Year-on-year inflation fell to 12.9 percent from 13.5 percent in September, the National Bureau of Statistics (NBS) said. Annual increases in food and non-alcoholic drink prices eased to 14.9 percent from 15.6 percent in September.

The monthly consumer price index edged up 0.3 percent in October, compared to 1.1 percent in September, the statistics office said.

Analysts have said the inflation rate is expected to keep falling in coming months due to easing food price rises, but was unlikely to fall to single-digits before next year.

The central bank has said it excepts headline inflation to reach 10 percent by the year's end and fall into single digits by the end of the financial year in mid-2013.

"The decrease of the annual headline inflation rate for the month of October 2012 explains that the speed of price increases for commodities ... has further decreased compared to the speed recorded in September 2012," the National Bureau of Statistics said in a statement.

The annual inflation rate for energy decreased to 18.4 percent this month from 19.4 percent a month earlier.