格隆汇1月10日｜据国家统计局广东调查总队10日发布的数据，2025年12月份，广东居民消费价格指数 (CPI)同比涨幅持平，环比降幅收窄。12月份广东CPI同比上涨0.4%，涨幅与上月持平。其中，食品价格 同比由上月上涨0.3%转为持平。食品中，鲜菜、海水鱼价格上涨；猪肉、其他畜肉及副产品、鸡蛋和 奶粉价格有所下降。工业消费品价格上涨0.5%。其中，受国际贵金属价格波动及国内消费需求支撑， 铂金饰品、金饰品、银饰品价格同比涨幅较大，分别上涨95.3%、70.3%和19.2%。从环比看，CPI环比 下降0.1%，降幅比上月收窄0.3个百分点。 ...

（文章来源：第一财经） 国家统计局广东调查总队发布数据显示，2025年12月份，广东居民消费价格指数(CPI)同比上涨0.4%， 涨幅与上月持平。食品价格同比由上月上涨0.3%转为持平，其中鲜菜、海水鱼价格上涨，猪肉、其他 畜肉及副产品、鸡蛋和奶粉价格有所下降。工业消费品价格上涨0.5%，铂金饰品、金饰品、银饰品价 格同比涨幅较大。从环比看，CPI环比下降0.1%，降幅比上月收窄0.3个百分点。 ...

据"商业加纳"网1月8日报道，加纳统计局(GSS) 2025 年12月的数据显示，加纳2025年12月通货膨胀 率为5.4%，低于2025年11月的6.3%，连续12个月呈下降趋势，环比通货膨胀率为0.9%，表明年底物价 上涨幅度相对温和，持续的低通胀主要是由食品价格增速放缓推动的。 （原标题：加纳2025年底通货膨胀率为5.4%） ...

韩国央行警告称，韩元持续疲软以及食品价格可能上涨的情况，可能会使通胀率超出预期水平，尽管预 计基础价格压力仍将大致保持在 2%的目标范围内。韩国央行表示，美元兑韩元汇率的升高可能会对通 胀率构成上行风险，尤其是对于那些在进口中占比较高的商品，如农产品和渔业产品。恶劣的天气状况 也给食品价格带来了更多不确定性。 ...

Daily Spotlight 11 December 2025 Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 25,541 | 0.4 | 27.3 | | HSCEI | 8,955 | 0.2 | 22.8 | | HSCCI | 4,119 | (0.3) | 8.9 | | MSCI HK | 13,504 | (0.7) | 27.8 | | MSCI CHINA | 84 | 0.2 | 29.3 | | FTSE CHINA A50 | 15,272 | (0.6) | 13.0 | | CSI 300 | 4,592 | (0.1) | 16.7 | | TWSE | 28,401 | 0.8 | 23.3 | | SENSEX | 84,666 | (0.5) | 8.4 | | NIKKEI 225 | 50,603 | (0.1) | 26.8 | | K ...

11月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。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。 （文章来源：人民日报） 本报北京12月10日电 （记者刘志强）10日，国家统计局发布11月份物价运行数据。11月份，居民消费 持续恢复，居民消费价格指数（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，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%，连续两个月环比上涨，同比下 降2.2%。 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。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%。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。服务和扣除能源的工业消费品价格分别上涨0.7%和2.1%，分别影响CPI同比上涨约0.29 个百分 ...

Group 1: CPI Insights - In October, the CPI year-on-year increased by 0.2%, up from -0.3% in the previous month, exceeding market expectations of -0.1%[2][4] - The core CPI year-on-year growth rose to 1.2%, compared to 1.0% in the previous month[2][4] - Food prices saw a narrowing year-on-year decline from -4.4% to -2.9%, with a month-on-month increase of 0.3%, surpassing the seasonal average decline of -0.4%[4][5] Group 2: PPI Insights - The PPI year-on-year decline narrowed to -2.1% from -2.3%, while the month-on-month PPI increased by 0.1%, marking the first increase of the year[2][6] - The improvement in PPI is attributed to enhanced industrial supply-demand relationships and rising international metal prices, with copper mining prices increasing by 5.3% month-on-month[6][7] - The prices in the coal mining sector rose by 1.6% month-on-month, indicating a recovery in upstream industries[6][7] Group 3: Future Outlook - CPI is expected to continue its upward trend in Q4, potentially reaching an annual average of 0.7% in 2026, driven by recovering food prices and ongoing consumption policies[8][9] - The PPI's year-on-year decline is anticipated to continue narrowing, although the timeline for a return to positive growth remains uncertain due to slow supply-side adjustments[9][10]

Group 1: Consumer Price Trends - Consumer prices remained stable in the first three quarters, with CPI decreasing by 0.1% year-on-year, consistent with the first half and the first quarter [2] - Core CPI, excluding food and energy, has shown a continuous recovery since March, rising to 1% in September, the highest in nearly 19 months [4] - Food prices saw a year-on-year decline of 1.8%, with fresh vegetable prices averaging a drop of 7.9% and pork prices shifting from an increase of 3.8% in the first half to a decrease of 2.9% in the first three quarters [2] Group 2: Energy Price Trends - Energy prices decreased by 3.3% year-on-year in the first three quarters, with gasoline prices dropping by 7.3% due to international oil price fluctuations [3] Group 3: Producer Price Trends - PPI decreased by 2.8% year-on-year in the first three quarters, with a narrowing decline of 0.3 percentage points in the third quarter compared to the second quarter [5] - The domestic market's competitive order has improved, leading to a recovery in prices for certain industries, such as coal processing and black metal smelting, which saw a reduction in year-on-year price declines [5] Group 4: External Influences on Prices - International oil prices have generally trended downward, impacting domestic oil-related industry prices, with a 9.9% decline in the oil and gas extraction industry [6] - Conversely, international non-ferrous metal prices have risen, leading to a 5.6% year-on-year increase in domestic non-ferrous metal smelting and rolling industries [6] Group 5: High-Tech Industry Developments - The development of high-tech industries and effective macro policies have driven price increases in certain sectors, such as integrated circuit packaging and testing, which rose by 3.0% year-on-year [7] - Upgraded consumer demand has also contributed to price increases in sectors like arts and crafts manufacturing, which saw a 12.7% rise [7]

Core Insights - China's Consumer Price Index (CPI) decreased by 0.3% year-on-year in September, with the decline narrowing by 0.1 percentage points from the previous month [1] - The core CPI, excluding food and energy prices, rose by 1.0% year-on-year, marking the first return to this level in nearly 19 months [1] - The primary factor for the year-on-year decline in CPI was the "tail effect," contributing approximately -0.8 percentage points, while new price changes contributed about 0.5 percentage points [1] CPI Breakdown - Food prices fell by 4.4% year-on-year, with this decline expanding by 0.1 percentage points from the previous month, impacting the CPI by approximately -0.83 percentage points [1] - Key food items such as pork, fresh vegetables, eggs, and fresh fruits saw price decreases, collectively affecting the CPI by about -0.78 percentage points [1] - The core CPI's year-on-year increase of 1.0% represents the fifth consecutive month of growth, with industrial consumer goods prices, excluding energy, rising by 1.8% [1] Monthly Trends - Month-on-month, the CPI shifted from flat in the previous month to an increase of 0.1% in September, slightly below seasonal levels due to declines in service and energy prices [1] - Service prices decreased by 0.3% month-on-month, influenced by the end of summer and the timing of the Mid-Autumn Festival, with airfare, hotel accommodation, and travel prices collectively impacting the CPI by about -0.17 percentage points [2] - Energy prices fell by 0.8% month-on-month, with domestic gasoline prices decreasing by 1.7% due to international oil price fluctuations [2] Economic Outlook - The chief economist at China Minsheng Bank noted a mild recovery in CPI this year, with a cumulative year-on-year decline of 0.1% over the first nine months, primarily due to food prices [2] - The overall weakness in energy prices is attributed to an oversupply in the international oil market [2] - As policies take effect and market supply-demand relationships improve, consumer goods and service prices are expected to stabilize and rise, with an anticipated year-on-year increase in CPI for the full year [2]

国家统计局解读：CPI同比下降0.3%，主要是翘尾影响所致，翘尾影响约为-0.8个百分点。食品价格下降4.4%，猪肉、鲜菜、鸡蛋和鲜果价格分别下降17.0%、13.7%、13.5%和4.2%，是影响CPI同比下降的主要因素。扣除食品和能源价格的核心CPI同比上涨1.0%，为近19个月以来涨幅首次回到1%。 ...