According to the latest data released by the National Bureau of Statistics, China's consumer price index (CPI) went up by 0.5% year-on-year in October. Food prices went up by 2.2%, while non-food prices were flat. Prices of consumer goods went up by 0.6% and service prices went up by 0.3%. On a year-on-year basis, CPI went up by 0.5%, or 1.2 percentage points lower than last month. The year-on-year growth rate has fallen more, mainly due to the higher comparison base of the same period last year, the reduction of carry-over factors and the decline of pork prices. From January to October, consumer prices nationwide rose by 3.0% over the same period last year. In October, the national consumer price Index (CPI) fell by 0.3% month-on-month. Among them, food prices fell by 1.8%, while non-food prices went up by 0.1%. Prices of consumer goods fell 0.6%, while service prices rose 0.1%. Industrial production prices were generally stable in October as domestic industrial production continued to recover. On a month-on-month basis, PPI changed from a slight increase last month to flat. Among them, the price of means of production rose 0.1%, or the rate of increase dropped by 0.1 percentage point. The price of means of living fell by 0.1%, the same rate of decline as the previous month. On a year-on-year basis, PPI fell 2.1%, the same rate as the previous month. Among them, the price of means of production fell by 2.7%, the rate of decline narrowed by 0.1 percentage point. The price of means of living fell by 0.5%, the rate of decline expanded by 0.4 percentage points. According to estimates, of the 2.1% year-on-year decline in October, the carry-over impact of last year's price changes was about -0.1 percentage points, and the impact of the new price increases was about -2.0 percentage points. It is worth noting that the sluggish consumption and production prices reflect that the overall macroeconomic dynamics are still very weak, and the rapid rebound in economic growth in recent months may be difficult to sustain for long.