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The National Bureau of Statistics today released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for July 2024. In this regard, Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted it.

1. CPI rose from a month-on-month decline, and the year-on-year growth rate expanded

In July, consumer demand continued to recover, and coupled with the impact of high temperature and rainfall in some areas, the national CPI turned from a decline to an increase on a month-on-month basis, and the year-on-year growth rate expanded.

From a month-on-month perspective, CPI rose 0.5% from a 0.2% drop last month, and the increase was at a relatively high level in recent years. Among them, food prices rose 1.2% from a 0.6% drop last month, affecting the CPI by about 0.21 percentage points month-on-month. Among food, affected by high temperature and rainfall in some areas, the prices of fresh vegetables and eggs rose by 9.3% and 4.4% respectively, which together affected the CPI by about 0.20 percentage points month-on-month, accounting for 40% of the total CPI increase; the effect of pig production capacity reduction gradually emerged, and pork prices rose by 2.0%, affecting the CPI by about 0.03 percentage points month-on-month. Non-food prices rose 0.4% from a 0.2% drop last month, affecting the CPI by about 0.30 percentage points month-on-month. Among non-food items, demand for summer travel was strong, with prices of air tickets, travel and hotel accommodation rising by 22.1%, 9.4% and 5.8% respectively, all of which were higher than the average level of the same period in the past decade. The combined impact of the CPI increase was about 0.24 percentage points month-on-month, accounting for nearly half of the total CPI increase. Affected by fluctuations in international gold and oil prices, domestic gold jewelry and gasoline prices rose by 1.6% and 1.5% respectively.

From a year-on-year perspective, CPI rose by 0.5%, an increase of 0.3 percentage points from the previous month. Among them, food prices remained unchanged from a decrease of 2.1% in the previous month. Among food, pork prices rose by 20.4%, an increase of 2.3 percentage points from the previous month; fresh vegetable and egg prices rose by 3.3% and 0.8% respectively from a decrease of 7.3% and 4.4% in the previous month; fresh fruit, cooking oil, beef and mutton prices fell by 4.1%-12.9%, and the declines were narrowed. Non-food prices rose by 0.7%, a decrease of 0.1 percentage point from the previous month, affecting the year-on-year increase of CPI by about 0.54 percentage points. Among non-food, service prices rose by 0.6%, and the increase fell by 0.1 percentage point due to the higher comparison base in the same period last year. Among them, the prices of travel and transportation rental fees rose by 3.1% and 0.8% respectively, and the prices of air tickets and hotel accommodation fell by 9.8% and 2.6% respectively. The price of industrial consumer goods rose by 0.7%, a decrease of 0.1 percentage point. Among them, the increase in gasoline prices fell back to 5.3%, and the decrease in the price of fuel-powered cars widened to 6.3%.