2024年10月物价数据点评：价格平稳，政策仍有空间

Price Data Analysis - In October 2024, the CPI increased by 0.3% year-on-year, with food prices rising by 2.9% and non-food prices declining by 0.3%[9] - The core CPI, excluding food and energy, rose by 0.2%, indicating weak demand[3] - The PPI decreased by 2.9% year-on-year, with a notable impact from nine major industries contributing approximately 2.43 percentage points to the decline[17] Market Outlook - The macroeconomic environment is expected to stabilize and recover, supported by existing policies and new stimulus measures[4] - The capital market is anticipated to enter a phase of stability and recovery, driven by restored market confidence as the economy stabilizes[23] Price Stability and Policy Space - Prices are expected to remain stable, with consumer goods likely to show steady performance while industrial goods continue to face contraction[24] - The stable inflation environment provides room for increased counter-cyclical policy adjustments, with both monetary and fiscal policies expected to work in tandem to achieve economic goals[5] Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China's monetary policy[25]