“反内卷”见效？核心CPI涨幅持续半年扩大，但猪肉价格跌跌不休

Group 1: CPI and Core CPI Trends - In October, the national CPI shifted from a year-on-year decrease of 0.3% in September to an increase of 0.2% [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the highest increase since March 2024 and the sixth consecutive month of growth [1] - Food prices decreased by 2.9%, with the decline narrowing by 1.5 percentage points compared to the previous month, impacting the CPI by approximately 0.54 percentage points [1] Group 2: Pork Price Dynamics - The price of pork has seen significant year-on-year declines, with decreases of 8.5%, 9.5%, 16.1%, 17.0%, and 16% from June to October [1] - The National Development and Reform Commission reported that pig farming is currently facing a loss of 192.70 yuan per head due to low pork prices [2] - Despite efforts to control production capacity, the actual reduction in breeding sows has been limited, with a total of 40.35 million breeding sows reported as of the end of September, which is 103.5% of the normal holding level [2] Group 3: PPI Trends - The PPI decreased by 2.1% year-on-year in October, continuing a trend of negative growth for 37 consecutive months, although the decline has narrowed by 0.2 percentage points compared to the previous month [2] - The PPI experienced a month-on-month increase of 0.1% in October, marking the first increase of the year, attributed to improved supply-demand relationships in certain industries and the transmission of international commodity prices [2][3] - Key industries are seeing a reduction in price declines due to ongoing capacity governance and safety regulation efforts, with notable improvements in coal mining and manufacturing sectors [3]