National Bureau Of Statistics: CPI And PPI Both Fell Back In August

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

1、 CPI from up to down, slightly down year-on-year increase

In August, all regions and departments conscientiously implemented the decision-making and deployment of the Party Central Committee and the State Council, made efforts to overcome the impact of health incidents and weather, and actively did a good job in ensuring supply and price stability. The overall operation of the consumer market was stable.

On a month on month basis, CPI rose by 0.5% last month to decline by 0.1%. Among them, food prices rose by 0.5%, 2.5 percentage points lower than that of the previous month, which affected the rise of CPI by about 0.10%. In the food sector, pork prices rose by 0.4%, 25.2 percentage points lower than that of the previous month;

In August, the market volume of vegetables in the North increased, but the high temperature and drought weather in the South affected the production and supply of vegetables in the middle and late ten days. The price of fresh vegetables in the whole country decreased first and then rose, with an average increase of 2.0% over the previous month, which was lower than the average level of the same period in history;

The prices of eggs and fresh fruits showed seasonal changes, rising by 3.5% and decreasing by 1.0% respectively; The prices of grain, edible vegetable oil, aquatic products and other food have little change. 0%, which was 22.0% lower than that of the previous month, which affected the decrease of non CPI by about 2%.

Among non food products, the price of industrial consumer goods decreased by 0.7%, an increase of 0.2% over the previous month. Affected by the downward trend of international oil prices, domestic gasoline and diesel prices fell by 4.8% and 5.2% respectively, which together affected the CPI decline by about 0.20%;

Service prices were flat from a 0.3% increase in the previous month. Affected by health events, the prices of air tickets and transport rental fees decreased by 7.5% and 1.0% respectively.

On a year-on-year basis, CPI rose by 2.5%, down 0.2 percentage points from the previous month.

Among them, food prices rose by 6.1%, 0.2 percentage points lower than that of the previous month, affecting the CPI rise of about 1.09%. In food, pork prices rose 22.4%, 2.2 percentage points higher than the previous month, mainly due to the lower base in the same period last year;

Driven by the rise in pork prices, the prices of chicken and duck rose by 6.6% and 12.7%, respectively, which were larger than those of the previous month; The prices of fresh fruits and vegetables rose by 16.3% and 6.0% respectively, which were lower than those of the previous month; The prices of edible vegetable oil and grain rose by 7.9% and 3.3% respectively.

Non food prices rose by 1.7%, down 0.2% from the previous month, affecting the CPI rise of about 1.38%. Among non food products, the price of industrial consumer goods rose by 3.0%, down 0.5% from the previous month. The prices of gasoline, diesel and LPG rose by 20.2%, 21.9% and 19.8% respectively; Service prices rose 0.7%, the same increase as last month.

According to the calculation, the price rise of last year was about 8.0%, which was about 8.0% higher than that of last year. Excluding food and energy prices, the core CPI rose 0.8% year-on-year, the same increase as last month.

2、 PPI month on month decline slightly narrowed, year-on-year growth continued to fall

In August, due to the transmission of international crude oil, non-ferrous metals and other bulk commodity prices and the weak market demand of some domestic industries, the price trend of industrial products declined as a whole. The decline rate of China's PPI slightly narrowed, and the year-on-year increase continued to fall.

On a month on month basis, PPI fell by 1.2%, 0.1 percentage point lower than that of the previous month. Among them, the price of means of production decreased by 1.6%, which affected the PPI decline by about 1.18%; The price of means of living decreased by 0.1%, which affected the PPI decrease by about 0.03%.

Among the major industries, the prices of oil and natural gas mining industry decreased by 7.3%, the price of petroleum coal and other fuel processing industry decreased by 4.8%, and the price of coal mining and washing industry decreased by 4.3%, and the decline rates were expanded;

Driven by infrastructure investment, the demand of some industries improved slightly. The prices of ferrous metal smelting and rolling processing industry decreased by 4.1%, the price of nonferrous metal smelting and rolling processing industry decreased by 2.0%, and the price of non-metallic mineral products industry decreased by 1.0%; Electricity supply increased by 1.3% due to high temperature and electricity supply.

On a year-on-year basis, PPI rose by 2.3%, 1.9 percentage points lower than that of the previous month. Among them, the price of means of production rose by 2.4%, which affected the rise of PPI by about 1.87%, which was the main driving force for the rise of PPI;

The price of means of living rose by 1.6%, which affected the rise of PPI by about 0.38%. Among the main upstream industries, the price rise of coal mining and washing industry, oil and natural gas exploitation industry, petroleum coal and other fuel processing industry, chemical raw material and chemical products manufacturing industry decreased, the price drop of ferrous metal smelting and rolling processing industry expanded, and the price of non-ferrous metal smelting and rolling processing industry changed from up to down, which partially alleviated the cost pressure of middle and lower reaches enterprises.

The decline of PPI year-on-year growth is not only affected by the rise of the year-on-year comparison base, but also affected by three factors: first, the price fluctuation of international crude oil, non-ferrous metals and other bulk commodities has decreased, and the transmission pressure of domestic import price has been reduced; Second, the effect of increasing production and ensuring supply in coal and other industries has continued to show, and the market supply guarantee is strong;

Third, affected by multiple factors, steel industry demand is weak.

It is estimated that among the 2.3% year-on-year increase of PPI in August, the tail effect of last year's price change was about 2.5%, and the impact of new price increase was about - 0.2%.