According to the latest data from China’s National Bureau of Statistics, the Consumer Price Index (CPI) rose by 0.7% year-on-year in November 2023, marking a slight acceleration from the previous month and indicating a modest recovery in domestic consumer demand. Breaking down the components, food prices shifted from decline to increase, with notable rebounds in key items such as fresh vegetables and pork providing support to the CPI. Non-food prices remained stable, while service-related categories—including education, healthcare, and transportation and communication—saw mild increases. Additionally, the core CPI, which excludes food and energy prices, rose by 0.6% year-on-year, reflecting generally subdued inflationary pressure.Experts attribute the moderate uptick in November mainly to seasonal factors and improved supply conditions for certain goods. With the year-end consumption peak approaching and ongoing government measures to boost spending taking effect, the CPI is expected to remain stable with a slight upward trend in the near term. However, given global economic uncertainties and the need for further strengthening of domestic demand, a significant surge in inflation remains unlikely. Overall, current price levels are within a reasonable range, offering favorable room for macroeconomic policy adjustments.
国家统计局最新数据显示，2023年11月份我国居民消费价格指数（CPI）同比上涨0.7%，涨幅较上月有所扩大，表明国内消费需求温和回暖。从构成看，食品价格同比由降转涨，其中鲜菜、猪肉等主要食品价格回升对CPI形成支撑；非食品价格保持稳定，服务类消费如教育、医疗和交通通信等价格略有上涨。此外，扣除食品和能源价格的核心CPI同比上涨0.6%，显示整体通胀压力依然温和。专家分析指出，11月CPI温和回升主要受季节性因素及部分商品供给改善影响。随着年底消费旺季临近，叠加促消费政策持续发力，预计短期内CPI将保持稳中有升态势。但考虑到全球经济复苏不确定性以及国内有效需求仍待进一步释放，通胀大幅上行的可能性较低。总体来看，当前物价水平处于合理区间，为宏观政策调控提供了良好空间。
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