中国物价数据点评（2024年10月）：底部的支撑

Group 1: CPI Analysis - October CPI inflation recorded at 0.3%, lower than previous value (0.4%) and market expectation (0.4%) [2] - Food prices showed a significant decline, with a month-on-month decrease of 1.2% and year-on-year growth down to 2.9% [3] - Core CPI improved slightly, with a month-on-month change of 0% and year-on-year growth of 0.2%, up 0.1% from September [4] Group 2: PPI Analysis - October PPI inflation was -2.9% year-on-year and -0.1% month-on-month, showing a narrowing decline compared to September [5] - Over 40% of PPI sub-items showed marginal improvement, indicating potential recovery in the production sector [5] - Black metal prices improved significantly, with month-on-month increases of 0.3% and 3.4% for mining and smelting industries, respectively [5] Group 3: Future Outlook - With the implementation of new policies, CPI inflation is expected to gradually rise to around 0.6% for the year, while PPI inflation may converge towards -1.9% [6] - The upcoming consumption peak in Q4 may support a rebound in pork prices, contributing to food inflation [3]