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 ...

Core Viewpoint - The Producer Price Index (PPI) in November 2025 increased by 0.1% month-on-month, marking the second consecutive month of growth, driven by seasonal demand in certain domestic industries [1] Group 1: Domestic Industry Trends - Seasonal demand increases in various domestic industries have led to price rises, particularly in coal and gas sectors, with coal mining and washing prices up by 4.1% and coal processing prices up by 3.4% [1] - The winter season has triggered a surge in demand for winter clothing, resulting in a 0.6% increase in wool processing prices and a 0.2% increase in down product processing prices [1] Group 2: Input Factors and Price Divergence - International price increases in non-ferrous metals have positively impacted domestic non-ferrous metal mining prices, which rose by 2.6%, and non-ferrous metal smelting and processing prices, which increased by 2.1% [1] - Conversely, the decline in international oil prices has negatively affected domestic oil and natural gas extraction prices, which fell by 2.4%, and refined oil product manufacturing prices, which decreased by 2.2% [1]

CPI环比下降0.1%，主要受服务价格季节性下降影响。服务价格下降0.4%，影响CPI环比下降约0.16个 百分点。其中，节后出行需求季节性回落，宾馆住宿、飞机票、旅行社收费和交通工具租赁费价格分别 下降10.4%、10.2%、6.2%和3.6%，合计影响CPI环比下降约0.13个百分点；房屋租赁进入淡季，房租价 格下降0.2%。受国际油价变动影响，国内汽油价格下降2.2%，影响CPI环比下降约0.07个百分点。扣除 能源的工业消费品价格上涨0.3%，其中受国际金价变动影响国内金饰品价格上涨7.3%，受冬装换季上 新影响服装价格上涨0.8%。食品价格上涨0.5%，高于季节性水平0.9个百分点，主要是鲜菜价格上涨影 响。部分地区降雨降温影响鲜菜生产储运，鲜菜价格上涨7.2%，远高于平均下降3.2%的季节性水平， 影响CPI环比上涨约0.17个百分点；市场供应较为充足，猪肉、鸡蛋和水产品价格分别下降2.2%、2.1% 和1.8%，合计影响CPI环比下降约0.07个百分点。 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 ...

Core Insights - In November 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, while the purchasing price index fell by 2.5% year-on-year [1][4] - Month-on-month, both the PPI and purchasing price index increased by 0.1%, consistent with the previous month [1] Industrial Producer Price Year-on-Year Changes - In November, the prices of production materials dropped by 2.4%, contributing approximately 1.79 percentage points to the overall decline in the PPI [4] - The mining industry saw a price decrease of 6.1%, while raw materials and processing industries experienced declines of 2.9% and 1.9%, respectively [4] - Prices for living materials decreased by 1.5%, with food prices down by 1.5% and clothing prices down by 0.3% [4] Industrial Producer Price Month-on-Month Changes - In November, production material prices rose by 0.1%, contributing about 0.08 percentage points to the overall increase in the PPI [9] - The mining industry prices increased by 1.7%, while raw materials prices fell by 0.2% [9] - Living material prices remained stable, with food prices down by 0.1% and clothing prices up by 0.1% [9] Purchasing Price Index Changes - The purchasing price index for industrial producers saw a month-on-month increase of 0.1% and a year-on-year decrease of 2.5% [10] - Fuel and power prices dropped by 6.9%, while prices for non-metallic building materials fell by 5.8% [8] - Prices for non-ferrous metals and wires increased by 8.1% [8] Summary of Key Price Changes - The overall PPI decreased by 2.7% from January to November, with production materials down by 3.1% [10] - The mining sector experienced a significant year-on-year decline of 9.3% in prices [10] - The food manufacturing industry saw a year-on-year price drop of 1.2% [11]

Group 1: Year-on-Year Changes in Industrial Producer Prices - In November, the producer prices for industrial producers saw a year-on-year decline of 2.2%, with production material prices decreasing by 2.4%, contributing approximately 1.79 percentage points to the overall decline [3][8] - The mining industry experienced a significant price drop of 6.1%, while raw materials and processing industries saw declines of 2.9% and 1.9%, respectively [3][8] - Consumer goods prices fell by 1.5%, with food prices down by 1.5% and durable goods prices decreasing by 3.6% [3][8] Group 2: Month-on-Month Changes in Industrial Producer Prices - In November, the producer prices for industrial producers increased by 0.1% month-on-month, with production material prices also rising by 0.1%, contributing approximately 0.08 percentage points to the overall increase [6][8] - The mining industry prices rose by 1.7%, while raw materials prices decreased by 0.2% and processing industry prices increased by 0.1% [6][8] - Consumer goods prices remained stable, with food prices down by 0.1% and general daily necessities prices up by 0.2% [6][8] Group 3: Changes in Purchasing Prices - The purchasing prices for industrial producers saw a month-on-month increase of 0.1%, with a year-on-year decline of 2.5% [8] - Fuel and power prices dropped by 6.9%, while prices for non-metallic building materials decreased by 5.8% [6][8] - Prices for non-ferrous metals and wires increased by 8.1%, indicating a significant rise in this category [6][8] Group 4: Price Changes in Major Industries - The coal mining and washing industry saw a year-on-year price drop of 11.8%, while the oil and gas extraction industry experienced a decline of 10.3% [8] - The non-ferrous metal mining industry reported a year-on-year price increase of 20.2%, indicating strong performance in this sector [8] - The food manufacturing industry experienced a year-on-year price decline of 1.2%, reflecting ongoing challenges in this sector [8]

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 ...

Group 1 - In November 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, while the Purchasing Price Index (PPI) decreased by 2.5% year-on-year. Both indices increased by 0.1% month-on-month, consistent with the previous month [1][10] - From January to November 2025, the average PPI for industrial producers fell by 2.7% compared to the same period last year, and the average PPI for purchasing prices decreased by 3.1% [1][10] Group 2 - In November, the prices of production materials decreased by 2.4%, contributing approximately 1.79 percentage points to the overall decline in the PPI for industrial producers. The mining industry saw a price drop of 6.1%, while raw materials and processing industries experienced declines of 2.9% and 1.9%, respectively [3][11] - Prices for living materials decreased by 1.5%, impacting the overall PPI by about 0.38 percentage points. Food prices fell by 1.5%, clothing prices decreased by 0.3%, while general daily necessities rose by 1.1% and durable goods prices dropped by 3.6% [3][11] Group 3 - In the Purchasing Price Index, fuel and power prices decreased by 6.9%, building materials and non-metallic prices fell by 5.8%, chemical raw materials dropped by 5.0%, agricultural products decreased by 4.9%, black metal materials fell by 3.0%, and textile raw materials decreased by 1.9%. Conversely, prices for non-ferrous metal materials and wires increased by 8.1% [6][13] - Month-on-month, the PPI for industrial producers saw a 0.1% increase in production materials, contributing approximately 0.08 percentage points to the overall increase. Mining prices rose by 1.7%, while raw materials saw a slight decline of 0.2%, and processing prices increased by 0.1%. Prices for living materials remained stable [6][13] Group 4 - The year-on-year changes in the PPI for industrial producers showed a 0.1% month-on-month increase, with a 2.2% year-on-year decrease and a 2.7% decline for the January-November average. The production materials index also reflected similar trends with a 0.1% month-on-month increase and a 2.4% year-on-year decrease [15] - Specific industries such as oil and gas extraction experienced a 10.3% year-on-year decline, while the non-ferrous metal mining industry saw a significant increase of 20.2% year-on-year [15]

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]

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 ...