Interpretation: CPI Rose In March 2020, The Decline Of PPI Has Widened.

The National Bureau of statistics released today's March national CPI (consumer price index) and PPI (producer price index of industrial producer) data in 2020. In this regard, Dong Lijuan, Senior Statistician of the National Bureau of statistics, explained.

1. The CPI ratio has decreased from a rise to a year-on-year rise.

In March, the resumption of work resumed production gradually accelerated, transportation and logistics gradually recovered, and the measures of ensuring supply and stabilizing prices continued to intensify. From the link, CPI rose from 0.8% last month to 1.2%. Among them, food prices rose from 4.3% last month to 3.8%, affecting CPI's decline of about 0.90 percentage points, which is the main factor driving CPI's rise and fall. In the food industry, grain and oil supply was stable, grain prices remained flat, edible oil prices fell by 0.1%, spring seasonal dishes increased, logistics and transportation costs decreased, and fresh vegetable prices dropped by 12.2%; with the gradual opening of pig farms, the resumption of production of slaughtered enterprises, and the increase in the strength of reserve meat, the price of pork dropped by 6.9%. Prices fell by 5.1%, 3.5% and 0.2% respectively. Non food prices fell by 0.4%, a 0.2 percentage point increase from last month, which affected CPI by about 0.32 percentage points. In non foodstuffs, the price of gasoline, diesel and LPG decreased by 9.7%, 10.5% and 4.3% respectively, due to the fluctuation of international crude oil prices. During the epidemic period, the number of trips decreased significantly and the price of air tickets dropped by 28.5%.

From the same period of view, CPI rose 4.3%, or 0.9 percentage points lower than last month. Among them, food prices rose 18.3%, or 3.6 percentage points down, affecting CPI rose about 3.70 percentage points. Pork prices rose 116.4%, or 18.8 percentage points, while beef, mutton, chicken and duck prices rose by 10.7% to 21.7%; fresh vegetable prices rose from last month to 0.1%, fresh fruit prices fell 6.1%, and 0.5 percentage points fell. Non food prices rose 0.7%, or 0.2 percentage points down, affecting CPI's rise of about 0.57 percentage points. The prices of educational culture, entertainment and medical care increased by 2.5% and 2.2% respectively, while the prices of transportation and communications fell by 3.8%. In urban and rural areas, the increase of CPI in rural areas is higher than that in cities. The main reason is that the proportion of foods with higher price increases is relatively large among rural residents. In March, the core CPI excluding food and energy prices rose 1.2% over the same period, or 0.2 percentage points from last month. It is estimated that in the year-on-year increase of 4.3%, the impact of last year's price change is about 3.3 percentage points, and the new price increase is about 1 percentage points. From 1 to March, CPI increased by 4.9% over the same period last year.

Two, PPI ring ratio, year-on-year decline has been widened.

From the ring to see, PPI fell 1%, a 0.5 percentage point increase from last month. Among them, the price of means of production dropped by 1.2%, the decline by 0.5 percentage points, and the price of living goods dropped from flat to 0.2%. From the 40 industrial sectors surveyed, 10 prices rose, 28 fell, and 2 were flat. Affected by international commodity prices and other factors, the price of crude oil, steel and non-ferrous metals has increased. Among them, the oil and natural gas extraction industry decreased by 17%, an increase of 6 percentage points; the oil, coal and other fuel processing industry decreased by 7.8%, an increase of 3.4 percentage points; non-ferrous metal smelting and calendering processing industry decreased by 3.5%, an increase of 2 percentage points; ferrous metal smelting and calendering plus industry decreased by 1.9%, an increase of 0.5 percentage points. The above four industries together affect PPI's decline by about 0.67 percentage points. The price of agricultural and sideline food processing industry has declined from 0.5% yuan to 1%. The price of coal mining and washing industry increased from flat to 0.3%.

From the year-on-year perspective, PPI fell by 1.5%, a 1.1 percentage point increase from last month. Among them, the prices of means of production fell by 2.4%, the increase by 1.4 percentage points, and the price of living goods rose by 1.2%, or 0.2 percentage points. In the main industries, the oil and natural gas extraction industry expanded by 21.7%, an increase of 21.3 percentage points, and the oil, coal and other fuel processing industries decreased by 10.6%, 9.8 percentage points, chemical raw materials and chemical products manufacturing decreased by 5.3%, and 1 percentage points, while ferrous metal smelting and calendering processing industry decreased by 3.9% and 3 percentage points. Coal mining and washing industry prices fell 3.6%, the decline narrowed by 0.4 percentage points. The price of non-ferrous metal smelting and calendering processing industry has decreased by 3.5%. It is estimated that in March, a year-on-year fall of 1.5%, the impact of price changes last year was about 0, and the new price increase was about -1.5 percentage points. From 1 to March, the PPI decreased by 0.6% over the same period last year.