Group 1 - In October, the Consumer Price Index (CPI) increased by 0.2% year-on-year, marking a shift from a decline to an increase, driven by effective domestic demand policies [1] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, representing the first rise of the year [1] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, the highest increase since March 2024, indicating a sustained upward trend in service prices [1] Group 2 - The month-on-month CPI growth of 0.2% in October was 0.1 percentage points higher than the previous month and slightly above seasonal levels [1] - Food and energy price declines have narrowed, contributing to the overall CPI increase [1] - The rise in PPI is attributed to the accelerated construction of a modern industrial system and the orderly release of consumption potential, which has positively impacted related industry prices [1]

Group 1: Consumer Price Index (CPI) Insights - In October, the national Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of growth [1][3] - Service prices turned from a decline of 0.3% in the previous month to an increase of 0.2% in October, driven by strong travel demand during the National Day and Mid-Autumn Festival, with hotel accommodation, airfare, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively [2][3] - Food prices increased by 0.3% month-on-month, while industrial consumer goods prices showed stability with some increases, notably gold jewelry prices rising by 10.2% due to international gold price increases [2][3] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking 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 [1][4] - Improvements in supply-demand relationships in certain industries led to price increases, with coal mining and washing prices rising by 1.6%, and photovoltaic equipment prices increasing by 0.6% [4][5] - The year-on-year decline in PPI has been narrowing for three consecutive months, attributed to ongoing capacity management in key industries and improved market competition, with coal mining prices seeing a reduction in decline by 1.2 percentage points [4][6] Group 3: Industry Trends and Predictions - The construction of a modern industrial system and the orderly release of consumption potential are driving price increases in related industries, with non-ferrous metal smelting prices rising by 6.8% year-on-year [5][6] - Policies aimed at boosting consumption are showing effects, with significant price increases in various manufacturing sectors, such as 18.4% in arts and crafts and 3.3% in sports equipment [5][6] - Analysts predict that the year-on-year decline in PPI will continue to narrow, supported by the ongoing development of a modern industrial system and stable market demand [6]

Group 1 - The Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year in October, while the core CPI, excluding food and energy, rose by 1.2%, marking the highest increase since March 2024 [1] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise this year, while the year-on-year decline narrowed to 2.1%, indicating improving price dynamics [1][2] - The increase in consumer prices is attributed to effective domestic demand expansion policies and heightened service consumption during the extended National Day and Mid-Autumn Festival holidays [1] Group 2 - The improvement in supply and demand dynamics is a significant factor contributing to the positive performance of both month-on-month and year-on-year PPI [2] - Specific industries such as coal mining, photovoltaic equipment manufacturing, and cement manufacturing experienced price increases, reflecting the recovery in supply-demand relationships [2] - Continuous capacity management in key industries has led to a narrowing of year-on-year price declines, while the construction of a modern industrial system is supporting price increases in related sectors [2]

Group 1 - The Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year in October, with the core CPI (excluding food and energy) rising by 1.2%, marking the highest increase since March 2024 [1] - The Producer Price Index (PPI) shifted from flat to a 0.1% increase month-on-month, representing the first increase of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [1] - Service prices rose by 0.2% month-on-month after a 0.3% decline in the previous month, contributing approximately 0.07 percentage points to the CPI increase [1] Group 2 - Food and energy prices remain low, but their rate of decline has narrowed, with service prices increasing by 0.8% in October, an increase of 0.2 percentage points from the previous month [1] - Prices of industrial consumer goods, excluding energy, rose by 2.0%, marking the sixth consecutive month of increase [1] - Policies aimed at expanding domestic demand are showing effects, with prices of household appliances, cultural and entertainment durable goods, and daily necessities increasing between 2.4% and 5.0% [1]

Group 1: Consumer Price Index (CPI) Insights - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, indicating a shift from decline to growth in the annual comparison [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the highest increase since March 2024 and expanding for the sixth consecutive month [1] - The increase in CPI is attributed to effective domestic demand expansion policies and heightened service consumption during the extended National Day and Mid-Autumn Festival holidays [1] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) experienced its first month-on-month increase of 0.1% this year, while the year-on-year decline narrowed to 2.1%, marking the third consecutive month of reduced decline [2] - Improved supply and demand dynamics are key factors contributing to the positive performance of both month-on-month and year-on-year PPI [2] - Specific industries such as coal mining, cement manufacturing, and lithium-ion battery manufacturing saw price increases, reflecting a shift from decline to growth in their respective sectors [2]

Group 1 - In October, the Consumer Price Index (CPI) increased by 0.2% year-on-year, marking a shift from decline to growth, and a month-on-month increase of 0.2%, with the growth rate expanding by 0.1 percentage points compared to the previous month [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, with the growth rate expanding for the sixth consecutive month [1] Group 2 - In October, the Producer Price Index (PPI) increased by 0.1% month-on-month, marking the first increase of the year, while the year-on-year decline narrowed by 0.2 percentage points for the third consecutive month [1] - The continuous improvement in supply and demand relationships in certain domestic industries has led to price increases in key sectors such as coal processing and photovoltaic equipment manufacturing, with prices rising for over two consecutive months [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The inflation data in October showed the characteristics of "warming CPI and improving PPI". The CPI turned from negative to positive year-on-year, and the core CPI reached a new high since March 2024. The PPI's year-on-year decline narrowed, and the month-on-month increase was positive for the first time this year, reflecting the resonance of policies to expand domestic demand and the long - holiday effect, with both consumer and industrial product prices improving [1][6] Summary by Related Catalogs 1. 10 - month CPI and PPI Data Overview - In October, the CPI was 0.2% year - on - year (previous value - 0.3%), 0.2% month - on - month (previous value 0.1%); the PPI was - 2.1% year - on - year (previous value - 2.3%), 0.1% month - on - month (previous value 0.0%) [1][6] 2. Structural Highlights behind the Strong Core CPI - The continuous release of policies to expand domestic demand has increased residents' marginal propensity to consume and supported core prices. Under the "trade - in" policy, the prices of household appliances, cultural and entertainment durable goods, and household sundries increased by 2.4% - 5.0%, and the decline of fuel - powered car prices narrowed to 2.3% [2][7] - The "resilience" of service consumption is prominent. In October, service prices increased by 0.8% year - on - year, a major driver of the core CPI. Service consumption demand, represented by tourism and entertainment, continued to be released, and may gradually become a stabilizer for domestic demand growth. During the National Day and Mid - Autumn Festival, hotel accommodation, air ticket, and tourism prices increased by 8.6%, 4.5%, and 2.5% respectively, higher than seasonal levels [2][7] - Affected by international gold prices, domestic gold jewelry prices increased by 50.3% year - on - year, supporting industrial consumer goods prices [2][7] 3. Reasons for the First Positive Month - on - Month PPI in October - Positive aspects: The increase in upstream raw material prices was mainly driven by a 0.1% month - on - month increase in production material prices. The improvement in supply - demand relationships led to price increases in some industries, such as a 1.6% month - on - month increase in the coal mining and washing industry. Some industries, like computers and lithium batteries, saw price increases due to improved supply - demand patterns supported by industrial upgrading policies. International price increases in non - ferrous metals were transmitted to the domestic market, driving a 2.4% month - on - month increase in the non - ferrous metal smelting and rolling processing industry [3][8] - Areas to improve: The month - on - month price of consumer goods was flat, and the year - on - year price still decreased by 1.4%, indicating that the recovery of terminal consumer demand lagged behind that of the upstream. The positive month - on - month increase in upstream raw material prices but slow recovery of downstream demand may squeeze the profit margins of mid - and downstream enterprises [3][8] 4. Implications of the Widening CPI - PPI Gap - In October, the CPI was 0.2% year - on - year, the PPI was - 2.1% year - on - year, and the gap was 2.3 percentage points, 0.3 percentage points wider than in September [4][9] - The year - on - year increase in CPI was mainly driven by service consumption and some industrial consumer goods, but this demand was not enough to fully absorb the industrial supply capacity, and industrial product prices were still in the negative range year - on - year. The widening gap means that the gross profit margins of mid - and downstream industries in the industrial chain, such as food processing, home appliances, and automobiles, are expected to improve [4][9]

Core Viewpoint - In October, the implementation of policies aimed at expanding domestic demand, combined with the National Day and Mid-Autumn Festival holidays, led to a rise in the Consumer Price Index (CPI), which increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of growth [1] Group 1: CPI Trends - The CPI increased by 0.2% month-on-month, a rise of 0.1 percentage points compared to September, slightly above seasonal levels [1] - The service prices shifted from a decline of 0.3% in September to an increase of 0.2%, exceeding seasonal levels by 0.2 percentage points, contributing approximately 0.07 percentage points to the month-on-month CPI increase [1] Group 2: Holiday Impact - The overlapping of the National Day and Mid-Autumn Festival holidays resulted in strong travel demand, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively, all above seasonal levels [1] - Medical service prices also saw an increase of 0.5% during this period [1] Group 3: Food and Industrial Prices - Food prices rose by 0.3%, contrasting with a seasonal expectation of a 0.1% decline, driven by increased consumption demand during the holidays [1] - Prices for fresh vegetables, lamb, fresh fruits, shrimp and crabs, and beef increased between 0.5% and 4.3% [1] - Industrial consumer goods prices remained stable with a slight increase, while energy prices decreased by 0.4%, leading to a 0.3% rise in industrial consumer goods prices excluding energy, contributing approximately 0.07 percentage points to the CPI increase [1] - Domestic gold jewelry prices surged by 10.2% due to rising international gold prices [1]

智通财经APP获悉，11月9日，国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI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。受国内部分行 业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数环比由上月持平转为上 涨0.1%，为年内首次上涨；同比下降2.1%，降幅比上月收窄0.2个百分点，连续第3个月收窄。 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。食品价 格下降2.9%，降幅比上月收窄1.5个百分点，影响CPI同比下降约0.54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，降幅均有收窄；牛肉、羊肉和水产品价格涨幅在2.0%—5.6%之间， 涨幅均有扩大。能源价格下降2.4%，其中汽油价格下降5.5%，影响CPI同比下降约0.18个百分点。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 ...

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。食品价格 下降2.9%，降幅比上月收窄1.5个百分点，影响CPI同比下降约0.54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，降幅均有收窄；牛肉、羊肉和水产品价格涨幅在2.0%—5.6%之间，涨 幅均有扩大。能源价格下降2.4%，其中汽油价格下降5.5%，影响CPI同比下降约0.18个百分点。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，本月上涨0.8%，涨幅比上月扩大0.2个百分点。其中飞机票和宾馆住宿价格分别上涨 8.9%和2.8%；医疗服务和家政服务价格分别上涨2.4%和2.3%。扣除能源的工业消费品价格上涨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%；扩内需等政策效应继续显 现，家用器具、文娱耐用消费品和家庭日用杂品价格涨幅在2.4%—5.0%之间，燃油小汽车价格降幅收 窄至2.3%。 中新网11月9日电 据国家统计局网站消息，国家统计局9日发布2025年10 ...