Interpretation: In September 2019, CPI Was Slightly Larger Than The Year-On-Year Increase In PPI.

The National Bureau of statistics released today's September national CPI (consumer price index) and PPI (producer price index of industrial producer) data in 2019. Shen Sheng, a senior statistician of the city Bureau of the National Bureau of statistics, interpreted this.

　　 1. The CPI ring ratio and the year-on-year gains have increased slightly.

The CPI rose 0.9%, or 0.2 percentage points from last month. Among them, food prices rose 3.5%, an increase of 0.3 percentage points, affecting CPI rose about 0.73 percentage points, non food prices rose 0.2%, or 0.1 percentage points, affecting CPI rose by 0.15 percentage points. Pork supply is tight in food, prices continue to rise 19.7%, or 3.4 percentage points lower than last month, affecting CPI's rise of about 0.65 percentage points. The price of beef, mutton, chicken, duck and eggs rose by 4% - 7.7%, due to increased demand for cool weather and consumption substitution. The total impact on CPI rose by about 0.16 percentage points. The supply of fresh vegetables is adequate, and the price has dropped by 2.4%, which has affected CPI's decline by about 0.06 percentage points. Apples, pears and other fruits were listed on a large scale, fresh fruit prices fell by 7.6%, affecting CPI by about 0.15 percentage points. In non food items, the price of education services rose by 1.8%, due to the new semester, and the price of clothing increased by 0.9% under the influence of changing seasons. The above two factors affect CPI's rise by about 0.17 percentage points. After the summer vacation, the number of travelers decreased, and the prices of air tickets, travel agency charges and hotel accommodation decreased by 14.8%, 6% and 1.5% respectively. The three items affected the CPI's decrease by about 0.14 percentage points.

From the year-on-year perspective, CPI rose 3%, or 0.2 percentage points from last month. Among them, food prices rose 11.2%, an increase of 1.2 percentage points, the impact of CPI rose about 2.21 percentage points, non food prices rose 1%, or 0.1 percentage points down, affecting CPI rose by 0.82 percentage points. In food, pork prices rose 69.3%, or 22.6 percentage points, affecting CPI's rise of about 1.65 percentage points. Prices of beef, mutton, chicken, duck and eggs rose by 9.4% to 18.8%, while fresh fruit prices rose 7.7%, or 16.3 percentage points. The above six factors affect CPI's rise by about 0.49 percentage points. Fresh vegetable prices fell by 11.8%, affecting CPI by about 0.33 percentage points. The prices of health care, education culture, entertainment and clothing rose by 2.2%, 1.7% and 1.6% respectively, which affected the CPI's rise by about 0.51 percentage points. Traffic and communications prices fell by 2.9%, affecting CPI by about 0.35 percentage points. It is estimated that in the 3% year-on-year increase in September, the impact of the price change last year was about -0.1 percentage points, and the new price increase was about 3.1 percentage points.

　 Two, PPI rose slightly, a year-on-year decline.

From the ring to see, PPI dropped slightly from last month to a slight increase of 0.1%. Among them, the price of producer goods dropped from flat to flat, and the price of living goods rose by 0.5%, or 0.3 percentage points higher than that of last month. According to the survey of 40 industrial sectors, 18 prices rose, 4 more than last month, 11 down 6, 11 flat, 2 more. In the main industries, the increase of the agricultural and sideline food processing industry increased by 1.8%, an increase of 0.4 percentage points from last month. The non-ferrous metal smelting and calendering processing industry increased by 1.1%, expanding by 0.8 percentage points, of which silver smelting increased by 8%, and gold smelting increased by 4%. The black metal ore mining industry dropped by 2.4%, and the petroleum, coal and other fuel processing industries decreased by 0.2%. The price of oil and natural gas extraction decreased by 1.1% from flat to flat. Ferrous metal smelting and calendering processing industry prices fell 1.3%, the decline by 0.6 percentage points. In addition, the prices of computers, telecommunications and other electronic equipment manufacturing industries rose by 0.6%.

From the year-on-year perspective, PPI fell by 1.2%, a 0.4 percentage point increase from last month. Among them, the prices of means of production dropped by 2%, the increase by 0.7 percentage points, and the price of living goods rose by 1.1%, or 0.4 percentage points. In the main industries, the oil and natural gas extraction industry increased by 13.4%, an increase of 4.3 percentage points from last month. The oil, coal and other fuel processing industries decreased by 9.6%, expanding by 3.7 percentage points. Ferrous metal smelting and calendering processing industry decreased by 5.8%, 2.7 percentage points, and chemical raw materials and chemical products manufacturing industry decreased by 5.5% to 0.9 percentage points. The rise or fall of black metal mining and mining industry rose by 15.7%, down 6 percentage points, and coal mining and washing industry rose 0.2%, down 0.7 percentage points. The expansion of the agricultural and sideline processing industry increased by 4%, an increase of 1.2 percentage points, and non-ferrous metal smelting and calendering processing industry increased by 1%, an increase of 0.8 percentage points. It is estimated that in September, the year-on-year decline of 1.2%, the impact of last year's price change is about -0.7 percentage points, the impact of the new price increase is about -0.5 percentage points.