Interpretation: In June 2019, CPI Rose Steadily And PPI Fell Slightly.

The National Bureau of statistics released today's June national CPI (consumer price index) and PPI (producer price index of industrial producer) data in 2019. Dong Yaxiu, director of the city Bureau of the National Bureau of statistics, interpreted this.

　 1. The CPI ring ratio has dropped slightly, representing the same increase as last month.

From the aspect of the ring ratio, CPI changed from last month to 0.1%. Among them, food prices fell by 0.3%, affecting CPI by about 0.06 percentage points; non food prices fell by 0.1%, affecting CPI by about 0.05 percentage points. In the food, fresh vegetables were listed on a large scale, the price dropped by 9.7%, which affected the CPI to drop by about 0.25 percentage points. In the early stage, the chicks began to produce eggs, and the supply of eggs was adequate, and the price dropped by 2.6%, which affected the CPI decline by about 0.01 percentage points. The supply of shrimp and crab increased, and the price of aquatic products dropped by 0.9%, which affected the decline of CPI by about 0.02 percentage points. The prices of fruits such as watermelons and peaches dropped, but the prices of apples and pears continued to rise and higher. In addition, the prices of fruits such as pitaya and pineapples rose and the price of fresh fruit rose by 5.1% in the southern part of China. The price of Pitaya and pineapple rose by about 0.11 percentage points. At present, the price level is at a historical high level. Pork supply is tight and prices are rising by 3.6%, which has affected the rise of CPI by about 0.09 percentage points. In non food products, the price of gasoline and diesel decreased by 3.5% and 3.7% respectively, which affected the decline of CPI by about 0.07 percentage points.

From the year-on-year perspective, CPI rose by 2.7%, the same as last month. Among them, food prices rose 8.3%, affecting CPI rose by about 1.58 percentage points, non food prices rose 1.4%, affecting CPI rose by 1.10 percentage points. In food, fresh fruit prices rose 42.7%, an increase of 16 percentage points from last month, which affected the increase of CPI by about 0.71 percentage points. In addition to climate factors and other factors, the low price of the same period last year was also one of the reasons for the increase. Pork prices rose 21.1%, or 2.9 percentage points from last month, which affected CPI's rise by 0.45 percentage points. The price of fresh vegetables rose 4.2%, or 9.1 percentage points from last month, which affected CPI's rise by about 0.10 percentage points. In non food, health care, education, culture and entertainment, living prices rose by 2.5%, 2.4% and 1.6% respectively, which together affected CPI's rise by about 0.84 percentage points. It is estimated that in the 2.7% year-on-year increase in June, the impact of the price change last year was about 1.5 percentage points, and the impact of the new price increase was about 1.2 percentage points.

　　 Two, PPI ring ratio from rise to decline, up from flat to flat

From the link, PPI rose from 0.2% last month to 0.3%. Among them, the price of producer goods rose from 0.2% last month to 0.4%, and the price of living goods rose from 0.1% last month to unchanged. According to the survey of 40 industrial sectors, there are 18 price increases, 3 less than last month, 17 decrease, 6 increase, 5 flat, 3 reduction. In major industries, oil related industries are affected by the drop in international crude oil prices, and prices have gone up and down. Among them, oil and natural gas extraction industry prices have dropped by 3.9%, and oil, coal and other fuel processing industries have fallen by 1.9%. The price of ferrous metal smelting and calendering processing industry has decreased by 1.3% from the sharp increase in pre production steel production and the full supply of the market. In addition, by the recent increase in demand for iron ore, tight supply and other factors, black metal mining industry prices rose 3.7%, or 1.5 percentage points more than last month.

From the year-on-year perspective, PPI rose from 0.6% last month to unchanged. Among them, the price of producer goods rose from 0.6% last month to 0.3%, and the price of living goods rose by 0.9%, the same as last month. In major industries, coal mining and washing industry increased by 3.4%, down 0.4 percentage points from last month, and non-metallic mineral products industry rose 2.5%, down 0.6 percentage points. The oil, coal and other fuel processing industries fell by 1.9%, and oil and natural gas extraction industry decreased by 1.8%; ferrous metal smelting and calendering processing industry decreased by 0.5%. In addition, black metal mining industry prices rose 18.5%, or 4.3 percentage points more than last month. It is estimated that the year June was flat, with the impact of last year's price fluctuation and the new price increase being about 0.3 percentage points and -0.3 percentage points respectively.