National Bureau Of Statistics: The Year-On-Year Increase Of CPI And PPI In January Fell Down

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

1、 CPI from decline to rise, year-on-year growth fell

In January, all regions and departments continued to do a good job in the market supply of important livelihood commodities before the Spring Festival, and the consumer prices of residents were generally stable.

On a month on month basis, CPI rose from 0.3% to 0.4%. Among them, the food price decreased from 0.6% in the previous month to 1.4% higher, which affected the CPI rise by about 0.26%. In food, the prices of fresh fruits, aquatic products and fresh vegetables increased by 7.2%, 4.1% and 3.1% respectively due to Festival factors; With the completion of the winter curing and the acceleration of pig marketing before the festival, the supply of pork was sufficient, and the price dropped by 2.5%. Non food prices increased by 0.2% from 0.2% in the previous month, which affected the rise of CPI by about 0.18%. Among non food products, the prices of industrial consumer goods fell from 0.5% in the previous month to flat. Affected by the rise of international energy prices, the prices of gasoline, diesel and LPG rose by 2.2%, 2.4% and 1.5% respectively. The service prices increased from flat to 0.3% in the previous month. Among them, travel increased before the festival. The prices of air tickets, transport rental fees and long-distance buses increased by 12.4%, 9.8% and 5.2% respectively; Affected by the return of migrant workers in some cities and the increasing demand for services, the prices of domestic services, maternal and child care services and hairdressing all rose, with an increase of 2.6% - 9.1%.

From a year-on-year basis, CPI rose by 0.9%, down 0.6 percentage points from the previous month. Among them, the food price dropped by 3.8%, the decline rate was 2.6 percentage points larger than that of the previous month, which affected the CPI decline by about 0.72%. In food, affected by the high base in the same period last year, pork price decreased by 41.6%, and the decline rate increased by 4.9 percentage points; Fresh vegetable prices increased by 10.6% in the previous month to a decrease of 4.1%; The prices of fresh fruits and aquatic products increased by 9.9% and 8.8% respectively. Non food prices rose by 2.0%, down 0.1% from the previous month, affecting the CPI rise of about 1.64%. Among non food products, the price of industrial consumer goods rose by 2.5%, and the increase was down 0.4%. The price of gasoline and diesel rose by 20.7% and 22.7% respectively, both of which were lower than that of last month; The price of services increased by 1.7% and 0.2% respectively. The price of air ticket and family service increased by 20.8% and 6.2% respectively, and the price of education service and medical service increased by 2.7% and 0.9% respectively.

It is estimated that among the 0.9% year-on-year increase in January, the tail effect of last year's price change was about 0.5%, and the impact of new price increase was about 0.4%. Excluding food and energy prices, the core CPI rose 1.2% year-on-year, the same increase as last month.

2、 PPI continued to decline month on month, with year-on-year growth falling

In January, the prices of coal, steel and other industries fell, driving down the overall price of industrial products.

On a month on month basis, PPI fell by 0.2%, with a decrease rate of 1.0 percentage points lower than that of the previous month. Among them, the price of means of production decreased by 0.2%, 1.4 percentage points lower than that of the previous month; The price of means of living was flat. The policy of ensuring supply and price stability was vigorously promoted. The prices of coal and steel products continued to fall. The prices of coal mining and washing industry decreased by 3.5%, and the prices of ferrous metal smelting and calendering and processing industry decreased by 1.9%. Affected by the rise of international crude oil price, domestic oil related industry prices recovered. The price of oil and gas exploitation industry increased by 2.6% from 6.9% in the previous month; The prices of chemical raw materials and chemical products manufacturing and chemical fiber manufacturing decreased by 1.3% and 0.1%, respectively, 0.8% and 3.0% lower than that of the previous month. The rise of international non-ferrous metal prices led to a rise of 0.8% in domestic nonferrous metal smelting and calendering industry. In addition, the price of non-metallic mineral products industry decreased by 1.8%; The price of electricity and heat production and supply industry increased by 2.5%, and the price of food manufacturing industry increased by 0.3%.

On a year-on-year basis, PPI rose by 9.1%, down 1.2 percentage points from the previous month. Among them, the price of means of production rose by 11.8%, and the increase fell by 1.6%; The price of means of living rose by 0.8% and fell by 0.2%. Among the 40 major industrial sectors surveyed, 36 had price increases, one less than last month. Among the major industries, the price rise fell: coal mining and washing industry increased by 51.3%, falling by 15.5%; The oil and gas exploitation industry rose 38.2%, down 7.4%; Oil, coal and other fuel processing industries rose 30.1%, down 6.3 percentage points; Nonferrous metal smelting and calendering industry rose by 19.8%, down 0.2 percentage points; Ferrous metal smelting and calendering industry rose 14.7%, down 6.7%. The price increase was expanded by 7.7% in power and heat production and supply industry, with an increase of 2.9 percentage points; The food manufacturing industry rose by 4.6%, an increase of 0.4 percentage points; The textile, clothing and apparel industry rose 1.1% and expanded by 0.5%.

It is estimated that among the 9.1% year-on-year increase in January, the tail effect of last year's price change was about 9.3 percentage points, and the impact of new price rise was about - 0.2 percentage points.