China News Service, Beijing, August 10 (Reporter Wang Enbo) The National Bureau of Statistics of China released data on the 10th. In July, China's Consumer Price Index (CPI) rose by 2.7% year-on-year, an increase of 0.2% from the previous month. From January to July, China’s CPI rose 3.7% over the same period last year.
From a structural point of view, the increase in food prices is the main factor leading to the year-on-year increase in CPI this month. According to Dong Lijuan, senior statistician of the City Department of the National Bureau of Statistics, in July, food prices rose by 13.2%, an increase of 2.1 percentage points, affecting the CPI increase by about 2.68 percentage points; non-food prices changed from 0.3% last month to the same.
Wen Bin, chief researcher of China Minsheng Bank, analyzed that the increase in food prices that month was mainly due to unfavorable weather, torrential rains and floods, resulting in reduced supply, and blocked transportation, and structural increases in food prices in some regions and parts. Among them, the increase in pork prices is still the main factor driving the increase in food, an increase of 85.7% year-on-year, an increase of 4.1 percentage points from the previous month.
In July, the core CPI, excluding food and energy prices, rose 0.5% year-on-year, and the increase was 0.4 percentage points lower than the previous month. According to estimates, of the 2.7% year-on-year increase in July, the carryover impact of last year's price changes was about 2.9 percentage points, and the impact of the new price increase was about -0.2 percentage points.
Judging from the month-on-month data that better reflects the recent price changes, in July, the CPI changed from a 0.1% decline in the previous month to an increase of 0.6%. Among them, food prices rose by 2.8%, an increase of 2.6 percentage points from the previous month, affecting the CPI increase by about 0.62 percentage points; non-food prices fell from 0.1% last month to the same level.
In food, with the gradual recovery of catering services, the demand for pork consumption continues to increase, and floods in many places have a certain impact on the transportation of pigs. The supply is still tight. The price of pork rose by 10.3%, an increase of 6.7 percentage points from the previous month; The price of fresh vegetables rose by 6.3% due to adverse weather, an increase of 3.5%.
On the whole, Wen Bin pointed out that although the year-on-year increase of China's CPI this month has slightly exceeded expectations, it is mainly affected by food prices and carryover factors, and inflation is generally controllable. With the acceleration of economic and social recovery and the implementation of various measures to ensure supply and price stabilization, market supply and demand are expected to maintain a balance, and the price level will remain generally stable amid structural fluctuations. (Finish)