China News Agency, Beijing, December 15 (Reporter Wang Enbo) In response to the year-on-year decline in China’s Consumer Price Index (CPI) in November, Fu Linghui, spokesperson for the National Bureau of Statistics of China, said in Beijing on the 15th that as economic operations gradually resumed Normally, consumer price increases will return to a reasonable level.

  The State Council Information Office held a press conference on the operation of the national economy in November on the same day, Fu Linghui said at the meeting.

  Since the beginning of this year, the overall increase in consumer prices in China has been high and then low. In November, the CPI fell by 0.5% year-on-year.

The last year-on-year decline in this data dates back to 2009, when it was mainly caused by the impact of the international financial crisis.

  Fu Linghui analyzed that from a structural point of view, the year-on-year decline in CPI in November was mainly due to the decline in food prices.

Food prices in November changed from a 2.2% increase in the previous month to a decrease of 2% year-on-year, which affected the CPI drop by about 0.44 percentage points that month.

Among them, the price of pork is the most important factor. The price of pork fell by 12.5% ​​year-on-year, which affected the CPI drop of about 0.6%.

  There are two main reasons for the decline in pork prices: on the one hand, due to the recovery of live pig production this year, the increase in production capacity and the increase in supply; on the other hand, the base figure in the same period last year was relatively high.

  Fu Linghui introduced that in November, the core CPI excluding food and energy rose by 0.5% year-on-year, and remained stable at this level for five consecutive months, indicating that the price situation in the consumer sector has remained basically stable except for energy and food prices.

In terms of service prices, in November, service prices rose 0.3% year-on-year, and remained at this level for two consecutive months.

The above data reflects that the price situation in the consumer sector has not changed significantly.

  He further pointed out that there are still many favorable conditions for the stable operation of consumer prices in China in the future.

From the perspective of market demand, both investment demand and consumer demand are expanding.

In terms of market expectations, in November's manufacturing PMI, the ex-factory price index was in the boom range, which was an increase from the previous month, indicating that the market's price expectations are still optimistic.

  In addition, China has achieved a bumper harvest this year, stabilizing at more than 1.3 trillion catties for six consecutive years. Together with the recovery of live pig production capacity, pork prices have also fallen, which has played an important role in overall price stability.

The timely implementation of measures to ensure supply and stabilize prices in various places is also conducive to price stability.

(Finish)