China News Service, June 10, according to the website of the National Bureau of Statistics, the National Bureau of Statistics today released data on the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) for May 2020. In this regard, Dong Lijuan, senior statistician of the City Department of the National Bureau of Statistics, explained that the year-on-year increase in CPI continued to decline in May 2020, and the decrease in PPI was narrowed.
On May 12, a supermarket in Taiyuan City, Shanxi Province, consumers are buying pork. China News Service reporter Zhang Yunshe
The CPI continued to decline month-on-month, and the year-on-year increase fell further
In May, the domestic epidemic situation was generally stable, the resumption of production and production, and the resumption of business in an orderly manner, and the market supply and demand situation further improved. From a quarter-on-quarter perspective, CPI continued to decline by 0.8%, a decrease of 0.1 percentage point from the previous month. Among them, food prices fell by 3.5%, the decline increased by 0.5 percentage points, affecting the decline of CPI by about 0.78 percentage points, which is the main factor driving the decline of CPI. Among foods, fresh produce from various regions went on the market in large quantities, prices continued to decline by 12.5%, and the decline increased by 4.5 percentage points; hog production capacity was further restored, pork supply continued to increase, and temperatures increased, consumption entered the off-season, prices continued to decline by 8.1%, and the decline increased 0.5 percentage points; the supply of eggs and fresh fruit is sufficient, and prices continue to fall by 4.8% and 0.8%, respectively; when the fishing season is approaching, the supply of aquatic products decreases, and the price has changed from a decrease of 0.1% last month to an increase of 1.3%. Non-food prices turned flat from a decrease of 0.2% last month. Among the non-food products, the new summer clothing was launched, and the clothing price rose by 0.2%. The price of liquefied petroleum gas dropped by 1.9% due to the continued decline in crude oil prices.
From a year-on-year perspective, CPI rose 2.4%, a decrease of 0.9 percentage points from the previous month. Among them, food prices rose by 10.6%, the rate of increase fell by 4.2 percentage points, affecting the CPI rose by about 2.15 percentage points. Among foods, pork prices rose by 81.7%, with a decrease of 15.2 percentage points; beef, lamb, chicken, and duck prices rose by 4.4% to 19.4%, all of which have declined; the prices of fresh fruit, eggs, and fresh vegetables decreased by 19.3% and 14.5, respectively. % And 8.5%, the decline has expanded. Non-food prices rose by 0.4%, the same rate as last month, affecting CPI rose by about 0.29 percentage points. Among non-food items, the prices of education, culture, entertainment, and healthcare increased by 2.2% and 2.1%, respectively, and the prices of transportation, communications, housing, and clothing dropped by 5.1%, 0.5%, and 0.4%, respectively. The core CPI after deducting food and energy prices rose 1.1% year-on-year, the same rate as last month. According to estimates, of the 2.4% year-on-year increase in May, the tailing effect of price changes last year was about 3.2 percentage points, and the effect of new price increases was about -0.8 percentage points. From January to May, the average CPI rose by 4.1% over the same period last year.
PPI's month-on-month decline narrowed and continued to decline year-on-year
In May, industrial production further recovered and market demand improved. From a quarter-on-quarter perspective, PPI fell by 0.4%, a decrease of 0.9 percentage points from the previous month. Among them, the prices of means of production fell by 0.5%, narrowing by 1.3 percentage points; the prices of means of living fell by 0.3%, and the decline increased by 0.2 percentage points. Judging from the 40 major industrial categories surveyed, there were 20 prices that decreased by 10, 10 prices that increased by 2 and 10 that were flat, which increased by 8. Affected by changes in international crude oil prices, the decline in product prices in petroleum-related industries has narrowed. Among them, the price of the oil and gas extraction industry fell by 9.1%, narrowing by 26.6 percentage points; the price of oil, coal and other fuel processing industries fell by 4.0%, narrowing by 5.0 percentage points; the price of chemical raw materials and chemical products manufacturing industry fell by 1.2%, closing 1.8% narrower. The total impact of the above three industries on PPI fell by about 0.24 percentage points, a decrease of 0.52 percentage points from the previous month. The prices of non-ferrous metal smelting and rolling processing industries increased from falling to rising by 1.6%. Prices of ferrous metal smelting and rolling processing industries have turned from falling to flat. In addition, the price of coal mining and washing industry decreased by 2.9%, an increase of 0.6 percentage points.
From a year-on-year perspective, affected by a slightly higher comparison base last year, PPI fell by 3.7%, an increase of 0.6 percentage points from the previous month. Among them, the prices of means of production fell by 5.1%, an increase of 0.6 percentage points; the prices of means of living rose by 0.5%, an increase of 0.4 percentage points. The price drop in major industries has expanded. Among them, the prices of the oil and gas extraction industry fell by 57.6%, an increase of 6.2 percentage points; the prices of petroleum, coal and other fuel processing industries fell by 24.4%, an increase of 4.6 percentage points; the prices of the manufacturing of chemical raw materials and chemical products fell by 9.2%, an increase of 0.9% Percentage points; coal mining and washing industry prices fell 8.8%, an increase of 3.4 percentage points; ferrous metal smelting and rolling processing industry prices fell 8.0%, an increase of 0.7 percentage points. In addition, non-ferrous metal smelting and rolling processing industry prices fell by 4.4%, the decline narrowed by 1.6 percentage points. According to estimates, in the 3.7% year-on-year decline in May, the impact of price changes last year was about -0.5 percentage points, and the impact of new price increases was about -3.2 percentage points. From January to May, the average PPI fell by 1.7% over the same period last year.