National Bureau Of Statistics: CPI In June 2023 Was Flat Year On Year, And PPI Declined Year On Year

The National Bureau of Statistics today released the national CPI (Consumer Price Index) and PPI (Factory Price Index of Industrial Producers) data for June 2023. Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted this.

1、 CPI remained basically stable

In June, the consumer market was basically stable, with CPI slightly down month on month and flat year on year.

On a month on month basis, CPI fell by 0.2%, the same as last month. Among them, food prices dropped by 0.5%, 0.2 percentage points lower than that of the previous month. In food, affected by high temperature and rainy weather, the price of fresh vegetables increased 2.3% from 3.4% last month; The supply of other food is generally adequate, and the prices of most of them have declined, among which the prices of eggs, fresh fruits, pork and aquatic products have declined by 1.2% - 2.6%.

Non food prices fell 0.1%, the same as last month. Among non food products, domestic energy prices fell by 0.7%, 0.5 percentage points more than that of the previous month, due to the downward impact of international oil prices; Influenced by factors such as "618" merchants' promotional activities, the prices of industrial consumer goods excluding energy turned from flat last month to 0.3% lower; Service demand continued to recover, and service prices increased 0.1% from a decrease of 0.1% last month; The market supply was tight, and the price of traditional Chinese medicine rose by 1.7%.

On a year-on-year basis, CPI was flat, up 0.2% last month. Among them, food prices rose by 2.3%, 1.3 percentage points higher than that of last month. In food, the prices of fresh vegetables, potatoes, fresh fruits and poultry meat increased more, with the increase between 4.3% and 10.8%; Pork prices fell 7.2%, 4.0 percentage points more than that of last month.

Non food prices fell 0.6% from flat last month. Among non food products, service prices rose by 0.7%, down 0.2 percentage points; The price of industrial consumer goods decreased by 2.7%, an increase of 1.0 percentage points, of which the price of energy decreased by 9.3%, and the price of industrial consumer goods excluding energy decreased by 0.5%, both of which increased.

It is estimated that in the year-on-year CPI change in June, the tail lifting effect of the price change of the previous year is about 0.5 percentage points, the same as that of the previous month; The new impact of price changes this year is about - 0.5 percentage points, and last month was - 0.3 percentage points.

2、 PPI decline

In June, affected by the continuous decline in the prices of oil, coal and other bulk commodities and the higher comparison base in the same period of last year, PPI fell month on month and year on year.

On a month on month basis, PPI fell by 0.8%, 0.1 percentage point lower than that of the previous month. Among them, the price of means of production decreased by 1.1%, with a decrease of 0.1 percentage point; The price of means of living fell by 0.2%, the same rate as last month. Affected by the continuous decline of crude oil price in the international market and the fluctuation of non-ferrous metal price, the prices of oil, coal and other fuel processing industry, oil and natural gas exploitation industry, non-ferrous metal smelting and rolling processing industry decreased by 2.6%, 1.6% and 0.8% respectively.

The supply of coal and steel is large, and the prices of coal mining and washing industry, ferrous metal smelting and rolling processing industry decreased by 6.4% and 2.2% respectively. The prices of some technology intensive industries rose, including aircraft manufacturing prices rose by 1.0%, intelligent consumer equipment manufacturing prices rose by 0.4%, and medical instruments and equipment manufacturing prices rose by 0.2%. In addition, the prices of wind power generation and solar power generation in power production increased by 2.6% and 1.4% respectively.

On a year-on-year basis, PPI fell by 5.4%, 0.8 percentage points higher than that of the previous month. The increase in year-on-year decline was mainly affected by the continued decline in prices of oil, coal and other industries. Among them, the price of means of production decreased by 6.8%, with a decrease of 0.9 percentage points; The price of means of living fell by 0.5%, an increase of 0.4 percentage points. Among the 40 industrial sectors surveyed, 25 fell in price, one less than last month.

Among the main industries, the price of oil and natural gas exploitation, petroleum coal and other fuel processing, chemical raw materials and chemical products manufacturing, and coal exploitation and washing declined by 14.9% - 25.6%, and the decline has expanded. The total impact of the above four oil and coal related industries on PPI fell by about 2.81 percentage points year on year, 0.71 percentage points more than that of last month.

The prices of ferrous metal smelting and rolling processing industry, nonferrous metal smelting and rolling processing industry decreased by 16.0% and 7.2%, respectively, with the decrease narrowing by 0.8 and 1.2 percentage points. In addition, the prices of cultural, educational, industrial, artistic, sports and entertainment goods manufacturing industry rose 4.9%, aircraft manufacturing prices rose 4.1%, medical instruments and equipment manufacturing prices rose 1.8%, power and heat production and supply industry prices rose 1.3%, and textile and clothing industry prices rose 0.6%.

It is estimated that among the 5.4% year-on-year decline in PPI in June, the tail lifting effect of price changes in the previous year was about - 2.8 percentage points, the same as that in the previous month; The new impact of price changes this year is about - 2.6 percentage points, and last month was - 1.8 percentage points.