Group 1: Inflation Data Overview - October CPI improved to 0.2% YoY, up from -0.3%, exceeding the expected -0.1%[2] - Core CPI rose to 1.2% YoY, the highest since 2022, while PPI narrowed its YoY decline to -2.1% from -2.3%[2] - CPI increased by 0.2% MoM, driven by seasonal food price increases, while energy prices fell due to oil price impacts[2] Group 2: Factors Influencing CPI and PPI - Food prices unexpectedly rose by 0.3% despite a forecasted decline of 0.4%, contributing approximately 0.13 percentage points to CPI[4] - Gold jewelry prices surged by 10.2%, adding about 0.06 percentage points to CPI; excluding this, core CPI would only show a 0.1% increase[4] - PPI's MoM increase of 0.1% is the first rise this year, influenced by improved supply-demand dynamics in certain industries like coal and photovoltaic[3] Group 3: Economic Implications and Future Outlook - The unexpected improvement in CPI and PPI may elevate next year's tailwind factors, supporting further YoY recovery[6] - Sustained CPI improvement requires policy support, including incentives for consumption and housing market stabilization[6] - PPI's upward momentum needs consolidation to promote broader price increases across industries, with fiscal measures already in place to stabilize raw material prices[6]