业生产者出厂价格 指数（PPI）环比上涨0.1%，连续两个月上涨；同比下降2.2%，降幅比上月扩大0.1个百分点。 11月份，CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点。国家统计局城市司首席统计师董莉娟表示， CPI同比涨幅为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。 （文章来源：证券时报） 扣除食品和能源的核心CPI被认为更能反映物价变化趋势。11月份核心CPI同比上涨1.2%，涨幅连续3个 月保持在1%以上。光大证券研究所宏观分析师刘星辰分析，支撑核心CPI上涨的因素中，金价上涨影响 继续扩大，但"以旧换新"政策对耐用品价格支撑减弱，节后出行需求回落导致服务价格涨势放缓。2026 年核心CPI同比能否保持上涨，或更多取决于服务价格的表现。目前已有的政策主要围绕服务供给增 加、落实和优化休假制度等方面促进服务需求释放，明年关注是否有需求端政策的进一步配合。 11月份PPI环比连续两个月上涨0 ...

国家统计局12月10日发布数据显示，11月份，居民消费持续恢复，全国居民消费价格指数（CPI）环比略降0.1%，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。扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 新华社发 朱慧卿 作 新华社图表，北京，2025年12月10日 000 000 0 0 000 > IIII 000 1111 l = = D = D D ロ !... ... .... ... 110 = n ///// 000 ...

Core Insights - In November, the national consumer price index (CPI) rose by 0.7% year-on-year, marking the highest increase since March 2024, with a 0.5 percentage point increase from the previous month [1][2][4]. Price Changes - Food prices shifted from a 2.9% decline in the previous month to a 0.2% increase, contributing positively to the CPI [4]. - Fresh vegetable prices surged by 14.5%, marking the first increase after nine consecutive months of decline, significantly impacting the CPI [4]. - The prices of other major categories showed mixed results, with increases in other goods and services (14.2%), clothing (1.9%), and healthcare (1.6%), while transportation and communication prices fell by 2.3% [3][4]. Core CPI - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [4][6]. Producer Price Index (PPI) - The PPI rose by 0.1% month-on-month but fell by 2.2% year-on-year, with the decline attributed to high comparison bases from the previous year [6]. - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed narrowing declines, indicating improved market conditions [6]. Seasonal Demand Impact - Seasonal demand increases in certain industries, such as coal and gas, have led to price hikes in related sectors, with coal mining prices rising by 4.1% month-on-month [5][6]. - The demand for winter clothing and heating products has also contributed to price increases in textile manufacturing [5]. Consumer Spending - The ongoing consumer spending initiatives have positively influenced prices in various sectors, with notable increases in the manufacturing of arts and crafts (20.6%) and sports equipment (4.3%) [6].

11月份，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%，连续两个月上涨。 央视网消息（新闻联播）：国家统计局12月10日发布的数据显示，11月份，我国居民消费价格指数CPI同比上涨0.7%，涨幅比上个月扩大0.5个百分点； 扣除食品和能源的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 随着综合整治"内卷式"竞争成效显现，煤炭开采和洗选业、光伏设备及元器件制造、锂离子电池制造价格同比降幅连续多个月收窄。 ...

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]

作者丨冉黎黎 编辑丨包芳鸣 12月10日，国家统计局发布的数据显示，2025年11月份，全国居民消费价格（CPI）同比上涨 0.7%，环比下降0.1%；全国工业生产者出厂价格（PPI）同比下降2.2%，环比上涨0.1%。值 得注意的是， 11月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。PPI环比上涨0.1%，连续两个月上涨。 国家统计局城市司首席统计师董莉娟解读称， CPI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。 扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在 1%以上。 另外，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。 展望未来，中国民生银行首席经济学家温彬对21世纪经济报道记者表示，随着扩内需等政策措 施发力显效，现代化产业体系加快构建，叠加重点行业产能治理持续推进、市场竞争秩序优 化，物价有望低位温和回升。 （全国居民消费价格涨跌幅 来源：国家统计局） 核心C PI涨幅连续三 ...

Core Viewpoint - The current low price levels are closely related to the relatively weak domestic demand, and the next phase will focus on boosting internal demand and stabilizing prices, which will positively impact the stabilization of CPI [1][2]. Group 1: CPI Trends - In November, the national Consumer Price Index (CPI) rose by 0.7% year-on-year, the highest increase since March 2024, with a month-on-month increase of 0.5 percentage points [2]. - Throughout the first eleven months of the year, there were six months with negative year-on-year CPI growth, leading to an average CPI that remained flat compared to the previous year [2]. - The core CPI, excluding food and energy, increased by 1.2% year-on-year in November, maintaining a growth rate above 1% for three consecutive months [2][3]. Group 2: Food Prices Impact - The rise in food prices was a significant factor contributing to the increase in CPI in November, with seasonal growth in food prices driving the year-on-year CPI growth [3]. - The impact of food prices on CPI shifted from a negative contribution of -0.54 percentage points in the previous month to a positive contribution of 0.04 percentage points in November [3]. Group 3: Economic Outlook - Analysts caution that the recent rise in CPI should not be oversimplified as a sign of economic recovery, as the supply-demand relationship indicates a significant imbalance with supply being forced to contract [4]. - The overall economic cycle is characterized by demand contraction leading to supply adjustments and declining economic growth, which further exacerbates demand contraction [4]. - The core CPI's upward trend suggests some improvement in domestic consumption demand, but the foundation for sustained improvement remains fragile, requiring ongoing policy support [4]. Group 4: Policy Implications - The adjustment of the CPI growth target from around 3% to 2% reflects a more realistic approach given the current economic conditions, aiming to avoid deflation [5]. - The lower CPI target is seen as a benchmark rather than a ceiling, indicating a policy effort to bridge the gap between nominal and real GDP growth [5]. - Looking ahead to 2026, maintaining stable price growth will remain a key macroeconomic policy goal, with various initiatives expected to support CPI recovery [5].

Group 1 - The Consumer Price Index (CPI) in November increased by 0.7% year-on-year, marking the highest level in 2023 and since March 2024 [1] - Urban CPI rose by 0.7%, while rural CPI increased by 0.4%. Food prices saw a 0.2% rise, and non-food prices increased by 0.8% [1] - The increase in CPI is attributed to seasonal price rebounds in food items, particularly fresh vegetables, which contributed significantly to the CPI's upward movement [2][4] Group 2 - Core CPI remains resilient despite a slight month-on-month decline of 0.1%, maintaining a year-on-year growth rate of 1.2% [2] - The rise in core CPI is supported by increasing gold prices and the effects of domestic demand expansion policies, which have led to price increases in household goods and clothing [2][4] - The potential for sustained improvement in CPI relies on continued policy support, particularly in stimulating consumption in sectors like dining and tourism [4] Group 3 - The Asian economy is expected to shift towards a more balanced and sustainable growth model by 2025, with inflation projected to decline significantly due to falling food prices [3] - A low inflation environment in 2026 may support a continued easing of monetary policy across several Asian countries, including China, which could create investment opportunities [3] - The main macroeconomic risk for Asia is not high inflation but the combination of deflationary pressures and high real policy rates, which could hinder economic recovery [3]

12月10日，国家统计局公布数据显示，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%。 11月的物价数据呈现出"CPI明显上行，PPI初现暖意"的画卷。积极的变化在于CPI释放筑底信号，新动 能崭露头角。 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。"国家统计局城市司首席统计师董莉娟在解读11月份CPI数据时指出。 从细分项来看，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 ...