通胀数据点评：CPI同比温和上涨，PPI环比降幅收窄

Inflation Data Summary - In October, the CPI increased by 0.3% year-on-year, a slowdown from September, while the month-on-month change decreased by 0.3%[1] - The PPI fell by 2.9% year-on-year, with the decline widening by 0.1 percentage points compared to September, and a month-on-month decrease of 0.1%[1] CPI Analysis - Prices for food, tobacco, and alcohol decreased by 0.8% month-on-month, contributing to a 0.2 percentage point drop in CPI[3] - Fresh vegetable and pork prices fell by 3% and 3.7% respectively, leading to a CPI decline of 0.08 and 0.06 percentage points[3] - Other goods and services saw a month-on-month increase of 1.1% and a year-on-year increase of 4.7%[2] PPI Insights - Living goods prices fell by 1.6% year-on-year and 0.4% month-on-month, with declines widening by 0.3 percentage points from September[4] - Production goods prices remained stable year-on-year at a decline of 3.3%, but showed a month-on-month increase of 0.1%, marking the first growth since the second half of the year[4] Sector Performance - Durable goods prices dropped by 3.1% year-on-year, with the decline expanding compared to September[5] - Resource-related industries saw significant price drops, with oil and gas extraction prices down 14.6% year-on-year, a 4.5 percentage point increase in the decline from September[5]