National Bureau Of Statistics

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (producer price index) data for February 2022. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation.

1、 CPI rose slightly on a month on month basis, with a stable year-on-year increase

In February, due to the joint influence of Spring Festival factors and international energy price fluctuations, CPI's month on month increase slightly expanded, and the year-on-year increase was generally stable.

On a month on month basis, CPI rose by 0.6%, 0.2 percentage points higher than that of the previous month. Among them, the food price rose by 1.4%, the same as that of the previous month, affecting the CPI rise of about 0.26%. In food, affected by the Spring Festival, the prices of fresh vegetables, aquatic products and fresh fruits rose by 6.0%, 4.8% and 3.0% respectively, while the prices of chicken, duck, beef and mutton rose between 0.3% and 1.4%; Pork and eggs were well supplied, with prices down 4.6% and 3.7% respectively. Non food prices rose 0.4%, an increase of 0.2 percentage points over the previous month, affecting the CPI rise of about 0.34%. Among non food products, the price of industrial consumer goods increased by 0.8% from flat last month, mainly driven by the rise in energy prices, of which gasoline, diesel and LPG rose by 6.2%, 6.7% and 1.3% respectively. Service prices were flat from a 0.3% increase last month. Among them, the local new year's festival has led to an increase in entertainment consumption and suburban tourism. The prices of film and performance tickets have increased by 9.3%, and the prices of other accommodation such as B & B have increased by 2.2%; After the festival, migrant workers returned to the city one after another, and the service supply increased. The prices of domestic services and maternal and child care services decreased by 6.8% and 1.9% respectively.

On a year-on-year basis, CPI rose by 0.9%, the same as last month. Among them, the food price dropped by 3.9%, the decline rate was 0.1 percentage point larger than that of the previous month, which affected the CPI decline by about 0.76%. In food, pork prices fell by 42.5%, 0.9 percentage points higher than that of the previous month; The prices of fresh fruits, edible vegetable oil and aquatic products rose by 6.6%, 6.4% and 4.9% respectively, and their increases all fell back. Non food prices rose by 2.1%, an increase of 0.1 percentage points over the previous month, affecting the CPI rise of about 1.68%. Among non food products, the price of industrial consumer goods rose by 3.1%, an increase of 0.6% over the previous month. The price of gasoline and diesel rose by 23.9% and 26.3% respectively, both of which were larger than that of last month. Service prices rose by 1.2% and fell by 0.5%. Among them, the prices of air tickets and tourism increased by 18.0% and 4.5% respectively, which were lower than those of the previous month; The prices of education services and medical services rose by 2.7% and 0.9% respectively, the same as the previous month.

It is estimated that among the 0.9% year-on-year increase in February, the tail effect of last year's price change was about - 0.1 percentage point, and the impact of new price rise was about 1.0 percentage point. Excluding food and energy prices, the core CPI rose 1.1% year-on-year, down 0.1% from the previous month.

2、 PPI from down to up, year-on-year growth fell

In February, affected by the rising prices of crude oil, non-ferrous metals and other international bulk commodities, PPI rose from a decline to a rise, and the year-on-year increase fell.

On a month on month basis, PPI rose by 0.5% from 0.2% in the previous month. Among them, the price of means of production has changed from 0.2% to 0.7%, and the price of means of living has changed from flat to 0.1%. The sharp rise in international crude oil prices has driven up the prices of domestic oil related industries, including 13.5% increase in the price of oil exploitation, 6.5% increase in the manufacturing price of refined petroleum products and 2.9% increase in the manufacturing price of organic chemical raw materials. Affected by international factors, domestic nonferrous metal smelting and calendering industry prices rose by 2.0%. The price of coal continued to fall, and the prices of coal mining and washing industry and coal processing fell by 2.4%. In addition, the price of electric power and heat production and supply industry increased by 0.9%, and the price of ferrous metal smelting and calendering industry increased by 0.7%; The price of non-metallic mineral products industry decreased by 1.0%.

On a year-on-year basis, PPI rose by 8.8%, down 0.3 percentage points from the previous month. Among them, the price of means of production rose by 11.4%, the rise fell by 0.4%, and the price of means of living rose by 0.9% and expanded by 0.1%. Of the 40 major industrial sectors surveyed, 36 had price increases, the same as last month. Among the major industries, the price rise fell: coal mining and washing industry increased by 45.4%, falling by 5.9 percentage points; The manufacturing industry of chemical raw materials and chemical products increased by 19.7%, falling by 1.3 percentage points; Ferrous metal smelting and calendering industry rose by 12.9% and fell by 1.8%; The chemical fiber manufacturing industry rose 11.4% and fell 2.7%. The oil and gas exploitation industry increased by 41.9% and 3.7% respectively; Oil, coal and other fuel processing industries rose by 30.2%, an increase of 0.1 percentage points; Nonferrous metal smelting and calendering industry rose by 20.4%, expanding by 0.6 percentage points; The electricity and heat production and supply industry rose by 8.5% and expanded by 0.8%.

It is estimated that among the 8.8% year-on-year increase in February, the tail effect of last year's price change was about 8.4%, and the impact of new price rise was about 0.4%.