10月CPI同比由降转涨，核心CPI涨幅连续六个月扩大

Group 1 - In October, China's Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month, driven by effective domestic demand policies and the impact of the National Day and Mid-Autumn Festival holidays [1] - Food prices decreased by 2.9% year-on-year in October, with the decline narrowing by 1.5 percentage points compared to the previous month. Pork prices fell by 16%, with a reduction of 1.0 percentage point, while fresh vegetable prices dropped by 7.3%, a significant narrowing of 6.4 percentage points [1] - Non-food prices increased by 0.9% in October, with service prices rising by 0.8%, an increase of 0.2 percentage points from the previous month [2] Group 2 - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year in October, marking the highest increase since March 2024 and expanding for six consecutive months [4] - The "old-for-new" policy has positively impacted the prices of automobiles and home appliances, contributing to the recent increase in core CPI [4] - Looking ahead, it is expected that the year-on-year decline in food CPI will significantly narrow in November due to a high base effect from the previous year [4] Group 3 - The chief economist at China Minsheng Bank indicated that as domestic demand and consumption policies take effect, the market supply-demand relationship is gradually improving, leading to a stable increase in consumer goods and service prices [5] - Key factors to monitor include the progress of pig production capacity reduction, the challenges posed by supply surplus and weak demand, and the impact of increased regulation on low-price competition among enterprises [5]