National Bureau Of Statistics: The Year-On-Year Increase Of CPI Expanded In September, And The Year-On-Year Increase Of PPI Continued To Fall

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (producer price index) data for September 2022. In this regard, Dong Lijuan, chief statistician of the city Department of the National Bureau of statistics, made an interpretation.

1、 CPI rose slightly month on month, and the year-on-year increase was expanded

In September, all regions and departments continued to coordinate the prevention and control of health incidents and economic and social development, took various measures to ensure the supply and price of important livelihood commodities, and the consumer market was generally stable.

From the month on month, CPI fell 0.1% to rise 0.3%. Among them, food prices rose by 1.9%, 1.4 percentage points higher than that of the previous month, affecting the CPI rise by about 0.35%.

In food, due to the high temperature and less rain weather, the price of fresh vegetables rose by 6.8%, 4.8 percentage points higher than that of the previous month, affecting CPI to rise by about 0.14 percentage points, accounting for more than 40% of the total increase in CPI; Pork consumption demand rebounded seasonally, and some farmers were reluctant to sell under the bullish expectation, and the price continued to rise. However, under the action of measures such as the supply of reserved pork, the rising trend slowed down in the middle and late ten days, with an average increase of 5.4% in the whole month; Affected by the increase in consumer demand during the festival, the prices of shrimps and crabs and fresh fruits rose by 2.4% and 1.3% respectively.

Non food prices were flat from a 0.3% drop last month. Among non food products, the prices of industrial consumer goods fell from 0.7% in the previous month to flat. Affected by the downward trend of international oil prices, domestic gasoline and diesel prices fell by 1.2% and 1.3% respectively; In summer and autumn, clothing prices rose by 0.8%.

The service price decreased from flat last month to 0.1%, among which cross regional travel decreased due to the end of summer vacation and the spread of health events. The prices of air tickets, hotel accommodation and travel agency charges decreased by 9.9%, 2.9% and 1.3% respectively; Local and peripheral tourism increased, and the price of vehicle rental increased by 4.0%.

On a year-on-year basis, CPI rose by 2.8%, an increase of 0.3 percentage points over the previous month. Among them, food prices rose by 8.8%, an increase of 2.7 percentage points over the previous month, affecting the CPI rise of about 1.56%. In food, pork prices rose by 36.0%, 13.6 percentage points higher than the previous month; The prices of fresh fruits and vegetables rose by 17.8% and 12.1% respectively, while the prices of edible oil, poultry and food increased by 8.3%, 7.9% and 3.6% respectively, with the increase all expanding.

Non food prices rose by 1.5%, 0.2 percentage points lower than the previous month, affecting the CPI rise of about 1.21%. Among non food products, the price of industrial consumer goods increased by 2.6%, 0.4% lower than that of the previous month. The prices of gasoline, diesel and LPG rose by 19.2%, 21.0% and 16.6% respectively, and their increases all fell back; Service prices rose 0.5%, down 0.2 percentage points from the previous month.

It is estimated that among the 2.8% year-on-year increase of CPI in September, the tail effect of last year's price change was about 0.8%, and the impact of new price rise was about 2.0%. Excluding food and energy prices, the core CPI rose 0.6% year-on-year, down 0.2 percentage points from the previous month.

2、 PPI month on month decline narrowed, year-on-year growth continued to fall

In September, the prices of international crude oil and other bulk commodities continued to decline, and the demand of some domestic industries rebounded. The overall trend of industrial product prices declined, but the downward trend slowed down.

On a month on month basis, PPI fell by 0.1%, a decrease of 1.1 percentage points compared with the previous month. Among them, the price of means of production decreased by 0.2% and the decline rate narrowed by 1.4%; The price of means of living increased from 0.1% to 0.1%.

The decline in international crude oil prices has driven down the prices of domestic related industries. Among them, the prices of oil and natural gas extraction industry decreased by 3.8%, the prices of chemical raw materials and chemical products manufacturing industry decreased by 1.5%, the prices of chemical fiber manufacturing industry decreased by 0.4%, and the prices of petroleum coal and other fuel processing industries decreased by 0.1%.

With the gradual implementation of infrastructure investment projects, the demand for metals, cement and other related industries has rebounded, and the price drop has narrowed. The price of ferrous metal smelting and calendering and processing industry decreased by 1.7% and 2.4% respectively;

The price of nonferrous metal smelting and calendering industry decreased by 0.1% and the decline rate was narrowed by 1.9%; The price of non-metallic mineral products industry decreased by 0.4%, and the decline rate narrowed by 0.6%. The demand for coal storage increased, and the price of coal mining and washing industry increased from 4.3% to 0.5%.

In addition, the price of agricultural and sideline food processing industry increased from 0.2% to 0.8%; The price of electric power and heating power production and supply industry rose by 1.3%, and the increase was increased by 1.0 percentage points.

On a year-on-year basis, PPI rose by 0.9%, 1.4 percentage points lower than that of the previous month. Among them, the price of means of production rose by 0.6%, and the increase fell by 1.8%; The price of means of living rose by 1.8% and increased by 0.2%.

Among the 40 major industrial sectors, 30 saw price rise, 2 less than last month. Among the major industries, the price rise fell: oil, coal and other fuel processing industries rose by 17.2%, falling by 4.1 percentage points; The oil and gas exploitation industry rose by 31.1% and fell by 3.9%; Chemical raw materials and chemical products manufacturing industry rose 1.0%, down 3.5%. The price of coal mining and washing industry increased from 8.6% to 2.7%, and the non-metallic mineral products industry decreased from 1.4% to 1.8%.

The price decline was expanded by 18.0% in ferrous metal smelting and rolling processing industry, and 4.4% in non-ferrous metal smelting and rolling processing industry, with a decrease of 2.9% both. The price increase was expanded by 10.1% in the power and heat production and supply industry, and 7.4% in the agricultural and sideline food processing industry, both of which expanded by 0.9 percentage points.

It is estimated that among the 0.9% year-on-year increase of PPI in September, the tail effect of last year's price change was about 1.3%, and the impact of new price increase was about - 0.4%.