由降转涨！中国10月CPI同比上涨0.2%

Core Insights - The Consumer Price Index (CPI) in October 2025 showed a year-on-year increase of 0.2%, with urban prices rising by 0.3% and rural prices declining by 0.2% [1] - The core CPI, excluding food and energy, increased by 1.2%, marking the highest growth since March 2024 [3] Group 1: CPI Trends - The CPI rose by 0.2% month-on-month, which is 0.1 percentage points higher than the previous month and slightly above seasonal levels [2] - Service prices shifted from a decline of 0.3% to an increase of 0.2%, contributing approximately 0.07 percentage points to the CPI increase [2] - Food prices increased by 0.3%, contrasting with a seasonal expectation of a decline of 0.1% [2] Group 2: Food and Energy Prices - Year-on-year, food prices decreased by 2.9%, but the decline was narrower by 1.5 percentage points compared to the previous month [3] - Energy prices fell by 2.4%, with gasoline prices dropping by 5.5%, impacting the CPI by approximately 0.18 percentage points [3] - The prices of beef, lamb, and seafood saw increases ranging from 2.0% to 5.6% [3] Group 3: Service and Industrial Prices - Service prices rose by 0.8%, with significant increases in airline tickets (8.9%) and hotel accommodations (2.8%) [3] - Industrial consumer goods prices, excluding energy, increased by 2.0%, with notable rises in gold and platinum jewelry prices of 50.3% and 46.1%, respectively [3] - The impact of policies aimed at expanding domestic demand is evident, with prices for household appliances and durable goods rising between 2.4% and 5.0% [3]