National Bureau Of Statistics: CPI Fell Down Year On Year In November And PPI Continued To Decline Year On Year

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (producer price index) data for November 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, year-on-year growth fell

In November, affected by the domestic epidemic situation, seasonal factors and the higher base of comparison in the same period of last year, CPI rose from up to down, and the year-on-year increase fell.

On a month on month basis, CPI rose by 0.1% last month to decline by 0.2%. Among them, the food price increased from 0.1% in the previous month to a decrease of 0.8%, which affected the CPI decrease by about 0.14%. Among the food products, the price of fresh vegetables decreased by 8.3% due to better weather conditions and sufficient supply, with a decrease rate of 3.8 percentage points higher than that of the previous month; The supply of live pigs continued to increase, and the price of pork decreased by 0.7% from up to down; Fresh fruit prices rose seasonally by 1.5%. Non food prices remained flat. Among non food products, international oil price changes affected domestic gasoline and diesel prices to rise by 2.1% and 2.3% respectively; New winter clothes are on the market, and clothing prices are up 0.4%; Affected by the epidemic, the prices of air tickets and hotel accommodation decreased by 7.5% and 2.9% respectively.

On a year-on-year basis, CPI rose by 1.6%, down 0.5 percentage points from the previous month. The year-on-year growth rate fell more, mainly due to the impact of higher base in the same period last year. Among them, food prices rose by 3.7%, 3.3 percentage points lower than that of the previous month, affecting the CPI rise of about 0.68%. In food, pork prices rose by 34.4%, down 17.4% from the previous month; The prices of eggs, fresh fruits and poultry increased by 10.4%, 9.6% and 8.5% respectively; Grain and edible oil prices rose by 3.0% and 7.6% respectively, falling down from the previous month; Fresh vegetable prices fell by 21.2%, 13.1 percentage points higher than that of the previous month. Non food prices rose by 1.1%, the same as the previous month, affecting the CPI rise of about 0.88%. Among non food items, the prices of gasoline, diesel and LPG rose by 11.4%, 12.3% and 4.6% respectively, and their increases all fell back; The price of household services rose by 2.3%, 0.2 percentage points lower than that of the previous month.

It is estimated that among the 1.6% year-on-year increase of CPI in November, the tail effect of last year's price change was about - 0.3 percentage points, and the impact of new price rise was about 1.9 percentage points. Excluding food and energy prices, the core CPI rose 0.6% year-on-year, the same increase as last month.

2、 PPI fell down month on month and continued to decline year on year

In November, PPI rose slightly on a month on month basis due to the rising prices of coal, oil, non-ferrous metals and other industries; Affected by the relatively high base in the same period of last year, it continued to decline year on year.

On a month on month basis, PPI rose by 0.1%, down 0.1% from the previous month. The price of means of production rose by 0.1% last month to remain flat; The price of means of living rose by 0.1% and fell by 0.4%. Coal mining and washing industry prices rose by 0.9% and fell by 2.1 percentage points. The prices of oil, non-ferrous metals and other industries rose, of which the oil and natural gas exploitation industry rose by 2.2%, and the price of nonferrous metal smelting and rolling processing industry increased by 0.7%. The overall demand for steel is still weak. The price of ferrous metal smelting and calendering industry decreased by 1.9%, and the decline rate was increased by 1.5%. In addition, the price of gas production and supply industry rose by 1.6%, the price of agricultural and sideline food processing industry increased by 0.7%, and the price of computer communication and other electronic equipment manufacturing industry increased by 0.3%.

On a year-on-year basis, PPI fell by 1.3%, the same as the previous month. The price of means of production decreased by 2.3%, 0.2 percentage points lower than that of the previous month; The price of means of living rose by 2.0% and fell by 0.2%. Among the 40 industrial sectors surveyed, 15 showed price decline and 25 price rise. Among the major industries, the price decline was expanded by 6.0% in the chemical raw materials and chemical products manufacturing industry, with an increase of 1.6%; The chemical fiber manufacturing industry decreased by 3.7% and expanded by 2.6%. The decrease in price was narrowed by 18.7% in ferrous metal smelting and calendering and processing industry, with a decrease of 2.4%; Coal mining and washing industry decreased by 11.5% and 5.0% respectively; Nonferrous metal smelting and calendering industry decreased by 6.0% and 1.8% respectively. Oil and gas exploitation industry rose 16.1%, down 4.9 percentage points; Agricultural and sideline food processing industry rose by 7.9%, down 0.8%; The oil, coal and other fuel processing industries rose 6.9%, down 1.7 percentage points. The price of computer communication and other electronic equipment manufacturing industry rose by 1.2%, and the increase was increased by 0.6%.

According to estimates, in November's 1.3% year-on-year decline in PPI, the tail effect of last year's price change was about - 1.2 percentage points, and the impact of new price increases was about - 0.1 percentage points.