The National Bureau of Statistics responds to CPI climb: conditional and basic maintenance of price stability

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 The National Bureau of Statistics responds to CPI climb: conditional and basic maintenance of price stability


On June 14, the National Statistical Bureau (NSB) reported on the operation of the national economy in May. In response to the recent rise in pork and fruit prices, the NSB responded that prices remained stable on a basic and conditional basis.

Since this year, the prices of pork, vegetables and fruits have risen, and CPI has continued to rise, reaching 2.7% in May. Fu Linghui, a spokesman for the National Bureau of Statistics, said that the increase in CPI was mainly affected by food prices. Fresh vegetables rose 13.3%, fresh fruits 26.7% and pork 18.2% in May.

The price change of fresh vegetables is mainly due to the shortage of supply caused by climate factors in the early stage. Underproduction of apples and pears last year led to a decline in stocks, affecting supply this year. The change of pork prices is mainly affected by the plague situation.

On the whole, however, there have been some positive changes in food prices. From the perspective of future trends, fresh vegetable prices have fallen by 7.9% in May as the temperature rises and the supply increases. Fresh fruit prices will also stabilize as seasonal fruit comes on the market. In May, pork prices fell by 0.3% annually. Reduced demand in summer will affect pork prices and maintain overall stability.

Fu Linghui said that CPI rose 0.2 percentage points in May compared with last month, but the core CPI was only 1.6%. After deducting food and energy prices, the price level remained basically stable, and from the current point of view, there is no condition and basis for sustained price rise.

Among them, the supply of industrial consumer goods is relatively abundant and prices remain stable. Service prices remained stable at 2%. In May, international commodity prices fell and import factors decreased. In terms of monetary conditions, supply has also remained generally stable. Fu Linghui said, In view of these circumstances, we believe that price stability is still based on and conditional.

Source: Gu Yunting_NBJS8499, responsible editor of Beijing News