2024年10月物价数据点评：食品和能源价格拖累10月CPI涨幅低位回落，一揽子增量政策带动PPI走势趋稳

Group 1: CPI Analysis - In October, the CPI decreased by 0.3% month-on-month, with a year-on-year increase slowing to 0.3% from 0.4% in the previous month, primarily due to weaker food and energy prices[2] - The core CPI, excluding food and energy, remained weak at 0.0% month-on-month, with a year-on-year increase rebounding to 0.2%, still below 1.0%[2] - Consumer demand is currently insufficient, contributing to the low price levels, with the consumer confidence index at 85.7, down for six consecutive months[8] Group 2: PPI Analysis - The PPI showed signs of stabilization, with a month-on-month decline narrowing to -0.1%, while the year-on-year decline expanded to -2.9%[3] - The decline in PPI is expected to narrow to approximately -2.5% in November and -2.0% in December, driven by a series of incremental policies and a lower year-on-year base[3] - The prices of major commodities like steel, cement, and copper have increased since late September, contributing to the stabilization of PPI[3] Group 3: Food and Non-Food Prices - In October, food prices fell by 1.2% month-on-month, with year-on-year growth slowing to 2.9%, reducing their contribution to overall CPI[5] - Non-food prices remained flat month-on-month at 0.0%, with a year-on-year decline of 0.3%, primarily influenced by falling energy prices[6] - The average gasoline price decreased by 10.7% year-on-year, contributing to the overall decline in energy prices[7]