10月价格数据分析：化债方案出台，价格指数筑

Inflation Data Analysis - October CPI decreased by 0.3% month-on-month and increased by 0.3% year-on-year, marking a decline from the previous month's 0.4%[2] - October PPI decreased by 0.1% month-on-month and by 2.9% year-on-year, continuing a 25-month negative trend[2] - The contribution of new price factors to October CPI was 0.7%, while the carry-over effect contributed -0.4%[2] Food and Non-Food Price Trends - October food CPI increased by 2.9% year-on-year, down from 3.3% in September, while non-food CPI remained negative at -0.3%[2] - Pork prices rose by 14.2% year-on-year, down from 16.2%, contributing to a decrease in livestock prices to 2.8%[2] - Fresh vegetable prices increased by 21.6% year-on-year, while fresh fruit prices rose by 4.7%, both showing a decline from previous values[2] PPI and Inventory Insights - The carry-over effect for PPI is expected to rebound in November, with contributions projected at -0.3% and 0.0% for November and December, respectively[3] - The CRB index monthly average year-on-year improved from -3.21% in September to -2.07% in October, indicating a potential narrowing of PPI declines[2][3] - The continued expansion of PPI declines may lead to a further decrease in the growth rate of industrial product inventories[2] Policy and Economic Outlook - Recent domestic and international policies are trending towards greater easing, with the Federal Reserve cutting rates by a total of 75 basis points in September and November[3] - The Chinese government approved a debt limit of 6 trillion yuan, increasing local debt resources by 10 trillion yuan, aimed at addressing hidden debts[3] - Both CPI and PPI are believed to have entered a bottoming phase, supported by the anticipated rebound in carry-over effects and CRB index improvements[3]