Pork prices fell for the first time in 19 months! There are also eggs and duck meat in the price reduction! What signal？

　　The national consumer price index CPI in October released by the National Bureau of Statistics today rose by 0.5% year-on-year and decreased by 0.3% quarter-on-quarter. Food prices are still the core factor affecting the downward trend of prices. PPI, the ex-factory price index of industrial producers, remained stable year-on-year and quarter-on-quarter.

　　From a year-on-year perspective, CPI rose by 0.5%, and the growth rate dropped by 1.2 percentage points from last month. Mainly due to the high comparison base in the same period last year, the reduction of hikes and the impact of pork prices from rising to falling.

　　Specifically, pork prices fell for the first time after rising for 19 consecutive months, down 2.8% year-on-year; However, the year-on-year prices of eggs, chicken and duck are in the negative growth range, and the decline has expanded. The prices of eggs, chicken and duck decreased by 18.3%, 13.2% and 6.5%, respectively, with a decrease of 0.6, 4.1 and 1.8 percentage points.

　　In addition, the year-on-year increase in the prices of fresh vegetables, beef and mutton also declined, which made food prices the core reason for the decline in CPI. Non-food prices remained basically stable, but the prices of gasoline and diesel dropped significantly, with gasoline and diesel prices dropping by 17.4% and 19.1% respectively.

　　Alvin Wong, Dean of Founder Mid-term Futures Research Institute: Overall, the decline in food prices is a major reason for the decline in CPI; In terms of non-food, some energy prices also fell in October with the changes in the international market. Therefore, CPI continued to be in a downward trend in October.

　　PPI, another price index, dropped by 2.1% year-on-year, the same as last month, and industrial production prices remained stable as a whole.

　　Liu Xinwei, senior researcher of Zhuo Chuang Information: Overall, the infrastructure real estate data is better than expected; The price of black products rose month-on-month. With the increase in heating demand in the north, coal prices maintained an upward trend in October, achieving positive growth year-on-year; In terms of crude oil prices, the decline accelerated in late October, or touched the floor price again.