9月通胀数据点评：价格低位徘徊显示有效需求仍不足

Inflation Data - In September, the CPI increased by 0.4% year-on-year, a decrease of 0.2 percentage points from the previous month[6] - The core CPI recorded a year-on-year increase of 0.1%, down 0.2 percentage points from the previous value[8] - Food prices rose by 3.3% year-on-year, while non-food prices fell by 0.2% year-on-year[10][11] PPI Trends - The PPI decreased by 2.8% year-on-year, a decline of 1 percentage point from the previous month[6] - The PPI recorded a month-on-month decrease of 0.6%[15] - Production materials saw a year-on-year decline of 3.3%, marking 24 consecutive months of negative growth[15] Market Insights - Effective domestic demand remains insufficient, impacting inflation and production prices[20] - The manufacturing PMI index rebounded, indicating potential improvement in economic conditions[20] - Risks include policy implementation falling short of expectations and domestic economic slowdown exceeding forecasts[20]