Group 1: CPI Analysis - In October 2025, the CPI increased by 0.2% year-on-year, reversing a decline of 0.3% from the previous month[2] - The core CPI, excluding food and energy, rose by 1.2%, marking the highest increase since March 2024 and expanding for six consecutive months[6] - The tail effect on CPI was approximately -0.6%, narrowing by 0.3 percentage points from the previous month, indicating reduced drag from previous price declines[6] Group 2: PPI Insights - The PPI decreased by 2.1% year-on-year, but the decline narrowed by 0.2 percentage points compared to the previous month, marking the third consecutive month of narrowing[2][6] - The PPI increased by 0.1% month-on-month, the first increase of the year, driven primarily by rising international non-ferrous metal prices[6] - General daily goods prices saw a significant month-on-month increase of 0.7%, suggesting improved price transmission[6] Group 3: Sector-Specific Trends - Food prices fell by 2.9% year-on-year, contributing approximately 0.54 percentage points to the CPI decline, while energy prices decreased by 2.4%, impacting CPI by about 0.18 percentage points[6] - Travel prices rose by 2.1% year-on-year, with airfares and hotel prices increasing by 8.9% and 2.8%, respectively, significantly contributing to the core CPI[6] - The prices of household appliances and communication tools related to consumption subsidies have decreased from previous highs, while transportation prices have remained stable for three consecutive months[6] Group 4: Risks and Considerations - Risks include the potential ineffectiveness of growth stabilization policies, unexpected severity of overseas economic downturns, and escalation of geopolitical conflicts[5]