The price level has stabilized and risen, releasing the warmth of demand repair.

The latest data released by the National Bureau of Statistics on November 9th shows that in October, the year-on-year CPI turned positive, with a 0.2% increase compared to the same period last year, and a 0.2% increase compared to the previous month. The year-on-year increase in PPI continued to narrow, with a month-on-month increase for the first time this year. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, reaching the highest level since March 2024. Experts believe that the price increase during the National Day and Mid-Autumn Festival holidays, as well as the ongoing improvement in the supply and demand relationship in industries such as photovoltaics and battery manufacturing due to capacity governance, have contributed to the stabilization and rise in the overall price level. This reflects the continued effectiveness of policies such as expanding domestic demand, accelerating the restoration of domestic demand, and further facilitating economic circulation.