China News Service, Beijing, November 10 (Reporter Wang Enbo) The National Bureau of Statistics of China announced on the 10th that in October, China's consumer price index (CPI) rose 0.5% year-on-year, a sharp drop of 1.2 percentage points from the previous month.
Among them, pork prices fell for the first time after rising for 19 consecutive months.
Dong Lijuan, a senior statistician in the City Department of the National Bureau of Statistics, said that the year-on-year increase in CPI in this period has fallen more, mainly due to the higher comparison base in the same period last year, the reduction of tail-lifting factors and the impact of pork prices from rising to falling.
Among them, food prices rose by 2.2%, a decline of 5.7 percentage points from the previous month, affecting the increase in CPI by about 0.49 percentage points; non-food prices remained flat.
In food, the prices of fresh vegetables, beef and mutton increased by 16.7%, 7.0% and 3.6%, respectively, and the increase rate dropped by 0.5, 2.0 and 1.8 percentage points respectively. Pork prices fell for the first time after 19 consecutive months of rising, down 2.8%; eggs The prices of chicken and duck meat fell by 18.3%, 13.2% and 6.5%, respectively, and the rate of decline expanded by 0.6, 4.1 and 1.8 percentage points respectively.
Wen Bin, chief researcher of China Minsheng Bank, analyzed that in the same period last year, the base of food prices gradually increased, coupled with the recent balance of supply and demand, which pushed food prices to fall significantly year-on-year.
After 19 months of continuous year-on-year increases in pork prices, the first year-on-year decline occurred, mainly due to the continuous recovery of live pig production capacity and improved pork supply.
According to estimates, of the 0.5% year-on-year increase in October, the carry-over impact of last year's price changes was about 0.4%, down 0.8% from the previous month, and the impact of the new price increase was about 0.1%.
From a month-on-month perspective, the CPI fell 0.3% in October.
Among them, food prices changed from a 0.4% increase last month to a decrease of 1.8%, affecting the CPI drop by about 0.41 percentage points; non-food prices rose by 0.1%, a decrease of 0.1 percentage points from the previous month, affecting the CPI increase by about 0.08 percentage points.
In food, pork prices fell by 7.0%, an increase of 5.4% from the previous month.
Looking forward to the subsequent price trends, Wen Bin believes that, on the whole, the CPI has increased by 3% year-on-year in the first 10 months, which has fallen back to the 3.5% annual control target.
In the next stage, as the CPI base continues to rise in the same period last year, and the supply of pork and other foods continues to be repaired, supply and demand are expected to remain balanced, and the CPI center will continue to fall.
(Finish)