10月物价指数回升国内需求加快修复，PPI环比年内首次上涨

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of expansion [1][4] - The rise in CPI is attributed to improvements in supply-demand relationships in certain domestic industries and the transmission of international commodity prices [1][2] - The service prices shifted from decline to increase, and food prices rose more than seasonal levels, contributing to the overall CPI increase [4] Group 2: PPI Analysis - The Producer Price Index (PPI) turned from flat to an increase of 0.1% month-on-month in October, marking the first increase of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [2][3] - The improvement in supply-demand dynamics in various industries supported price increases, particularly in non-ferrous metals and petroleum-related sectors [2] - Despite the recent increase, the overall industrial product market remains weak, and future PPI trends may face downward pressure due to external economic fluctuations [2][3] Group 3: Future Outlook - The core CPI is expected to continue rising, potentially reaching above 1.5% by the end of the year, driven by ongoing macroeconomic policies aimed at stimulating demand [5][6] - The CPI is projected to show a moderate recovery, characterized by strong food prices, weak energy prices, and stable core inflation [6] - The overall low inflation environment provides room for growth-stabilizing policies, including potential interest rate cuts by the central bank [4][6]