China News Service, August 15. The State Council Information Office held a press conference on the operation of the national economy in July on the 15th.
Fu Linghui, spokesperson of the National Bureau of Statistics and director of the National Economic Comprehensive Statistics Department, said at the meeting that the increase in consumer prices in July expanded, which aroused everyone's attention.
From the perspective of July, mainly due to the expansion of food prices, the consumer price rose by 2.7% year-on-year, an increase of 0.2 percentage points from the previous month.
According to Fu Linghui, it mainly presents the following characteristics:
First, food prices rose rapidly.
Food prices rose by 6.3% year-on-year in July, an increase of 3.4 percentage points from the previous month, which was the main factor driving the rise in the CPI.
Among them, due to the reduction of the production capacity of live pigs in the early stage, the reluctance of farmers to sell and the recovery of consumer demand, the price of pork increased by 20.2% year-on-year and decreased by 6% last month.
Affected by the continuous high temperature in many places, the price of fresh vegetables rose by 12.9% year-on-year, which was significantly higher than the same period in previous years.
Second, the rise in energy prices fell.
Affected by changes in international crude oil prices, gasoline and diesel prices in July rose by 24.6% and 26.7% year-on-year, respectively, a drop of 8.8 and 9.6 percentage points from the previous month.
Third, the price increases of industrial consumer goods and services excluding energy have both declined.
The supply of domestic industrial consumer goods and services is generally abundant, the market demand is still recovering, and the related price increases have declined.
In July, the prices of industrial consumer goods excluding energy increased by 0.6% year-on-year, a decrease of 0.1 percentage points from the previous month; the prices of services increased by 0.7%, a decrease of 0.3 percentage points from the previous month.
Fu Linghui said that from the perspective of the next stage, although there is a certain upward pressure, there are still many favorable conditions for the price to remain generally stable.
First, the domestic market supply capacity is generally sufficient.
Agricultural production has had bumper harvests for many years in a row, and this year's summer grain production has also increased, laying a good foundation for the stable and increased grain production throughout the year.
The output of major industrial consumer goods ranks among the top in the world, the supply of services continues to expand, and the relative price increases are relatively mild.
Second, pork prices do not have the conditions for a sharp rise.
Although the price of pork has risen rapidly recently, the production capacity of live pigs is generally at a reasonable level at present. In addition, the market regulation and guidance are strengthened, which is conducive to stabilizing the relationship between supply and demand. It is unlikely that the price of pork will rise sharply.
Third, international imported factors are expected to decrease.
As the global economic recovery slows down, major economies tighten monetary policies, and the rise in international bulk commodity prices has declined, the impact on domestic imports may be reduced. The rapid growth is conducive to stabilizing the prices of related products.
Judging from the PPI situation in July, the increase of PPI in July was 4.2%, down 1.9 percentage points from the previous month, so the transmission effect on the CPI may be reduced.
It should also be noted that my country's economy as a whole is in the process of recovery, and market demand is not strong in driving prices to rise. In addition, my country has not adopted a "flooding" fiscal and monetary policy, and there is no corresponding monetary condition for a sharp rise in prices.
From the perspective of the second half of the year, although affected by short-term factors, the consumer price increase in individual months may be higher, but from the perspective of the whole year, it is conditional for the consumer price to remain at a reasonable level.
(Zhongxin Finance)
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