- Dong Lijuan, senior statistician, National Bureau of Statistics of the People’s Republic of China, 2021, October CPI and PPI data National Bureau of Statistics of the People’s Republic of China today released the National CPI (Consumer Price Index) and PPI (producer price index for industrial output) data for the month of 2021. Dong Lijuan, senior statistician at the National Bureau of Statistics of the People’s Republic of China, has an explanation.
1, the CPI rose
In October, due to the combined effect of special weather, the contradiction between supply and demand of some commodities and rising costs, CPI rose. On A MONTH-ON-MONTH BASIS, the consumer price index rose 0.7 per cent to flat from the previous month. Among them, food prices fell 0.7% last month to rise 1.7% , the impact of CPI rose about 0.31 percentage points, mainly fresh vegetable prices rose more. The price of fresh vegetables increased by 16.6% and the CPI rose by 0.34 percentage points, accounting for nearly 50% of the total increase With the seasonal increase in consumer demand, coupled with the orderly start of the second round of the central pork reserve, pork prices have rebounded slightly since mid-october, still falling by an average of 2.0% in the whole month, a decline of 3.1 percentage points compared with the previous month; Seafood and eggs were in plentiful supply, with prices down 2.3 per cent and 2.2 per cent, respectively. Non-food prices rose 0.4 per cent, 0.2 percentage points higher than the previous month, and the CPI rose by about 0.35 percentage points. Among non-food items, industrial consumer prices rose 0.9 percent, an increase of 0.6 percentage points over the previous month, mainly due to higher prices for energy products, with gasoline and diesel prices rising 4.7 percent and 5.2 percent respectively, the combined impact on CPI rose by about 0.15 percentage points, accounting for more than 20% of the total increase, while service prices rose by 0.1% , the same as last month. On a year-on-year basis, the CPI rose 1.5 per cent, an increase of 0.8 percentage points over the previous month. Of this total, food prices fell 2.4 percent, down 2.8 percentage points from the previous month and affecting the CPI by about 0.45 percentage points. In food, the price of pork fell 44.0 percent, or 2.9 percent, while the price of fresh vegetables rose 15.9 percent, up from a 2.5 percent drop the previous month. The price of freshwater fish, eggs and edible vegetable oil rose 18.6 percent, 14.3 percent and 9.3 percent, respectively. Non-food prices rose by 2.4% , a 0.4 percentage point increase, and the CPI rose by about 1.97 percentage points. Among non-food items, industrial consumer prices rose 3.8 percent, or 1.0 percent more, with gasoline and diesel prices rising 32.2 percent and 35.7 percent, respectively, and service prices rising 1.4 percent, the same as last month. It is estimated that in the 1.5% year-on-year increase in October, last year’s price change of about 0.2 percentage points, last month zero; the impact of the new price increase of about 1.3 percentage points, 0.6 percentage points more than the previous month. The core CPI, which excludes food and energy prices, rose 1.3 per cent from a year earlier, a 0.1 percentage point increase from the previous month.
2. A bigger PPI
In October, due to the international import factor and the main domestic energy and raw material supply tight impact, PPI increased. On a month-on-month basis, the PPI rose 2.5 per cent, an increase of 1.3 percentage points from the previous month. Of the total, Means of production rose 3.3 percent, or 1.8 percent, while subsistence prices rose 0.1 percent from flat. The rise in international crude oil prices led to an increase in the prices of domestic oil-related industries, including a 7.1% increase in the prices of the oil extraction industry, a 6.1% increase in the prices of chemical raw materials and chemical products manufacturing industry, and a 5.8% increase in the prices of refined petroleum products manufacturing industry, chemical fiber manufacturing prices rose 3.5% , the four industries combined impact PPI rose about 0.76 percentage points. The price of coal mining and washing increased by 20.1% , the price of coal processing increased by 12.8% , and the total impact PPI rose by about 0.74 percentage points. Prices of some energy-intensive products rose, with non-metallic mineral products up 6.9% , Non-ferrous metal and Ferrous up 3.6% , and smelting and calendering up 3.5% , the three sectors combined accounted for about 0.81 percentage points of PPI growth. In addition, prices for gas production and supply rose 1.3 percent, while prices for Ferrous fell 8.9 percent. On a year-on-year basis, the PPI rose 13.5 per cent, an increase of 2.8 percentage points from the previous month. Of the total, Means of production rose 17.9 percent, or 3.7 percent, while the cost of living rose 0.6 percent, or 0.2 percent. Prices rose in 36 of the 40 industry groups surveyed, the same as last month. Among the major industries, the price of coal mining and coal washing increased by 103.7% and 28.8% respectively Oil and gas extraction; petroleum, coal, and other fuel processing industries; Ferrous and processing industries; chemical materials and chemical products manufacturing; Non-ferrous metal and processing industries; synthetic fiber manufacturing; and non-metallic mineral products industries increased by 12.0% — 59.7% , expanded by 3.2 — 16.1 percent. The eight sectors combined accounted for about 11.38 percentage points of PPI growth, more than 80 percent of the total. It is estimated that in October 13.5% of the year-on-year PPI increase, last year’s price changes of about 1.8 percentage points, the same as last month; the impact of the new price increase of about 11.7 percentage points, an increase of 2.8 percentage points from the previous month.
Post time: Nov-10-2021