Interpretation: In November 2019, CPI Rose Year By Year, And The PPI Rate Narrowed.

The National Bureau of statistics released today's November 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. CPI's annulus growth fell, increasing year by year.

The CPI rose 0.4%, or 0.5 percentage points from the previous month. Among them, food prices rose 1.8%, or 1.8 percentage points down, affecting CPI rose about 0.39 percentage points, non food prices rose 0.2% from last month to flat. Fruits, apples, oranges and pears were listed on a large scale, fresh fruit prices dropped by 3%, aquatic products were abundant, and prices fell by 0.5%; in the winter, fresh vegetable production and storage and transportation cost increased, and prices rose 1.4%; pork supply tensions eased, prices rose 3.8%, or 16.3 percentage points down significantly; the consumption of beef, mutton, chicken and duck meat rose by 1.3% to 4.3% during the peak season of consumption and substitution demand. In non foodstuffs, the price of clothing increased by 0.5%, but travel decreased in the off-season, and the prices of air tickets, travel agents and hotel accommodation decreased by 11%, 4.4% and 3.8% respectively.

From the year-on-year perspective, CPI rose 4.5%, or 0.7 percentage points from last month. Among them, food prices rose 19.1%, affecting CPI rose by about 3.72 percentage points, non food prices rose 1%, affecting CPI rose by 0.77 percentage points. In the food, fresh fruit prices continued to decline by 6.8%, a 6.5 percentage point increase from last month. The price of aquatic products rose 2.4%, or 0.3 percentage points from the previous month; the price of fresh vegetables increased from 3.9% last month to 3.9%; pork prices rose 110.2%, while beef, mutton, chicken, duck and eggs rose by 11.8% to 25.7%. The price of health care, education culture, entertainment and clothing rose by 2%, 1.7% and 1.1% respectively. Transport and communications prices fell by 2.8%, of which gasoline and diesel prices fell by 10.8% and 11.3% respectively. It is estimated that in the 4.5% year-on-year increase in November, the impact of the price change last year was about 0, and the new price increase was about 4.5 percentage points.

　　 Two, PPI ring ratio rose from a decline to a year-on-year decline.

From the link, PPI rose from 0.1% last month to 0.1%. Among them, the price of producer goods changed from flat to 0.2%, and the price of living goods rose by 0.3%, the same as last month. According to the survey of 40 industrial sectors, 12 prices rose, 5 less than last month, 19 increased by 3, and 9 increased by 2. In the main industries, the gas production and supply industry increased by 1.1%, an increase of 0.8 percentage points from last month, and the non-metallic mineral products industry rose 0.8%, expanding by 0.4 percentage points. The non-ferrous metal mining and mining industry dropped by 1.6%, and oil, coal and other fuel processing industries dropped by 1%; chemical raw materials and chemical products manufacturing industry dropped by 1%. The decline in the expansion of chemical fiber manufacturing industry, a decline of 1.9%, an increase of 0.8 percentage points; ferrous metal mining and mining industry, down 1.6%, an increase of 1.1 percentage points; coal mining and washing industry, down 0.5%, an increase of 0.4 percentage points. In addition, oil and natural gas extraction industry prices rose 0.1%, or 0.7 percentage points lower than last month.

From the year-on-year perspective, PPI fell by 1.4%, a 0.2 percentage point decline from last month. Among them, the price of means of production dropped by 2.5%, the decline narrowed by 0.1 percentage points, and the price of living goods rose by 1.6%, or 0.2 percentage points. Among the major industries, the increase in agricultural and sideline products processing industry increased by 7.5%, an increase of 1.6 percentage points from last month, and non-ferrous metal smelting and calendering processing industry increased by 0.5%, an increase of 0.3 percentage points. The decline narrowed in the chemical fiber manufacturing industry, down 12.6%, narrowed by 1 percentage points, oil and natural gas extraction industry fell 11.2%, narrowed 6.7 percentage points, oil, coal and other fuel processing industry decreased 9.9%, narrowed 2.1 percentage points; ferrous metal smelting and calendering processing industry, 5.3%, narrowed 0.8 percentage points. The decline in the expansion of chemical raw materials and chemical products manufacturing industry, a decrease of 6.4%, an increase of 0.2 percentage points; coal mining and washing industry, down 2.8%, an increase of 1.8 percentage points. It is estimated that in November, the year-on-year decline of 1.4%, the impact of last year's price change is about -0.9 percentage points, the impact of the new price increase is about -0.5 percentage points.