武汉消费活力持续释放，核心CPI同比上涨1.0%

Core Insights - The consumer price index (CPI) in Wuhan increased by 0.1% year-on-year in October, with the core CPI (excluding food and energy) rising by 1.0%, indicating a dual drive of consumption upgrade and policy effects on market vitality [1][2] Group 1: Consumer Trends - The robust growth of core CPI is attributed to the dual pull from services and industrial consumer goods [2] - Wuhan has remained one of the top ten popular tourist destinations in China since the National Day holiday, with post-holiday travel still thriving [2] - Prices for air tickets and accommodations increased by 4.4% and 4.0% year-on-year, respectively, in mid to late October [2] - Prices for cultural and entertainment smart devices, such as tablets and wearable devices, rose by 4.3% year-on-year [2] - The rise in prices for maternal and infant care services by 3.2% year-on-year reflects the growing scientific parenting concepts among the new generation of parents [2] Group 2: Consumer Goods and Policies - Policies aimed at reducing "involution" are beginning to show results, with a notable shift in consumer preferences towards quality and technology in vehicles [2] - The price decline for fuel vehicles and new energy vehicles narrowed by 3.4 and 1.3 percentage points year-on-year, respectively, while sales saw a significant increase [2] - The "national subsidy" policy has diversified consumer demand, leading to a 2.8% year-on-year price increase for aesthetically pleasing and functional small appliances [2] Group 3: Price Changes and Economic Impact - In October, the prices of essential goods such as pork and fresh vegetables decreased by 19.5% and 7.7% year-on-year, respectively, contributing to lower living costs for residents [6] - The price of gasoline and diesel fell by 5.6% and 5.9%, respectively, further reducing household expenses [6] - The core CPI's upward trend indicates a shift in consumption towards service-oriented and improvement-focused sectors [6] - Among eight categories of goods and services, six experienced price increases, with "other goods and services" seeing a significant rise of 12.9% year-on-year [6] - The current consumer market in Wuhan is transitioning from "recovery growth" to "structural upgrade," driven by ongoing policy effects and the emergence of new business formats [6]