10月份CPI同比由降转涨 PPI同比降幅收窄

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month, which is an expansion of 0.1 percentage points compared to September and slightly above seasonal levels [2] - Service prices shifted from a 0.3% decline in September to a 0.2% increase in October, influenced by strong travel demand during the National Day and Mid-Autumn Festival, with hotel accommodation, airfare, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively [2] - Year-on-year, the CPI turned from a 0.3% decline in September to a 0.2% increase in October, with core CPI (excluding food and energy) rising by 1.2%, marking the highest increase since March 2024 [3] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% in October, marking the first increase of the year [4] - Year-on-year, the PPI decreased by 2.1%, but the decline narrowed by 0.2 percentage points compared to September, indicating a continuous improvement in price levels [5] - Factors contributing to the PPI increase include improved supply-demand relationships and the impact of input costs on the prices of non-ferrous metals and petroleum-related industries [4][7] Group 3: Economic Outlook - The overall price data indicates a steady enhancement of economic vitality and the release of domestic demand potential, supported by macro policies and market confidence [1] - The recovery in domestic demand is expected to continue to support industrial product prices, with ongoing policy measures aimed at stabilizing competition in various sectors [6][7] - The narrowing of PPI declines is attributed to improved order conditions and the implementation of consumption-boosting policies, which are expected to have a positive impact on related industries [5][7]