China News Service, Beijing, January 11 (Reporter Wang Enbo) The National Bureau of Statistics of China announced on the 11th that in 2020, China's consumer price (CPI) will increase by 2.5% over the previous year, which is 0.4% less than in 2019.

　　In the 2020 government work report, the official target for annual consumer price increases is set at "about 3.5%."

The picture shows Chongqing citizens shopping in the Guanyinqiao business district on January 11.

Photo by China News Agency reporter Chen Chao

　　Dong Lijuan, a senior statistician in the City Department of the National Bureau of Statistics, said that in December last year, the consumer demand of Chinese residents continued to grow. At the same time, affected by special weather and rising costs, the CPI turned from a drop to a rise.

　　From a year-on-year perspective, the CPI went from a 0.5% decline last month to an increase of 0.2%.

Among them, food prices changed from a 2.0% drop last month to an increase of 1.2%, which affected the CPI increase by about 0.26 percentage points.

Non-food prices fell from 0.1% last month to flat.

　　In food, the prices of beef and mutton both increased by 4.6%, and the growth rate was expanded; the price of pork fell by 1.3%, and the rate of decline narrowed by 11.2 percentage points; the prices of eggs, chicken, and duck fell by 11.9%, 13.5%, and 9.2%, respectively, with both declines. There is narrowing.

　　In December, the core CPI, excluding food and energy prices, rose 0.4% year-on-year, and the increase was 0.1 percentage point lower than the previous month.

　　From a month-on-month perspective, the CPI went from a 0.6% decline last month to an increase of 0.7%.

Among them, food prices changed from a 2.4% drop last month to an increase of 2.8%, which affected the CPI increase by about 0.62 percentage points.

In food, due to the continuous low temperature weather, the production, storage and transportation costs of fresh vegetables and fruits have increased, with prices rising by 8.5% and 3.5% respectively. With the arrival of New Year’s Day and the Spring Festival, consumer demand increases seasonally, while the cost of feed has increased. Prices changed from a 6.5% drop last month to a 6.5% increase.

　　Among non-food products, due to fluctuations in international crude oil prices, the prices of gasoline, diesel and LPG rose by 5.2%, 5.8%, and 3.0%, respectively, affecting the CPI increase by approximately 0.10 percentage points.

　　According to the analysis of the Zhixin Investment Research Institute, China's CPI in 2020 was once high year-on-year, mainly due to the rapid increase in pork prices last year, but the lack of demand caused by the impact of the epidemic is still reflected.

In 2021, pork prices will fall year-on-year under the dual effects of supply recovery and the base effect, which will have a long-term negative pull on overall prices, and consumer prices will achieve structural adjustments in the new balance of supply and demand.

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