The National Bureau of Statistics today released the national CPI (consumer price index) and PPI (factory price index of industrial producers) data for June 2019. In this regard, Dong Yaxiu, Director of the Urban Department of the National Bureau of Statistics, made an interpretation.
First, the CPI ring-to-ring ratio has slightly decreased, with the same increase as last month.
From the ring comparison, CPI was flat last month, down 0.1%. Among them, food prices dropped by 0.3%, affecting CPI by about 0.06 percentage points; non-food prices dropped by 0.1%, affecting CPI by about 0.05 percentage points. In food, fresh vegetables are on the market in large quantities, the price drops by 9.7%, affecting the CPI drop by about 0.25 percentage points; chickens with supplementary feeds begin to produce in the early stage, the egg supply is sufficient, the price drops by 2.6%, affecting the CPI drop by about 0.01 percentage points; shrimp and crab supply increases, aquatic product price drops by 0.9%, affecting the CPI drop by about 0.02 percentage points. Watermelon and peach and other fruits are listed on the market in a centralized way, but the prices of apples and pears continue to rise at a higher rate. In addition, heavy rainfall in some parts of southern China has affected picking and transportation, and the prices of fruit such as pitaya and pineapple have risen. The price of fresh fruit in China has risen by 5.1%, affecting CPI by about 0.11 percentage points. At present, the price level is at the same level. Historically high; tight pork supply, prices rose by 3.6%, affecting CPI rise by about 0.09 percentage points. Among non-food products, gasoline and diesel prices dropped by 3.5% and 3.7% respectively due to the price adjustment of refined oil. In total, CPI decreased by about 0.07 percentage points.
On a year-on-year basis, CPI rose by 2.7%, the same rate as last month. Among them, food prices rose by 8.3%, affecting CPI by about 1.58 percentage points; non-food prices rose by 1.4%, affecting CPI by about 1.10 percentage points. In food, fresh fruit prices rose 42.7%, an increase of 16.0 percentage points over the previous month, affecting CPI rise by about 0.71 percentage points. Apart from climate and other factors, the lower price in the same period last year was also one of the reasons for the increase; pork prices rose 21.1%, an increase of 2.9 percentage points over the previous month, affecting CPI rise by about 0.45 hundred points. The price of fresh vegetables rose by 4.2%, which was 9.1 percentage points lower than last month, affecting CPI by about 0.10 percentage points. Among non-food items, the prices of health care, education, culture and entertainment, and housing rose by 2.5%, 2.4% and 1.6% respectively, affecting a total increase of about 0.84 percentage points in CPI. According to estimates, in Junes 2.7% comparative increase, the effect of last years price change is about 1.5 percentage points, and the impact of the new price increase is about 1.2 percentage points.
2. PPI Ring Ratio Changed from Rising to Declining and from Rising to Leveling
From a ring-to-ring perspective, PPI rose 0.2% from last month to fall 0.3%. Among them, the price of means of production increased by 0.2% from last month to decrease by 0.4%, and the price of means of livelihood increased by 0.1% from last month to be flat. From the survey of 40 industrial sectors, there are 18 rising prices, three less than last month; 17 falling prices, six more; 5 flat prices, three less. Among the major industries, oil-related industries are affected by the decline in international crude oil prices. Prices have changed from rising to falling. Among them, the prices of oil and gas extraction industry have dropped by 3.9%, and the prices of oil, coal and other fuel processing industry have dropped by 1.9%. Influenced by the large increase in steel production and sufficient market supply in the early period, the price of ferrous metals smelting and calendering industry has changed from rising to falling, down by 1.3%. In addition, due to the recent increase in iron ore demand, tight supply and other factors, the price of ferrous metal mining and dressing industry rose by 3.7%, an increase of 1.5 percentage points over last month.
From a year-on-year perspective, PPI rose 0.6% from last month to be flat. Among them, the price of means of production increased by 0.6% from last month to decrease by 0.3%, while the price of means of livelihood rose by 0.9%, the same increase as last month. Among the major industries, coal mining and washing increased by 3.4%, down 0.4 percentage points from last month, while non-metallic mineral products increased by 2.5%, down 0.6 percentage points. Oil, coal and other fuel processing industries declined by 1.9%, oil and gas mining by 1.8%, and ferrous metal smelting and calendering by 0.5%. In addition, the price of ferrous metal mining and processing industry rose by 18.5%, an increase of 4.3 percentage points over last month. According to estimates, June was flat compared with the same period last year. The tail-warping effect of last years price changes and the impact of new price increases were about 0.3 percentage points and - 0.3 percentage points, respectively.
Source: Responsible Editor of the National Bureau of Statistics: Li Wan_B11284