China News Service, March 9th. The National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for February 2023 on the 9th.
In this regard, Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted that the year-on-year increase in CPI fell back in February, and PPI continued to decline year-on-year.
Dong Lijuan said that in February, due to factors such as the decline in consumer demand after the festival and sufficient market supply, consumer prices fell from the previous month, and the year-on-year increase fell.
From a month-on-month perspective, the CPI turned from an increase of 0.8% in the previous month to a decrease of 0.5%.
Among them, food prices turned from a 2.8% increase in the previous month to a 2.0% decrease, which affected the CPI to drop by about 0.38 percentage points.
In terms of food, the consumer demand fell after the festival, coupled with the warmer weather and sufficient supply, the prices of most fresh and live foods fell. Among them, the prices of pork and fresh vegetables fell by 11.4% and 4.4% respectively, and the total impact on the CPI fell by about 0.28 percentage points. It accounted for more than 50% of the total decline in CPI; the prices of fresh fruits, eggs, aquatic products, beef, mutton, and poultry fell between 0.4% and 4.3%; the prices of food such as grain and edible oil were basically stable.
Non-food prices changed from a rise of 0.3% in the previous month to a fall of 0.2%, which affected the CPI to drop by about 0.13 percentage points.
Among non-food items, the prices of most services dropped seasonally after the festival, among which air tickets, transportation rental fees and tourism prices dropped by 12.0%, 9.5% and 6.5% respectively. Movie and performance tickets, hairdressing, household services, pet services, etc. Prices fell between 1.7% and 5.6%.
From a year-on-year perspective, the CPI rose by 1.0%, a drop of 1.1 percentage points from the previous month.
The year-on-year increase has fallen more, mainly due to the wrong month of the Spring Festival, and the comparison base in the same period last year was relatively high.
Among them, food prices rose by 2.6%, a drop of 3.6 percentage points from the previous month, which affected the increase of CPI by about 0.48 percentage points.
Among foodstuffs, the prices of potatoes, fresh fruits, eggs and poultry rose by 14.4%, 8.5%, 7.9% and 6.4% respectively, all of which were down from the previous month; the price of pork rose by 3.9%, a drop of 7.9 percentage points; The prices of fresh vegetables and edible oil rose by 2.7% and 6.4% respectively, and the growth rate was basically stable; the prices of fresh vegetables and aquatic products turned from rising to falling, with a decline of 3.8% and 1.5% respectively.
Non-food prices rose by 0.6%, a drop of 0.6 percentage points from the previous month, which affected the increase of CPI by about 0.50 percentage points.
Among non-food items, service prices rose by 0.6%, a decrease of 0.4 percentage points from the previous month, of which air ticket and travel prices increased by 19.9% and 3.0% respectively, and the increases were both lower; energy prices rose by 0.6%, and the increase rate decreased from the previous month 2.4 percentage points, of which gasoline and diesel prices rose by 0.4% and 0.3%, respectively, and the growth rate dropped by 5.1 and 5.6 percentage points respectively; the price of industrial consumer goods after deducting energy rose by 0.5%, and the growth rate was basically stable.
According to estimates, in the 1.0% year-on-year increase in CPI in February, the carry-over effect of price changes in the previous year was about 0.7 percentage points, and the impact of new price increases was about 0.3 percentage points.
The core CPI excluding food and energy prices rose by 0.6% year-on-year, a decrease of 0.4 percentage points from the previous month.
In terms of PPI, Dong Lijuan said that in February, the production recovery of industrial enterprises accelerated, market demand improved, and the PPI was flat month-on-month; affected by the high comparison base in the same period last year, it continued to decline year-on-year.
From a month-on-month perspective, PPI turned flat from a 0.4% drop last month.
Among them, the price of means of production changed from a decrease of 0.5% to an increase of 0.1%; the price of means of living decreased by 0.3%, the same as the previous month.
Imported factors pushed up the prices of domestic petroleum-related industries, among which the prices of oil and natural gas extraction industries rose by 1.7%, and the prices of petroleum, coal and other fuel processing industries rose by 0.6%.
The market expectations of metal-related industries are positive and demand has recovered. The prices of ferrous metal smelting and rolling processing industries rose by 1.7%, and the prices of non-ferrous metal smelting and rolling processing industries rose by 1.0%.
Coal production is stable, coupled with rising temperatures and reduced demand for heating coal, the price of coal mining and washing industries fell by 2.2%, an increase of 1.7 percentage points from the previous month.
In addition, the prices of computer communication and other electronic equipment manufacturing industries decreased by 1.1%, the prices of agricultural and sideline food processing industries decreased by 0.3%, and the prices of textile industries decreased by 0.3%, all of which narrowed down.
From a year-on-year perspective, PPI fell by 1.4%, and the rate of decline expanded by 0.6 percentage points from the previous month.
The increase in year-on-year decline was mainly due to the higher comparison base of industries such as petroleum in the same period of last year.
Among them, the price of means of production decreased by 2.0%, and the rate of decline expanded by 0.6 percentage points; the price of means of living increased by 1.1%, and the rate of increase dropped by 0.4 percentage points.
Among the 40 industrial sectors surveyed, 17 saw their prices drop, an increase of 2 over the previous month.
Among the main industries, the price decline expanded: the chemical raw material and chemical product manufacturing industry decreased by 6.0%, an increase of 0.9 percentage points; the non-ferrous metal smelting and rolling processing industry decreased by 5.3%, an increase of 0.9 percentage points.
The price decline narrowed: the ferrous metal smelting and rolling processing industry fell by 10.9%, narrowing by 0.8 percentage points; the non-metallic mineral products industry fell by 6.2%, narrowing by 0.3 percentage points.
Prices changed from rising to falling: the oil and natural gas exploration industry changed from a rise of 5.3% in the previous month to a fall of 3.0%; the manufacturing of computer communications and other electronic equipment turned from a rise of 0.4% in the previous month to a fall of 0.5%.
The price increase fell: the agricultural and sideline food processing industry rose 5.3%, down 0.5 percentage points; the oil, coal and other fuel processing industry rose 1.7%, down 4.5 percentage points.
In addition, the price of coal mining and washing industry rose by 0.5%, an increase of 0.1 percentage points.
According to estimates, in the 1.4% year-on-year decline in PPI in February, the carryover effect of the price change in the previous year was about -0.9 percentage points, and the effect of the new price increase was about -0.5 percentage points.
(China New Finance and Economics)