The National Bureau of Statistics (NBS) today released national CPI (consumer price index) and PPI (producer price index) data for January 2023. In this regard, the National Bureau of Statistics city Division chief statistician Dong Lijuan to understand.
1. CPI has risen
In January, consumer prices rose due to the Spring Festival effect and the optimization and adjustment of epidemic prevention and control policies.
On a month-on-month basis, CPI rose 0.8 per cent from flat the previous month. Among them, food prices rose 2.8 percent, 2.3 percentage points higher than the previous month, affecting the CPI growth of about 0.52 percentage points. Among food products, prices of fresh vegetables, fresh bacteria, fresh fruits, potatoes and aquatic products rose 19.6 percent, 13.8 percent, 9.2 percent, 6.4 percent and 5.5 percent, respectively, larger than the previous month, due to seasonal factors such as the Spring Festival. As the supply of hogs continued to increase, pork prices dropped 10.8 percent, 2.1 percentage points more than the previous month. Non-food prices rose 0.3 percent from a 0.2 percent decline in the previous month, contributing about 0.25 percentage points to the CPI increase. In terms of non-food products, with the optimization and adjustment of epidemic prevention and control policies, the demand for travel and entertainment increased significantly, and the prices of air tickets, transportation rental fees, movie and performance tickets, and tourism increased by 20.3%, 13.0%, 10.7%, and 9.3%, respectively. Affected by the return of migrant workers to their hometowns before the holiday and the increased demand for services, the prices of housekeeping services, pet services, vehicle repair and maintenance, hairdressing and other services all went up by 3.8% to 5.6%. Affected by fluctuations in international oil prices, domestic gasoline and diesel prices dropped by 2.4 percent and 2.6 percent, respectively.
On a year-on-year basis, the CPI rose 2.1 percent, 0.3 percentage points higher than the previous month. Among them, food prices rose by 6.2%, 1.4 percentage points higher than the previous month, affecting the CPI increase by 1.13 percentage points. Among food products, the prices of fresh bacteria, fresh fruits and vegetables rose 15.9 percent, 13.1 percent and 6.7 percent, respectively. Pork prices rose 11.8%, 10.4 percentage points lower than the previous month. Prices of eggs, poultry meat and aquatic products rose by 8.6%, 8.0% and 4.8%, respectively. Grain and edible oil prices rose 2.7% and 6.5%, respectively. Non-food prices rose 1.2 percent, 0.1 percentage points higher than the previous month, contributing about 0.98 percentage points to the CPI increase. Among non-food products, service prices rose 1.0 percent, 0.4 percentage points higher than the previous month. Energy prices rose by 3.0%, 2.2 percentage points lower than the previous month, with gasoline, diesel and liquefied petroleum gas prices rising by 5.5%, 5.9% and 4.9%, respectively, all slowing down.
The carry-over effect of last year’s price changes was estimated at about 1.3 percentage points of January’s 2.1 per cent year-on-year CPI increase, while the impact of new price increases was estimated at about 0.8 percentage points. Excluding food and energy prices, the core CPI rose 1.0 percent year on year, 0.3 percentage points higher than the previous month.
2. PPI continued to decline
In January, the prices of industrial products continued to fall as a whole, influenced by fluctuating international crude oil prices and falling domestic coal prices.
On a month-on-month basis, the PPI fell 0.4 per cent, 0.1 percentage points narrower than the previous month. The price of means of production decreased by 0.5%, or 0.1 percentage points. The price of means of living fell 0.3 percent, or 0.1 percentage point more. Imported factors affected the downward price of domestic petroleum-related industries, with the price of oil and natural gas mining down 5.5%, the price of oil, coal and other fuel processing down 3.2%, and the price of chemical raw materials and chemical products manufacturing down 1.3%. Coal supply continued to gain strength, with prices of coal mining and washing industries dropping 0.5% from 0.8% in the previous month. The steel market is expected to improve, ferrous metal smelting and rolling processing industry prices rose 1.5%, up 1.1 percentage points. In addition, the prices of agricultural and sideline food processing industry fell by 1.4 percent, the prices of computer communication and other electronic equipment manufacturing decreased by 1.2 percent, and the prices of textile industry decreased by 0.7 percent. Non-ferrous metal smelting and calender processing industry prices remained flat.
On a year-on-year basis, PPI fell 0.8 per cent, 0.1 percentage point faster than the previous month. The price of means of production fell 1.4 percent, the same as the previous month. The price of means of living rose 1.5 percent, down 0.3 percentage points. Prices fell in 15 of the 40 industrial sectors surveyed, the same as last month. Among the major industries, the price of ferrous metal smelting and rolling processing industry decreased by 11.7 percent, or 3.0 percentage points. Chemical materials and chemicals manufacturing prices fell 5.1 per cent, the same rate of decline as the previous month. The prices of non-ferrous metal smelting and calendering industries fell by 4.4%, or 0.8 percentage points more; Prices of the textile industry decreased by 3.0 per cent, or 0.9 percentage points. In addition, the price of oil, coal and other fuel processing industry rose by 6.2%, or 3.9 percentage points lower. The price of oil and natural gas extraction rose 5.3%, or 9.1 percentage points lower. Coal mining and washing prices rose 0.4 percent from a 2.7 percent decline in the previous month.
The carry-over effect of last year’s price changes and the impact of new price increases are estimated to be about -0.4 percentage points of January’s 0.8 per cent year-on-year fall in PPI.
Post time: Feb-10-2023