The Pressure Of Price Increase Has Increased, And The Macroeconomic Operation Has Been Stable.

With the gradual decline of CPI's tail factor, and in the absence of a rebound in industrial production, why October?

Sheng Heng Yun, a spokesman for the National Bureau of statistics, said that the new price increase factor is still the main driver of the price increase.

The most important factor in the new price increase is the price of food and the price of living. The price of food has contributed 74% to CPI.

In addition to cost push and fluidity, there are two important factors for the rise in food prices in October.

Sheng Lai Yun said that one is the impact of the rise in foreign agricultural products and the rise in commodity prices on the domestic market, especially due to drought in some countries and the decrease in grain production. The price of agricultural products has had an impact on domestic prices.

In addition, the sharp rise in raw material prices, especially the rise in crude oil prices, has directly affected the increase in production costs, including agricultural products, especially after the three quarter.

Another factor is that natural disasters are still frequent and reissued.

Lu Zheng commissar, a senior economist at Xingye Bank, said that CPI has been "from the previous food".

Sheng Lai Yun also pointed out that the non food prices began to rise in October, and the new situation that affected the price rise began to appear. This phenomenon should be paid attention to.

After launching a new round of quantitative easing monetary policy, some countries have further promoted the prices of raw materials and agricultural products. These new situations will have a certain impact on China's economic development, including price movements.

CPI rose to 4.4% in October, which further increased the market's concern about late inflationary pressures.

Sheng Lai Yun said: "from the current situation, the pressure of rising prices is increasing, and the pressure of macroeconomic regulation and control is also increasing.

In particular, a new round of loose monetary policy abroad has released a lot of liquidity, which will have an important impact on China's economy, and the important influence is to increase inflation expectations.

So I have to make greater efforts to achieve the expected target of price regulation throughout the year.

According to Xiao Lei analysis, for imported inflation, there are not many measures that can be taken at home. Increasing production efficiency and increasing supply is one aspect, and the other is controlling hot money.

Of course, the pressure is also very great, because in the United States monetary policy is criticized, the Fed still said that if the economic situation can not be changed, will also launch third, fourth quantitative easing policy.

"The liquidity of money market can not enter the real economy steadily due to the impact of various expectations, and the rise in commodity prices and securities markets may continue."

Xiao Leiru said.

E Yongjian, a finance scholar at Bank of communications Financial Research Center, pointed out that the CPI rose by a new high in October, and the real negative interest rate remained the same.

Under the condition of more robust economic growth and higher price pressure, macroeconomic regulation has been tilted against inflation.

The "three carriages" are steadily moving forward, and the momentum of economic stabilization is consolidated.

According to the economic data in October, the growth rate of "three carriages" showed a trend of stabilization, reflecting the further consolidation of the stable operation of China's macro-economy.

In the context of rising prices, the consumption growth rate in October has dropped somewhat compared with that in September, which has aroused widespread concern.

In view of this problem, Sheng Yun analysis shows that one factor is the influence of holiday factors, because last year's Mid Autumn Festival is in October, and this year's Mid Autumn Festival is in September, this seasonal factor will have certain influence.

Last year, prices were relatively low, and prices were relatively high this year. The actual growth of total retail sales of social consumer goods also dropped slightly this year compared with the same period last year, but this does not mean that consumption has declined since last year's base was relatively high.

In fact, from the performance of these months, the total retail sales of social consumer goods showed a steady and rapid growth trend.

"Consumption" has been playing an important role in promoting China's economic growth.