China's consumer price index (CPI), a main gauge of inflation, dropped to a 33-month low of 1.7 percent in October, according to the National Bureau of Statistics.

The inflation rate, which dropped to its slowest pace since January 2010, dropped from 1.9 percent in September and 2 percent in August.

On a month-on-month basis, October's CPI fell 0.1 percent from the previous month.

Slowing growth in food prices and fewer carryover effects from last year contributed to the slight drop. Food prices in October rose by 1.8 percent year on year and fell by 0.8 percent month on month.

In the first 10 months, the CPI grew an average of 2.7 percent year on year, showing a further decline from the 3.3-percent rise in the first half of the year.

The producer price index (PPI), which measures inflation at the wholesale level, dropped 2.8 percent year on year in October. It marked the eighth straight month of decline after the PPI dropped in March for the first time since December 2009.

"We expect the mild inflation trend to persist through the first half of 2013," said Li Huiyong, chief economist with the Shenyin Wanguo Securities Co.

Although the country is poised to meet its goal of keeping inflation under 4 percent for the year, analysts have warned of rising consumer prices in November and December, as the cold weather will likely push up vegetable and meat prices.