Zhongxin Finance, April 11. On the 11th, the National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for March 2022.

Dong Lijuan, a senior statistician at the City Department of the National Bureau of Statistics, said that in March, due to factors such as the spread of the epidemic in China and the rise in international commodity prices, the CPI was flat month-on-month, and the year-on-year increase expanded.

CPI was flat month-on-month, but year-on-year growth expanded

　　From a month-on-month perspective, the CPI turned flat from an increase of 0.6% in the previous month.

Among them, food prices changed from an increase of 1.4% in the previous month to a decrease of 1.2%, affecting the CPI to drop by about 0.22 percentage points.

In food, due to factors such as the fall in consumer demand and sufficient supply after the festival, the price of pork fell by 9.3%, and the price of chicken, duck, beef, mutton, aquatic products and fresh fruit fell by 1.0%-2.3%; Due to the rising prices of corn and soybeans and the impact of the domestic epidemic, the prices of flour, edible vegetable oil, fresh vegetables and eggs rose by 1.7%, 0.6%, 0.4% and 0.3% respectively.

Non-food prices went up by 0.3%, a decrease of 0.1 percentage points from the previous month, and affected the CPI increase by about 0.25 percentage points.

Among non-food items, the prices of industrial consumer goods rose by 1.1%, an increase of 0.3 percentage points from the previous month, mainly driven by the rise in energy prices.

Among industrial consumer goods, the prices of gasoline, diesel and liquefied petroleum gas rose by 7.2%, 7.8% and 6.9% respectively, affecting the CPI rise by about 0.29 percentage points; the prices of industrial consumer goods excluding energy rose by 0.3%.

Service prices fell 0.2% from unchanged in the previous month.

Among them, the post-holiday demand fell and the impact of the epidemic was added. Air tickets, movie and performance tickets, transportation rental fees and travel prices fell by 10.0%, 7.6%, 3.5% and 2.6% respectively.

　　On a year-on-year basis, the CPI rose by 1.5 percent, an increase of 0.6 percentage points from the previous month.

Among them, food prices fell by 1.5%, a decrease of 2.4 percentage points from the previous month, affecting the CPI drop of about 0.28 percentage points.

Among food, the price of pork dropped by 41.4%, 1.1 percentage points narrower than the previous month; the price of fresh vegetables changed from a decrease of 0.1% in the previous month to an increase of 17.2%; the prices of edible vegetable oil, fresh fruit and aquatic products increased by 6.1%, 4.3% and 4.3% respectively. 4.2%, and the increase all fell; the price of flour increased by 4.6%, and the increase increased by 1.9 percentage points.

Non-food prices rose by 2.2%, an increase of 0.1 percentage points from the previous month, affecting the CPI rise of about 1.77 percentage points.

Among non-food items, the prices of industrial consumer goods rose by 3.5 percent, an increase of 0.4 percentage points from the previous month.

Among them, the prices of gasoline, diesel and liquefied petroleum gas rose by 24.6%, 26.9% and 27.1% respectively, and the increase was expanded; the prices of industrial consumer goods excluding energy increased by 0.7%.

The price of services increased by 1.1%, a decrease of 0.1 percentage points from the previous month.

Among them, the price of air tickets changed from an increase of 18.0% in the previous month to a decrease of 0.2%; the prices of scenic spots tickets and out-of-home accommodation increased by 0.7% and 0.6% respectively, and the increases both fell.

　　According to estimates, among the 1.5% year-on-year increase in March, the impact of last year's price changes was about 0.4 percentage points, and the impact of new price increases was about 1.1 percentage points.

The core CPI, which excludes food and energy prices, continued to hold steady, rising 1.1% year-on-year in March, the same increase as in February.

PPI rose month-on-month, and the year-on-year increase continued to fall

　　In March, affected by factors such as rising international commodity prices, the PPI rose month-on-month, and the year-on-year increase continued to fall.

　　From a month-on-month perspective, the PPI increased by 1.1%, an increase of 0.6 percentage points from the previous month.

Among them, the prices of means of production rose by 1.4%, an increase of 0.7 percentage points; the prices of means of living rose by 0.2%, an increase of 0.1 percentage points.

Geopolitical and other factors have pushed the international commodity prices to continue to rise, driving the prices of domestic oil, non-ferrous metals and other related industries to continue to rise.

Among them, the price of oil and natural gas extraction industry increased by 14.1%, the price of petroleum coal and other fuel processing industry increased by 7.9%, the price of chemical fiber manufacturing industry increased by 2.0%, and the price of chemical raw material and chemical products manufacturing industry increased by 1.8%; non-ferrous metal smelting and rolling increase Industrial prices rose 2.7%.

The above industries together affected the PPI increase by about 0.77 percentage points, accounting for 70% of the total increase.

Coal and steel prices have risen.

Coal mining and washing industry prices rose 2.5%, ferrous metal smelting and rolling industry prices rose 1.4%.

In addition, the price of gas production and supply industry increased by 3.7%, the price of agricultural and sideline food processing industry increased by 1.2%; the price of textile, clothing and apparel industry decreased by 0.3%.

　　On a year-on-year basis, the PPI increased by 8.3%, a decrease of 0.5 percentage points from the previous month, mainly due to the high base in the same period last year.

Among them, the prices of means of production rose by 10.7%, and the increase fell by 0.7 percentage points; the prices of means of living rose by 0.9%, the same increase as the previous month.

Among the 40 major industrial sectors surveyed, 37 saw price increases, an increase of 1 from the previous month.

Among the major industries, the price increases fell: non-ferrous metal smelting and rolling processing industry rose 18.3%, down 2.1 percentage points; chemical raw materials and chemical product manufacturing rose 15.7%, down 4.0 percentage points; ferrous metal smelting and rolling processing industry rose 9.4%, down 3.5 percentage points; chemical fiber manufacturing increased by 4.5%, down 6.9 percentage points.

The price increases expanded: the coal mining and washing industry increased by 53.9%, an increase of 8.5 percentage points; the oil and natural gas extraction industry increased by 47.4%, an increase of 5.5 percentage points; the petroleum coal and other fuel processing industry increased by 32.8%, an increase of 2.6 percentage points ; Electricity and heat production and supply industry rose by 8.7%, an increase of 0.2 percentage points.

　　According to estimates, among the 8.3% year-on-year increase in PPI in March, the impact of last year's price changes was about 6.8 percentage points, and the impact of new price increases was about 1.5 percentage points.

(Finish)