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China’s annual inflation rate stood at 0.3% in October 2024, compared with market estimates and September’s figure of 0.4%. This marked the ninth straight month of consumer inflation but the lowest reading since June, underscoring rising deflation risks despite Beijing’s stimulus measures in late September to support the slowing economy. Non-food prices continued to decline (-0.3% vs -0.2% in September), largely driven by further drops in the cost of transport (-4.8% vs -4.1%) and housing (-0.1% vs -0.1%). In contrast, prices increased for healthcare (1.1% vs. 1.2%) and education (0.8% vs 0.6%). On the food side, prices moderated after experiencing their sharpest rise in 20 months in September (2.9% vs 3.3%). Core consumer prices, excluding food and energy, rose 0.2% yoy after the smallest gain since February 2021 of 0.1% in September. Monthly, the CPI fell by 0.3%, exceeding the consensus of a 0.1% decline, following a flat reading in September.