四川10月居民消费价格指数同比降幅收窄 核心CPI处于高点如何看？

Core Insights - In October, the Consumer Price Index (CPI) in Sichuan experienced a year-on-year decline of 0.6%, but the rate of decline narrowed by 0.3 percentage points compared to the previous month, with a month-on-month increase of 0.4% [1][2][4] - The core CPI rose by 0.9% year-on-year, marking the highest point since February 2023, driven by increased service prices and improvements in industrial consumer goods prices due to "anti-involution" policies [1][4][5] Price Movements - Fresh vegetable and fruit prices increased by 5.7% and 2.2% month-on-month, respectively, primarily due to seasonal factors and the demand surge during the National Day and Mid-Autumn Festival [1][3][4] - Pork prices continued to decline, with a month-on-month decrease of 1.9% and a year-on-year drop of 20.2%, attributed to sufficient market supply and the timing of seasonal consumption [1][3][4] - Egg prices also fell by 1.3% month-on-month due to temporary oversupply and reduced demand post-holiday [4] Industrial Producer Price Index (PPI) - The PPI in Sichuan decreased by 0.3% month-on-month, reversing from an increase in the previous month, with a year-on-year decline of 2.5% [1][6][7] - The automotive manufacturing sector saw a month-on-month price drop of 0.5%, while electricity and heat production prices also fell [6][7] - Despite the overall decline, some industries, such as computer manufacturing and non-ferrous metal processing, showed signs of price recovery [7][8] Economic Outlook - The ongoing implementation of demand expansion policies and improvements in market competition are expected to stabilize and potentially increase prices in certain sectors [5][8] - The "anti-involution" policies are positively impacting the PPI, leading to a reduction in price declines in various industries [6][8] - The real estate market's adjustment continues to exert downward pressure on prices in sectors like black metals and building materials, which may hinder PPI recovery [8]