China News Service, Beijing, January 12 (Reporter Wang Enbo) The National Bureau of Statistics of China announced on the 12th that in December 2021, China's consumer price index (CPI) rose by 1.5% year-on-year, a decrease of 0.8 percentage points from the previous month.
For the whole year of 2021, China's CPI will increase by 0.9% over the previous year.
The analysis pointed out that the decline in CPI growth in December was mainly due to the change of food prices from rising to falling.
In the month, food prices turned from an increase of 1.6% in the previous month to a decrease of 1.2% year-on-year, which affected the CPI to drop by about 0.22 percentage points.
Non-food prices rose by 2.1%, 0.4 percentage points lower than the previous month, affecting the CPI increase of about 1.69 percentage points.
Wen Bin, chief researcher of China Minsheng Bank, told reporters that among the projects that have a greater impact on the CPI, the price of pork fell by 36.7% year-on-year due to the accelerated release of live pigs to increase supply and the weakening of demand for cured bacon. ; The price of fresh vegetables fell due to the increase in the listing volume, and the year-on-year increase was significantly narrowed, from a 30.6% increase in the previous month to 10.6%.
Among the non-food items, the prices of industrial consumer goods rose by 2.9% year-on-year, and the growth rate dropped by 1.0 percentage points. Among them, the prices of gasoline and diesel rose by 23.0% and 25.4% respectively, both of which were much lower than the previous month. same.
The core CPI, which excludes food and energy prices, rose 1.2% year-on-year, the same increase as the previous month.
From a month-on-month perspective, the CPI in December changed from an increase of 0.4% in the previous month to a decrease of 0.3%.
Among them, food prices changed from an increase of 2.4% in the previous month to a decrease of 0.6%, affecting the CPI to drop by about 0.10 percentage points.
Among food, the price of fresh vegetables dropped from a high level, from a month-on-month increase of 6.8% to a decrease of 8.3%; the increase in pork prices also dropped by 11.8 percentage points from the previous month.
The price of non-food items decreased by 0.2% from the same level in the previous month, which caused the CPI to drop by about 0.17 percentage points.
Wen Bin pointed out that from the perspective of price transmission, the upward momentum of upstream raw material prices has weakened, food prices have fallen, and non-food prices have maintained moderate increases.
In the next stage, global inflation is expected to fall, but uncertainty remains.
China's overall inflation is expected to remain moderate, with limited constraints on monetary policy.