National Bureau of Statistics: In October, the year-on-year increase of CPI fell, and the year-on-year increase of PPI changed from a rise to a fall

　　China News Service, November 9th. The website of the National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for October 2022 on the 9th.

In this regard, Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interpreted it.

1. Both the month-on-month and year-on-year growth rates of

　　In October, due to factors such as the drop in consumer demand after the holiday and the higher comparison base in the same period last year, the increase in consumer prices declined.

　　From a month-on-month perspective, the CPI rose by 0.1%, a decrease of 0.2 percentage points from the previous month.

Among them, food prices rose by 0.1%, a decrease of 1.8 percentage points from the previous month, affecting the CPI rise of about 0.01 percentage points.

In food, a large number of fruits, vegetables and aquatic products are on the market. In addition, the consumer demand has dropped after the festival. The prices of fresh vegetables, fresh fruits and aquatic products have all changed from rising to falling, down 4.5%, 1.6% and 2.3% respectively. Affected by factors such as reluctance to sell on the fence and the peak season of pork consumption, pork prices rose by 9.4%, an increase of 4.0 percentage points from the previous month.

Non-food prices continued to be flat.

Among non-food items, the prices of industrial consumer goods continued to be flat.

Among them, the changes in international oil prices affected the domestic gasoline and diesel prices to drop by 1.2% and 1.3% respectively; the autumn and winter clothing was launched, and the clothing price increased by 0.3%.

Service prices were flat from a 0.1% drop in the previous month.

　　On a year-on-year basis, the CPI rose by 2.1%, a decrease of 0.7 percentage points from the previous month.

The year-on-year increase fell more, mainly due to the higher comparison base in the same period last year.

Among them, food prices rose by 7.0%, a decrease of 1.8 percentage points from the previous month, affecting the CPI increase of about 1.26 percentage points.

Among food, the price of fresh vegetables has changed from an increase of 12.1% in the previous month to a decrease of 8.1%; the price of fresh fruit has increased by 12.6%, and the increase has dropped by 5.2 percentage points from the previous month; the price of pork has increased by 51.8%, and the increase has increased by 15.8 percentage points from the previous month; Driven by rising prices, the prices of eggs and poultry meat rose by 12.7% and 8.3% respectively, with the increase both expanding.

Non-food prices rose by 1.1%, 0.4 percentage points lower than that of the previous month, affecting the CPI increase of about 0.88 percentage points.

Among non-food items, the prices of industrial consumer goods rose by 1.7%, a decrease of 0.9 percentage points from the previous month. Among them, the prices of gasoline, diesel and liquefied petroleum gas rose by 12.5%, 13.5% and 5.6% respectively, and the increase was much lower; the price of services rose by 0.4%. %, an increase of 0.1 percentage points lower than that of the previous month.

　　According to estimates, in the year-on-year increase of 2.1% in the CPI in October, the impact of last year's price changes was about 0.1 percentage points, and the impact of new price increases was about 2.0 percentage points.

The core CPI, which excludes food and energy prices, rose 0.6% year-on-year, the same increase as the previous month.

2.

　　In October, the demand of some industries increased, and the national PPI rose slightly month-on-month, but due to the high comparison base in the same period last year, the year-on-year increase turned to decrease.

　　From a month-on-month perspective, PPI increased by 0.2% from a decrease of 0.1% in the previous month.

The price of means of production changed from a decrease of 0.2% to an increase of 0.1%; the price of means of living rose by 0.5%, an increase of 0.4 percentage points.

Prices in oil-related industries continued to decline, with prices in oil and natural gas extraction down 2.2%, prices in chemical fiber manufacturing down 0.7%, and prices in petroleum, coal and other fuel processing industries down 0.6%.

The demand for coal storage in winter increased, and the price of coal mining and washing industry rose by 3.0%, an increase of 2.5 percentage points.

Affected by the increase in cement prices, the price of non-metallic mineral products changed from a decrease of 0.4% to an increase of 0.6%.

In addition, the price of ferrous metal smelting and rolling processing industry decreased by 0.4%, and the decline rate narrowed by 1.3 percentage points; the price of agricultural and sideline food processing industry increased by 1.4%, and the price of computer communication and other electronic equipment manufacturing industry increased by 0.9%, both of which increased.

　　From a year-on-year perspective, the PPI has changed from an increase of 0.9% in the previous month to a decrease of 1.3%, mainly due to the high comparison base in the same period last year.

The price of means of production changed from an increase of 0.6% to a decrease of 2.5%; the price of means of living rose by 2.2%, an increase of 0.4 percentage points.

Of the 40 major industrial sectors surveyed, 27 saw price increases, 3 less than last month.

Among the major industries, the price drop expanded: ferrous metal smelting and rolling processing industry fell by 21.1%, an increase of 3.1 percentage points; coal mining and washing industry fell by 16.5%, an increase of 13.8 percentage points; non-ferrous metal smelting and rolling processing industry fell by 7.8% %, an increase of 3.4 percentage points.

Prices changed from rising to falling: chemical raw materials and chemical products manufacturing changed from an increase of 1.0% to a decrease of 4.4%; chemical fiber manufacturing changed from an increase of 3.1% to a decrease of 1.1%.

The decline in price increases were as follows: the oil and natural gas extraction industry rose by 21.0%, down 10.1 percentage points; the petroleum, coal and other fuel processing industry rose by 8.6%, down 8.6 percentage points.

The agricultural and sideline food processing industry rose by 8.7%, an increase of 1.3 percentage points.

　　According to estimates, among the 1.3% year-on-year decline in PPI in October, the impact of last year's price changes was about -1.2 percentage points, and the impact of new price increases was about -0.1 percentage points.

(Zhongxin Finance)