National Bureau Of Statistics: CPI Rose Year-On-Year In April, And PPI Fell Year-On-Year

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

1、 CPI rose 0.1% year on year

In April, the market supply was generally sufficient, and consumer demand gradually recovered. CPI fell 0.1% month on month and rose 0.1% year on year. The core CPI, excluding food and energy prices, rose 0.1% month on month, up 0.7% year on year, the same increase as last month.

On a month on month basis, CPI fell by 0.1%, 0.2 percentage points lower than that of the previous month. Among them, the food price dropped by 1.0%, 0.4 percentage points lower than that of the previous month, which affected the CPI decline by about 0.19 percentage points. In food, fresh vegetables and fruits were on the market in large numbers, with prices falling by 6.1% and 0.7% respectively; The production capacity of live pigs is sufficient. Superimposed by the impact of low consumption season, the price of pork dropped by 3.8%, 0.4 percentage points lower than that of last month; Prices of grain and edible oil were basically stable.

Non food prices rose 0.1% from a flat level last month, affecting CPI growth by about 0.04 percentage points. Among non food items, travel demand increases during small and long vacations, and transportation rental fees, air tickets, hotel accommodation and tourism prices all rise, up between 4.6% and 8.1%; Affected by fluctuations in international crude oil prices, domestic gasoline and diesel prices both fell by 1.7%; The prices of fuel cars, new energy cars and household appliances dropped by 1.0%, 0.9% and 0.6% respectively.

On a year-on-year basis, CPI rose 0.1%, 0.6 percentage points lower than that of the previous month. The year-on-year growth rate dropped significantly, which was mainly due to the high base of comparison in the same period of last year. Among them, food prices rose by 0.4%, 2.0 percentage points lower than that of the previous month, which affected the CPI rise by about 0.07 percentage points. In food, the prices of poultry meat, fresh fruit, edible oil and pork rose by 6.7%, 5.3%, 4.8% and 4.0% respectively, all of which fell back; The price of fresh vegetables dropped by 13.5%, 2.4 percentage points more.

Non food prices rose by 0.1%, falling by 0.2 percentage points, affecting CPI growth by about 0.07 percentage points.

Among non food items, service prices rose by 1.0%, 0.2 percentage points higher. Among them, travel services recovered well, and the prices of air tickets, hotel accommodation, tourism and transportation rental fees rose between 7.2% and 28.7%; The price of industrial consumer goods decreased by 1.5%, with a decrease of 0.7 percentage points, mainly due to the large drop in energy prices, of which the price of gasoline and diesel decreased by 10.6% and 11.5%, respectively, with a decrease of 4.0 and 4.2 percentage points.

It is estimated that among the 0.1% year-on-year CPI increase in April, the tail lifting effect of the price change in the previous year was about 0.3 percentage points, down 0.4 percentage points from the previous month; The impact of the new price increase was about - 0.2 percentage points, and 0 last month.

2、 PPI decreased by 3.6% year on year

In April, affected by the fluctuation of international commodity prices, the overall weakness of domestic and foreign market demand, and the high comparison base in the same period last year, PPI fell 0.5% month on month and 3.6% year on year.

On a month on month basis, PPI fell 0.5% from flat last month. Among them, the price of means of production fell 0.6% from flat last month; The price of means of subsistence fell 0.3% from the flat level last month. Affected by the fluctuation of international crude oil prices, the prices of domestic oil, coal and other fuel processing industries fell by 2.3%, and the prices of chemical raw materials and chemical products manufacturing industries fell by 1.1%. The supply of steel, cement and other industries is sufficient on the whole, but the demand is less than expected. The price of ferrous metal smelting and rolling processing industry fell by 1.0%, and the price of cement manufacturing fell by 0.1%. The coal production capacity continued to release, and the import volume was still large, so the price of coal mining and washing industry fell 4.0%.

The price of non-ferrous metal smelting and rolling processing industry rose 0.2%, of which the price of copper smelting rose 0.3%, and the price of aluminum smelting rose 0.1%.

In addition, the price of computer communication and other electronic equipment manufacturing industry fell 0.7%, and the price of automobile manufacturing industry fell 0.2%; The prices of cultural, educational, industrial, artistic, sports and entertainment goods manufacturing industry rose 0.9%, and the prices of textile, clothing and apparel industry rose 0.1%.

From a year-on-year perspective, PPI decreased by 3.6%, 1.1 percentage points higher than that of last month. The year-on-year decline was expanded, mainly due to the higher comparison base of oil, ferrous metal and other industries in the same period last year, and the recent weak domestic and foreign demand. Among them, the price of means of production decreased by 4.7%, 1.3 percentage points more; The price of means of living rose by 0.4%, down by 0.5 percentage point.

Among the major industries, the price of oil and natural gas exploitation industry dropped by 16.3%, 0.6 percentage points higher; The price of ferrous metal smelting and rolling processing industry dropped by 13.6%, 2.6 percentage points higher; The price of coal mining and washing industry decreased by 9.3%, with a decrease of 6.1 percentage points; The price of non-ferrous metal smelting and rolling processing industry dropped by 8.6%, 0.6 percentage points higher.

In addition, the price of computer communication and other electronic equipment manufacturing industry fell 0.7%, and the price of automobile manufacturing industry fell 1.0%; The price of cultural, educational, industrial, artistic, sports and entertainment goods manufacturing industry rose 4.5%, the price of power and heat production and supply industry rose 1.6%, and the price of agricultural and sideline food processing industry rose 1.1%.

It is estimated that among the 3.6% year-on-year decline in PPI in April, the tail raising impact of the price change in the previous year was about - 2.6 percentage points, and last month was - 2.0 percentage points; The impact of the new price increase was about - 1.0 percentage points, and - 0.5 percentage points last month.