Group 1: CPI Analysis - In October, the CPI increased by 0.5 percentage points year-on-year to 0.2%, driven by improved food prices and robust service consumption[2] - The core CPI rose by 0.2 percentage points to 1.2%, the highest level since March 2024[2] - Food CPI improved with a year-on-year decline narrowing by 1.5 percentage points to -2.9%, while fresh vegetables and fruits saw significant price increases[3] Group 2: PPI Insights - The PPI's year-on-year decline narrowed by 0.2 percentage points to -2.1%, marking the first month of increase in 2025[5] - The PPI improvement is driven by the oil-petrochemical and coal-metallurgy sectors, indicating a unique price logic compared to other major industrial countries[5] - Domestic effective investment demand growth is constrained, prolonging the PPI recovery process due to ongoing real estate market adjustments[5] Group 3: Economic Outlook - The upward trend in core CPI and PPI suggests a synchronized improvement, but the underlying inflation logic remains fragile[5] - Domestic consumption and effective investment demand are still weak, influenced by rising household debt during the real estate market's bottoming phase[5] - The necessity to expand domestic demand is emphasized, especially in light of cooling export growth and uncertainties from global supply chain restructuring[5]

Group 1: CPI Insights - In October, the CPI year-on-year increased by 0.2%, up from -0.3% in the previous month, exceeding market expectations of -0.1%[2][4] - The core CPI year-on-year growth rose to 1.2%, compared to 1.0% in the previous month[2][4] - Food prices saw a narrowing year-on-year decline from -4.4% to -2.9%, with a month-on-month increase of 0.3%, surpassing the seasonal average decline of -0.4%[4][5] Group 2: PPI Insights - The PPI year-on-year decline narrowed to -2.1% from -2.3%, while the month-on-month PPI increased by 0.1%, marking the first increase of the year[2][6] - The improvement in PPI is attributed to enhanced industrial supply-demand relationships and rising international metal prices, with copper mining prices increasing by 5.3% month-on-month[6][7] - The prices in the coal mining sector rose by 1.6% month-on-month, indicating a recovery in upstream industries[6][7] Group 3: Future Outlook - CPI is expected to continue its upward trend in Q4, potentially reaching an annual average of 0.7% in 2026, driven by recovering food prices and ongoing consumption policies[8][9] - The PPI's year-on-year decline is anticipated to continue narrowing, although the timeline for a return to positive growth remains uncertain due to slow supply-side adjustments[9][10]

"当前物价走势的一个重要支撑点在于，以旧换新政策发力下，汽车、家电等商品价格同比数据上行势 头较为明显。这是近期核心CPI同比涨幅扩大的主要原因。"冯琳说。 往后看，冯琳表示，受去年同期食品价格基数较大幅度下行影响，11月食品CPI同比降幅将明显收窄。 值得注意的是，从近期政策动向上看，"反内卷"对汽车价格的支撑作用有望持续，促消费政策存在加码 空间，也有望带动11月汽车、家电等重点商品价格同比数据改善，而服务价格同比涨幅将基本保持稳 定。综合以上，预计11月CPI同比会升至0.5%左右。 统计数据显示，10月份，食品价格同比下降2.9%，降幅较上月收窄1.5个百分点。食品价格中，猪肉价 格同比下降16%，降幅较上月收窄1.0个百分点；鲜菜价格同比下降7.3%，降幅较上月大幅收窄6.4个百 分点。另外，10月份，非食品价格上涨0.9%，其中，服务价格上涨0.8%，涨幅较上月上升0.2个百分 点。 东方金诚研究发展部部门总监冯琳表示，尽管10月物价同比由降转涨，但整体来看，下半年以来物价水 平偏低态势在延续，CPI同比持续在0值附近徘徊，背后的根本原因是楼市调整已逾4年，居民财富持 续"缩水"，消费信心仍然不足 ...

统筹：曹建礼 何险峰 策划：令伟家 文案/制作：黄南希 国家统计局9日发布数据，10月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费 价格指数同比环比均呈现上涨，核心CPI涨幅连续第6个月扩大。 ...

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% both year-on-year and month-on-month, with the core CPI (excluding food and energy) rising by 1.2%, marking the highest increase since March 2024 [3][7][8] - The rise in CPI was influenced by policies aimed at expanding domestic demand and the effects of the National Day and Mid-Autumn Festival holidays [4][6] - Food prices increased by 0.3% in October, contrary to the seasonal expectation of a decline, with significant price rises in fresh vegetables, lamb, fresh fruits, and seafood [7][8] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% in October, marking the first positive change of the year, while the year-on-year decline was 2.1%, a reduction of 0.2 percentage points from the previous month [8][10] - The improvement in supply-demand relationships in certain industries contributed to the price increases, particularly in coal mining and photovoltaic equipment manufacturing [10][11] - The prices of non-ferrous metals rose significantly due to international price increases, with the mining sector seeing a month-on-month rise of 5.3% [10][11]

Core Insights - The article highlights a comprehensive improvement in price data, indicating a steady recovery in domestic consumption demand, particularly in service consumption, with expectations for a moderate increase in CPI in the coming quarter [1][2][3]. CPI Analysis - In October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) increasing by 1.2%, marking the highest growth since March 2024 [1][2]. - Food prices decreased by 2.9%, while energy prices fell by 2.4%, but the decline in both categories narrowed compared to the previous month [2]. - Service prices increased by 0.2%, with significant rises in hotel accommodation (8.6%), airfare (4.5%), and tourism (2.5%), all exceeding seasonal levels [3]. PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [4][5]. - Improved supply-demand dynamics led to price increases in several sectors, including coal mining (1.6%) and photovoltaic equipment manufacturing (0.6%) [5]. - The ongoing capacity management and safety regulations in key industries are contributing to a narrowing of the year-on-year price decline, with notable improvements in sectors like coal mining and photovoltaic equipment [5][6].

从环比看，10月份中国CPI上涨0.2%，涨幅比上月扩大0.1个百分点且略高于季节性水平。其中，服务价 格由上月环比下降0.3%转为上涨0.2%，食品价格环比上涨0.3%。 国家统计局城市司首席统计师董莉娟表示，10月份，食品和能源价格仍处低位，但同比降幅均有收窄。 食品价格同比下降2.9%，降幅比上月收窄1.5个百分点。食品中，猪肉、鸡蛋和鲜菜价格降幅在7.3%— 16.0%之间，均有收窄。能源价格同比下降2.4%，其中汽油价格下降5.5%。 10月份，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大，为2024年3月以来最 高。 服务价格自3月份起逐步回升，10月份同比上涨0.8%，涨幅比上月扩大0.2个百分点。扣除能源的工业消 费品价格同比上涨2.0%，涨幅连续第6个月扩大，其中金饰品和铂金饰品价格分别上涨50.3%和46.1%。 中新社北京11月9日电 (记者王恩博)中国国家统计局9日公布，随着扩内需等政策措施持续显效，叠加国 庆、中秋长假带动，10月份中国居民消费价格指数(CPI)同比由上月下降0.3%转为上涨0.2%。 展望物价后续走势，国家金融与发展实验室特聘高级研究员庞溟表 ...

新华社北京11月9日电 （记者 王雨萧）国家统计局11月9日发布数据显示，10月份，扩内需等政策 措施持续显效，叠加国庆中秋假期带动，全国居民消费价格指数（CPI）环比上涨0.2%，同比上涨 0.2%，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大。 "CPI环比上涨0.2%，涨幅比上月扩大0.1个百分点且略高于季节性水平。其中，服务价格由上月下 降0.3%转为上涨0.2%，高于季节性水平0.2个百分点，影响CPI环比上涨约0.07个百分点。"董莉娟说。 统计数据显示，食品价格同比下降2.9%，非食品价格上涨0.9%；消费品价格下降0.2%，服务价格 上涨0.8%。1至10月平均，CPI比上年同期下降0.1%。 国家统计局城市司首席统计师董莉娟介绍，CPI同比由上月下降0.3%转为上涨0.2%，其中食品和能 源价格仍处低位，但降幅均有收窄。扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月 扩大，为2024年3月以来最高。 ...

国家统计局9日发布数据，10月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民 消费价格指数同比环比均呈现上涨，核心CPI涨幅连续第6个月扩大。 CPI同比上涨 CPI同比上涨0.2% 核心CPI同比上涨1.2% 涨幅连续第6个月扩大 为2024年3月以来最高 权威数读 / 凯菲亚 1 1 文案/制作：黄南希 【纠错】 【责任编辑:王雪】 新华社 ATS 权威数读 / 策划：令伟家 统筹：曹建礼、何险峰 CPI环比涨幅扩 CPI环比上涨0.2% 涨幅比上月扩大0.1个百分点 国庆中秋双节出行需求较旺 服务价格由降转涨 ...

Core Insights - The latest data from the National Bureau of Statistics indicates a comprehensive improvement in price data, with a steady recovery in domestic consumption demand, particularly in service consumption [1][3][6] CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, reversing a previous decline of 0.3% [3][4] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 and the sixth consecutive month of growth [2][3][6] - Service prices increased by 0.2%, with significant rises in hotel accommodation (8.6%), airfares (4.5%), and travel costs (2.5%), all exceeding seasonal levels [5][6] PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise of the year, while the year-on-year decline narrowed to 2.1% [1][8] - Improvements in supply-demand relationships led to price increases in several industries, including coal mining (1.6%) and photovoltaic equipment manufacturing (0.6%) [8][9] - The ongoing governance of production capacity and safety regulations has contributed to a narrowing of year-on-year price declines in key industries [8][9] Future Outlook - The overall price structure is expected to strengthen, with the core CPI's upward momentum likely to become more pronounced, driving the overall price index higher [6][9] - The recovery in domestic demand is anticipated to continue supporting industrial product prices, with the PPI's year-on-year decline expected to further narrow [8][9]