National Bureau Of Statistics: CPI Rose Slightly In July, While PPI Continued To Fall

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (producer price index) data for July 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 year-on-year basis

In July, due to the rise of pork, fresh vegetables and other food prices and seasonal factors, CPI rose from flat to up, with a slight increase year-on-year.

On a month on month basis, CPI rose 0.5% from flat last month. Among them, food prices increased by 3.0% from 1.6% in the previous month, which affected the CPI rise by about 0.53%.

In food, pork prices rose by 25.6% due to factors such as the gradual appearance of the effect of pig production capacity de conversion in the early stage, the reluctance of some farmers to sell and the recovery of consumer demand; Affected by the continuous high temperature weather in many places, the price of fresh vegetables decreased from 9.2% in the previous month to increased by 10.3%, which was higher than that of seasonality; The price of fresh fruits dropped by 3.8%.

Non food prices increased from 0.4% in the previous month to a decrease of 0.1%, which affected the CPI decrease by about 0.07%. Among non food products, domestic gasoline and diesel prices fell by 3.4% and 3.6% respectively due to the downward trend of international oil prices; Affected by the increase in summer travel, air tickets, hotel accommodation, transport rental fees and tourism prices increased by 6.1%, 5.0%, 4.3% and 3.5% respectively.

On a year-on-year basis, CPI rose by 2.7%, an increase of 0.2 percentage points over the previous month. Among them, food prices rose by 6.3%, 3.4 percentage points higher than that of the previous month, which affected the CPI rise by about 1.12 percentage points.

In food, pork prices increased by 20.2% from 6.0% in the previous month; The prices of fresh fruits and vegetables increased by 16.9% and 12.9% respectively; Prices of grain, poultry, eggs and edible vegetable oil rose by 3.4% - 7.4%. Non food prices rose by 1.9%, down 0.6% from the previous month, affecting the CPI rise of about 1.56%.

Among them, the prices of gasoline, diesel and LPG rose by 24.6%, 26.7% and 22.4% respectively, and their increases all fell back.

It is estimated that among the 2.7% year-on-year increase in July, the tail effect of last year's price change was about 0.9%, and the impact of new price increase was about 1.8%. Excluding food and energy prices, the core CPI rose 0.8% year-on-year, down 0.2 percentage points from the previous month.

2、 PPI fell month on month, and the year-on-year increase continued to fall

In July, affected by many factors, such as international and domestic factors, the overall price of industrial products went down, and the national PPI fell from flat to down, and the year-on-year increase continued to fall.

On a month on month basis, PPI fell from flat to 1.3%. Among them, the price of means of production decreased by 1.7%; The price of means of living rose by 0.2% and fell by 0.1%.

The fall in the prices of crude oil, non-ferrous metals and other international bulk commodities led to the price decline of domestic related industries. Among them, the prices of chemical raw materials and chemical products manufacturing industry decreased by 2.1%, the price of petroleum coal and other fuel processing industry decreased by 2.0%, and the price of oil and natural gas exploitation industry decreased by 1.3%; The price of nonferrous metal smelting and calendering industry decreased by 6.0%.

In addition, the price of ferrous metal smelting and calendering industry decreased by 6.2%, the price of non-metallic mineral products industry decreased by 1.9%, and the price of electric power and heat production and supply industry decreased by 1.1%, and the decline rates were expanded. The price of coal mining and washing industry decreased by 2.1% from 0.8% in the previous month.

On a year-on-year basis, PPI rose by 4.2%, down 1.9 percentage points from the previous month. Among them, the price of means of production rose by 5.0%, and the increase fell by 2.5 percentage points; The price of means of living rose by 1.7%, the same as last month.

Among the 40 major industrial sectors surveyed, 35 had price increases, 2 less than last month. Among the major industries, the price rise fell: coal mining and washing industry increased by 20.7%, falling by 10.7%; The oil and gas exploitation industry rose 43.9% and fell by 10.5%; Nonferrous metal smelting and calendering industry rose 1.9%, down 6.3 percentage points; Oil, coal and other fuel processing industries rose by 28.6%, down 6.1 percentage points; The manufacturing of chemical raw materials and chemical products rose by 10.6% and fell by 3.2%. The price of ferrous metal smelting and calendering industry decreased by 9.5% and the decrease rate was increased by 5.8%. The price of agricultural and sideline food processing industry rose by 6.8% and 1.2% respectively.

It is estimated that among the 4.2% year-on-year increase of PPI in July, the tail effect of last year's price change was about 3.2%, and the impact of new price increase was about 1.0%.