On November 9, the National Bureau of Statistics released data on the October CPI and PPI. In October, influenced by improved supply-demand dynamics in certain domestic industries and international commodity price transmission, the Producer Price Index (PPI) rose 0.1% month-on-month, shifting from stagnation in September and marking the first increase this year. Year-on-year, the PPI declined by 2.1%, narrowing by 0.2 percentage points from September and continuing a three-month trend of contraction.

Key drivers of the October PPI’s month-on-month growth include: 1. **Improved supply-demand conditions lifting prices in select sectors**: - Coal mining and washing prices rose 1.6% month-on-month. - Coal processing prices increased 0.8%. - Photovoltaic equipment and component manufacturing prices climbed 0.6%, extending gains for over two months. - Cement manufacturing, computer assembly, lithium-ion battery production, and integrated circuit manufacturing prices all shifted from declines to increases, rising 1.6%, 0.5%, 0.2%, and 0.2%, respectively.

2. **Divergent price trends in nonferrous metals and petroleum-related industries due to external factors**: - Rising global nonferrous metal prices pushed domestic nonferrous mining and processing costs up 5.3% month-on-month, with nonferrous smelting and rolling prices rising 2.4%. Gold smelting and copper smelting prices surged 8.7% and 4.3%, respectively. - Falling international oil prices led to a 2.3% drop in domestic oil and gas extraction costs and a 0.8% decline in refined petroleum product manufacturing prices.