China News Service, March 9. According to the National Bureau of Statistics website, the National Bureau of Statistics released national CPI (Consumer Price Index) and PPI (Producer Price Index) data for February 2024 on the 9th.
Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, explained that the CPI increased year-on-year in February, while the PPI decreased year-on-year.
The month-on-month increase in CPI expanded, and the year-on-year increase turned from a decrease to an increase.
In February, the national CPI increased by 1.0% month-on-month, and the increase increased by 0.7 percentage points from the previous month; the year-on-year decrease turned from a 0.8% decrease in the previous month to an increase of 0.7%, indicating a significant rebound.
The core CPI, which excludes food and energy prices, rose 1.2% year-on-year, an increase of 0.8 percentage points from the previous month, the highest increase since February 2022.
From a month-on-month perspective, CPI increased by 1.0%, an increase of 0.7 percentage points from the previous month, mainly due to a large increase in food and service prices.
Among them, food prices increased by 3.3%, an increase of 2.9 percentage points from the previous month, affecting the CPI increase by about 0.59 percentage points.
In food, consumer demand increased during the Spring Festival, and rain and snow weather affected supply in some areas. The prices of fresh vegetables, pork, aquatic products and fresh fruits rose by 12.7%, 7.2%, 6.2% and 4.3% respectively, which collectively affected the CPI increase by about 0.58 percentage points. .
Non-food prices increased by 0.5%, an increase of 0.3 percentage points from the previous month, affecting the CPI increase by about 0.44 percentage points.
Among non-food items, the demand for travel and entertainment consumption increased significantly during the Spring Festival. The prices of air tickets, transportation rental fees, travel, movie and performance tickets increased between 12.5% and 23.0%. The total impact on the CPI increased by about 0.30 percentage points; affected by international Affected by the rise in oil prices, domestic gasoline prices increased by 2.0% from a decrease of 1.0% in the previous month, affecting the CPI to increase by approximately 0.07 percentage points.
From a year-on-year perspective, CPI increased by 0.7% from a decrease of 0.8% in the previous month.
The large year-on-year rebound was not only affected by the month-on-month price increase this month, but also the impact of the Spring Festival in the wrong month.
Among them, food prices fell by 0.9%, 5.0 percentage points narrower than the previous month, affecting the CPI to fall by about 0.17 percentage points.
Among foods, the price of pork turned up for the first time after nine consecutive months of decline, rising by 0.2%; the prices of fresh vegetables and aquatic products turned from falling 12.7% and 3.4% in the previous month to rising by 2.9% and 4.1% respectively; potatoes, eggs, Prices of edible oil, beef, mutton and fresh fruits fell between 4.1% and 12.2%.
Non-food prices increased by 1.1%, an increase of 0.7 percentage points from the previous month, affecting the CPI to rise by about 0.89 percentage points. This was mainly due to the larger price increase of services, especially travel services.
Among non-food items, service prices increased by 1.9%, an increase of 1.4 percentage points, affecting the CPI to rise by about 0.76 percentage points. Among them, the prices of travel, air tickets and transportation rental fees increased by 23.1%, 20.8% and 17.4% respectively.
According to calculations, in the 0.7% year-on-year change in CPI in February, the tailing impact was about -0.6 percentage points, and the new impact of this year's price changes was about 1.3 percentage points.
The month-on-month decrease in PPI was the same as last month, and the year-on-year decrease slightly expanded.
In February, affected by the Spring Festival holiday and other factors, industrial production was in the traditional off-season. The national PPI fell by 0.2% month-on-month, the same decline as the previous month; it fell 2.7% year-on-year, and the decline slightly expanded.
From a month-on-month perspective, PPI fell by 0.2%, the same decline as last month.
Among them, the price of means of production fell by 0.3%, a decline that expanded by 0.1 percentage points from the previous month; the price of means of living fell by 0.1%, a decline that narrowed by 0.1 percentage points.
The rise in international crude oil prices has driven up prices in domestic petroleum-related industries, with prices in the oil and natural gas mining industry rising by 2.5% and prices in the petroleum, coal and other fuel processing industry rising by 0.2%.
Improved market demand drove prices in the nonferrous metal smelting and rolling processing industry up 0.2%.
The temperature in the north is relatively high, the demand for heating coal is reduced, and the demand for non-electricity coal is seasonally weak. The price of coal mining and washing industry prices fell by 0.7%.
Affected by factors such as the suspension of real estate and infrastructure projects during the Spring Festival holiday, demand in industries such as steel and cement decreased. The prices of ferrous metal smelting and rolling processing industries and cement manufacturing fell by 0.4% and 1.4% respectively.
In addition, prices for lithium-ion battery manufacturing, new energy vehicle manufacturing, computer communications and other electronic equipment manufacturing fell by 0.5%, 0.4% and 0.1% respectively.
From a year-on-year perspective, PPI fell by 2.7%, an increase of 0.2 percentage points from the previous month.
Among them, the price of means of production fell by 3.4%, the decline expanded by 0.4 percentage points; the price of living materials fell by 0.9%, the decline narrowed by 0.2 percentage points.
Among the major industries, prices in the manufacturing industry of chemical raw materials and chemical products fell by 6.6%, prices in the ferrous metal smelting and rolling processing industry fell by 4.9%, prices in the petroleum, coal and other fuel processing industry fell by 4.8%, and prices in the electrical machinery and equipment manufacturing industry fell by 4.5%. , the declines in the above four industries all expanded compared with the previous month, and the total impact on the PPI fell by approximately 1.17 percentage points year-on-year, and the downward effect on the PPI increased by 0.19 percentage points from the previous month; the coal mining and washing industry prices fell by 14.7%, and the price of non-metallic mineral products fell by 14.7%. Prices in the computer, communication and other electronic equipment manufacturing industries fell by 7.7%, and prices in the computer communications and other electronic equipment manufacturing industries fell by 2.1%, which together affected the PPI to fall by approximately 0.92 percentage points year-on-year.
Prices in the non-ferrous metal smelting and rolling processing industry decreased by 0.2% from an increase of 0.6% in the previous month.
Prices in the oil and natural gas extraction industry increased by 4.2%, an increase of 0.8 percentage points.
According to calculations, in the -2.7% year-on-year change in PPI in February, the tail-over impact was approximately -2.3 percentage points, and the new impact of this year's price changes was approximately -0.4 percentage points.