中国_10 月 CPI 同比由负转正，超预期上行-China_ Year-over-year CPI inflation turned positive in October, surprised to the upside

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the inflation metrics in China, specifically the Consumer Price Index (CPI) and Producer Price Index (PPI) for October 2023 Core Insights 1. CPI Inflation: - China's headline CPI inflation increased to +0.2% year-over-year (yoy) in October from -0.3% yoy in September, indicating a broad-based price rise in goods and services sectors [1][3] - Month-on-month, the CPI inflation rose to +3.3% (annualized, seasonally adjusted) in October compared to -1.7% in September [3] 2. Food Inflation: - Year-over-year food inflation improved to -2.9% in October from -4.4% in September, driven by price increases in fresh vegetables and fruits [4] - Pork prices decreased by 16.0% yoy in October, a slight improvement from -17.0% in September [4] 3. Non-Food Inflation: - Non-food CPI inflation rose to +0.9% yoy in October from +0.7% in September, with broad-based increases across goods and services [5][7] - Energy price deflation eased, contributing to the overall increase in non-food inflation [5] 4. PPI Inflation: - Year-over-year PPI inflation rose to -2.1% in October from -2.3% in September, indicating a lessening of price declines in downstream sectors [9] - Month-on-month, PPI inflation fell to -0.9% (annualized, seasonally adjusted) in October compared to 0.0% in September [9] 5. Core CPI and Services Inflation: - Core CPI inflation (excluding food and energy) rose to +1.2% yoy in October from +1.0% in September [8] - Services inflation increased to +0.8% yoy in October from +0.6% in September, with transportation services prices up by 0.3% yoy [8] Additional Important Insights - The improvements in CPI and PPI are primarily attributed to a low base from the previous year rather than a significant rise in spot prices [9] - The report suggests that the seasonal demand around the Golden Week may have influenced the price increases, but the sustainability of this trend remains uncertain [1] This summary encapsulates the key findings and insights from the conference call regarding China's inflation metrics for October 2023, highlighting both the improvements and the underlying factors influencing these changes.