2024年11月物价数据点评：11月食品价格较快下跌带动CPI同比低位下行，一揽子增量政策推动PPI同比降幅收窄

Group 1: CPI Analysis - In November 2024, the CPI year-on-year growth rate was 0.2%, down 0.1 percentage points from the previous month, lower than market expectations[1] - The decline in food prices, particularly vegetables and fruits, was significant, with vegetable prices dropping 13.2% and fruit prices down 3.0% month-on-month[7] - Non-food prices remained stable, with a slight increase in the year-on-year growth rate compared to the previous month[7] Group 2: PPI Analysis - The PPI year-on-year decline narrowed to -2.5% in November, a reduction of 0.4 percentage points from the previous month, ending a three-month trend of expanding declines[11] - The PPI month-on-month increased by 0.1%, marking a return to positive growth after five months[11] - The improvement in the PPI was driven by durable consumer goods, with the PPI for living materials showing significant recovery[12] Group 3: Future Outlook - For December, CPI is expected to rise to around 0.4% year-on-year, with a potential shift from negative to positive month-on-month growth[2] - The PPI year-on-year decline is projected to further narrow to approximately -2.3% due to a continued low base from the previous year[2] - The effectiveness of counter-cyclical adjustment policies and the stabilization of the real estate market will be crucial for future industrial product prices[3]