【宏观快评】10月通胀数据点评：为何PPI明显低于预期？

Group 1: Inflation Data Overview - In October, the CPI year-on-year increased by 0.3%, below the expected 0.4% and the previous value of 0.4%[1] - The core CPI year-on-year rose to 0.2%, up from 0.1%[1] - The PPI year-on-year decreased by 2.9%, lower than the expected -2.5% and the previous -2.8%[1] Group 2: PPI Analysis - The PPI month-on-month decreased by 0.1%, contrary to the market expectation of a 0.3% increase[1] - The divergence between upstream raw material prices and high-frequency prices has reached a 94% deviation since 2016[8] - The PPI for durable goods saw an expanded decline, with the impact from international economic conditions and domestic promotional activities being significant[11] Group 3: CPI Components - Food prices fell significantly, with pork, fresh vegetables, and fruits contributing to a 0.20 percentage point drop in CPI[15] - Energy prices, particularly gasoline, decreased by 1.5%, contributing approximately 0.05 percentage points to the CPI decline[15] - Core services saw mixed results, with accommodation prices rising due to increased travel demand during the National Day holiday[18]