CPI、PPI点评报告：稳增长效应释放，工业品价格或已触底

Group 1: CPI Analysis - In October 2024, the CPI increased by 0.3% year-on-year, a decrease of 0.1 percentage points from September[3] - The core CPI, excluding food and energy, rose by 0.2% year-on-year, up 0.1 percentage points from the previous month[3] - Food prices saw a significant decline due to increased supply following extreme weather, with a year-on-year growth of 2.9%, down 0.5 percentage points from the previous month[5] Group 2: PPI Analysis - The PPI fell by 2.9% year-on-year in October, with the decline slightly widening by 0.1 percentage points compared to September[3] - The main factor contributing to the PPI decrease was the decline in durable goods prices, which continued to exert downward pressure[3] - The PPI's month-on-month decline was 0.1%, a reduction in the rate of decline by 0.5 percentage points from the previous month[3] Group 3: Market Outlook - The report anticipates that CPI growth will rise in 2024 due to the implementation of consumption-boosting policies, with an expected increase to around 0.4%[27] - PPI is projected to improve slightly in 2024, with an expected decline of approximately -1.9% due to the easing of high base effects and recovery in demand[28] - The report emphasizes the need to address insufficient demand, suggesting potential improvements in price performance in the future[3]