付凌晖表示，总的来看，11月份居民消费价格同比涨幅进一步扩大，积极变化继续显现。下阶段，要继 续深入实施提振消费专项行动，纵深推进全国统一大市场建设，加强重点行业产能治理，规范市场竞争 秩序，增加高质量供给，推动价格合理回升，促进经济健康发展。 期货日报网讯（记者 杨美）12月15日，国新办举行新闻发布会，介绍2025年11月份国民经济运行情 况。国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在会上谈到，受多重因素影 响，今年市场价格总体低位运行，但是促进价格合理回升的各项措施逐步显效，物价形势出现积极变 化。 据介绍，从消费价格看，11月份居民消费价格同比上涨0.7%，涨幅比上月扩大0.5个百分点，连续3个月 回升，其中扣除食品和能源的核心CPI同比涨幅自5月份以来总体连续扩大。从工业品价格看，加强重 点行业产能治理、市场竞争秩序得到规范。11月份工业生产者出厂价格同比下降2.2%，自8月份以来降 幅总体呈现收窄态势。 ...

付凌晖表示，下阶段，要继续深入实施提振消费专项行动，纵深推进全国统一大市场建设，加强重点行 业产能治理，规范市场竞争秩序，增加高质量供给，推动价格合理回升，促进经济健康发展。 CPI同比涨幅扩大主要是由于食品价格提升，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。总的来看，11月份居民消费价格同比涨幅进一步扩大，积极变化继续显现。CPI环比下降0.1%，主 要是由于服务价格季节性下降影响。 人民财讯12月15日电，12月15日，国务院新闻办公室举行新闻发布会。国家统计局新闻发言人、总经济 师、国民经济综合统计司司长付凌晖在会上表示，居民消费价格（CPI）指标近两个月出现积极变化。 11月份，全国居民消费价格同比上涨0.7%，涨幅比上月扩大0.5个百分点，环比略降。 ...

Group 1 - The core viewpoint of the article indicates that the consumer price index (CPI) in November has shown an increased year-on-year growth, reflecting positive changes in the economy [1] - The government plans to continue implementing special actions to boost consumption and promote the construction of a unified national market [1] - There will be a focus on strengthening capacity governance in key industries, regulating market competition, and increasing high-quality supply to promote reasonable price recovery [1]

人民财讯12月15日电，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新 闻发布会上表示，总的来看，11月份居民消费价格同比涨幅进一步扩大，积极变化继续显现。下阶段， 要继续深入实施提振消费专项行动，纵深推进全国统一大市场建设，加强重点行业产能治理，规范市场 竞争秩序，增加高质量供给，推动价格合理回升，促进经济健康发展。 ...

Group 1 - The Consumer Price Index (CPI) increased by 0.7% year-on-year in November, the highest since March 2024, driven primarily by a reversal in food prices from a decline to an increase [2][4] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months [2][4] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% but a year-on-year decline of 2.2%, indicating a mixed price environment influenced by seasonal demand and macroeconomic policies [4][5] Group 2 - Food prices shifted from a 2.9% decline to a 0.2% increase, with fresh vegetable prices rising by 14.5% after nine months of decline, significantly impacting the CPI [2][3] - Service prices and industrial consumer goods prices increased by 0.7% and 2.1% respectively, contributing positively to the CPI [2][4] - The demand for coal and gas increased seasonally, leading to price rises in related industries, with coal mining prices up by 4.1% [4][5] Group 3 - Emerging industries such as new materials and intelligent technology are driving price increases in related sectors, with prices for external storage devices rising by 13.9% year-on-year [5][6] - Consumer demand is being revitalized through targeted actions, with prices in sectors like arts and crafts rising by 20.6% [5][6] - The government plans to enhance domestic demand and consumption through various initiatives, especially as the year-end approaches, which is traditionally a peak consumption period [7]

Economic Overview - The national economy is maintaining a stable and progressive development trend, with production supply remaining stable, employment overall stable, and prices showing improvement [1][4] Consumption and Investment - In October, the total retail sales of consumer goods increased by 2.9% year-on-year, exceeding market expectations, with notable sales growth in upgraded products such as communication equipment and cultural office supplies [2][3] - Despite a slowdown in fixed asset investment growth, the physical workload of investments is increasing, and manufacturing investment continues to grow, indicating an ongoing optimization of investment structure [2][5] Price Trends - The Consumer Price Index (CPI) showed positive changes in October, with a month-on-month increase of 0.2% and a year-on-year increase of 0.2%, reversing the previous month's decline [7] - The Producer Price Index (PPI) also exhibited positive changes, with a month-on-month increase for the first time in October, driven by seasonal demand and rising international metal prices [8] Employment and Structural Changes - The employment situation remains generally stable, and there is a continuous trend of transformation and upgrading in various sectors [4][6] - The investment structure is optimizing, with traditional manufacturing undergoing upgrades and new manufacturing sectors expanding, supporting overall investment growth [5][6]

Group 1 - The core viewpoint emphasizes the need to deepen the construction of a unified national market and optimize the market competition environment [1] - The next phase will focus on expanding domestic demand and advancing the governance of production capacity in key industries [1] - The goal is to improve supply-demand relationships and promote a reasonable recovery in prices [1]

Core Insights - The National Bureau of Statistics reported that in August, the Consumer Price Index (CPI) showed a year-on-year decline of 0.4%, reversing from a flat reading in the previous month, primarily due to high base effects from the previous year [5][6] - The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking a continuous expansion in price increases for four consecutive months, driven by rising industrial consumer goods and service prices [5][6] Economic Indicators - In August, the CPI remained flat month-on-month, compared to a 0.4% increase in July, with food prices rising by 0.5% and non-food prices declining by 0.1% [3][6] - Food prices saw a year-on-year decline of 4.3% in August, with significant drops in pork, fresh vegetables, and eggs, each exceeding 10% [5][6] Industrial and Service Prices - Industrial consumer goods prices, excluding energy, rose by 1.5% year-on-year in August, an increase of 0.3 percentage points from the previous month, with home appliances and entertainment goods contributing to this rise [6] - Service prices increased by 0.6% year-on-year in August, reflecting a steady upward trend, influenced by increased demand for high-quality social services and summer travel [6] Policy and Market Outlook - The government aims to continue expanding domestic demand and implementing consumption-boosting initiatives, while also addressing capacity management in key industries to promote reasonable price recovery [6]

Group 1 - The core CPI has shown a continuous increase for four months, with a year-on-year rise of 0.9% in August, reflecting the effectiveness of policies aimed at expanding domestic demand and promoting consumption [1] - Prices of gold and platinum jewelry increased by 36.7% and 29.8% year-on-year in August, contributing approximately 0.22 percentage points to the CPI increase [1] - Service prices have gradually increased since March, with a year-on-year rise of 0.6% in August, contributing about 0.23 percentage points to the CPI [1] Group 2 - The PPI decreased by 2.9% year-on-year in August, but the decline has narrowed by 0.7 percentage points compared to July, marking the first narrowing since March [2] - The prices in key industries such as coal processing and black metal smelting have seen a reduction in year-on-year decline, indicating a positive change in some sectors [2] - Experts suggest that the year-on-year decline in PPI is expected to continue to narrow in the fourth quarter due to factors such as last year's base effect and the implementation of capacity governance in key industries [2] Group 3 - The PPI may enter a recovery phase supported by the optimization of export structure, global economic recovery, and deepening trade cooperation with non-US partners [3]

Group 1 - The report highlights the implementation of various policies and measures deployed by the central government to stabilize employment, businesses, markets, and expectations [1] - It emphasizes the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [1] - The report calls for a thorough evaluation of policy implementation and suggests optimizing policies and measures based on assessment results to enhance their effectiveness [1] Group 2 - There is a focus on normalizing policy research and reserve, continuously improving the policy toolbox [1] - The report stresses the importance of addressing capacity governance in key industries and implementing measures to resolve structural contradictions while promoting quality upgrades [1] - It also mentions the need for comprehensive regulation of irrational competition and strengthening policy coordination and expectation guidance [1]