July CPI and PPI data released →
2024-08-09
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
The National Bureau of Statistics today (9th) released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for July 2024.
In July, the national consumer price index rose by 0.5% year-on-year. Among them, the urban price rose by 0.5%, and the rural price rose by 0.7%; food prices remained unchanged, non-food prices rose by 0.7%; consumer goods prices rose by 0.5%, and service prices rose by 0.6%. On average from January to July, the national consumer price index rose by 0.2% year-on-year.
In July, the national consumer price index rose by 0.5% month-on-month, of which the urban price index rose by 0.6% and the rural price index rose by 0.4%; the food price rose by 1.2% and the non-food price rose by 0.4%; the consumer goods price rose by 0.4% and the service price rose by 0.6%.
In July, the national industrial producer prices fell by 0.8% year-on-year and 0.2% month-on-month, the same as the previous month; the industrial producer purchase prices fell by 0.1% year-on-year and month-on-month. On average from January to July, the industrial producer prices fell by 2.0% year-on-year, and the industrial producer purchase prices fell by 2.2%.
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%.
According to estimates, in the 0.5% year-on-year change in CPI in July, the tail effect was about 0, which was 0.2 percentage points last month; the new impact of price changes this year was about 0.5 percentage points, which was 0 last month. The core CPI, excluding food and energy prices, turned from a decrease of 0.1% last month to an increase of 0.3%, which was higher than the average level of the same period in the past decade; affected by the higher comparison base of the same period last year, it increased by 0.4% year-on-year, maintaining a moderate increase.
2. PPI's month-on-month and year-on-year declines were the same as last month
In July, affected by factors such as insufficient market demand and the downward trend in prices of some international bulk commodities, the national PPI fell by the same rate both month-on-month and year-on-year as the previous month.
From a month-on-month perspective, PPI fell by 0.2%, the same as last month. Among them, the price of means of production fell by 0.3%, an increase of 0.1 percentage point from last month; the price of consumer goods remained unchanged from a decrease of 0.1% last month. Affected by international imported factors, the price of domestic oil and natural gas extraction industry rose by 3.0%; the price of non-ferrous metal smelting and rolling processing industry fell by 0.4%, of which the price of copper smelting fell by 1.6% and the price of aluminum smelting fell by 0.2%. Coal demand was generally stable, and the price of coal mining and washing industry remained unchanged. The real estate market continued to adjust and the high temperature and rainy weather affected construction. The market demand for building materials such as steel and cement remained weak. The prices of ferrous metal smelting and rolling processing industry and non-metallic mineral products industry fell by 1.7% and 0.6% respectively. In the equipment manufacturing industry, the price of lithium-ion battery manufacturing fell by 0.9%, the price of computer manufacturing fell by 0.2%, and the price of new energy vehicle manufacturing fell by 0.1%; the price of gasoline and diesel vehicle manufacturing rose by 0.4%. In the consumer goods manufacturing industry, prices of chemical fiber manufacturing, cultural, educational, arts, sports and entertainment products manufacturing, and textile, clothing and apparel industry rose by 0.6%, 0.3% and 0.1% respectively.
From a year-on-year perspective, PPI fell by 0.8%, the same as last month. Among them, the price of means of production fell by 0.7%, a decrease of 0.1 percentage point narrower than last month; the price of consumer goods fell by 1.0%, a decrease of 0.2 percentage point wider. Among the major industries, the price of non-metallic mineral products industry fell by 5.6%, the price of ferrous metal smelting and rolling processing industry fell by 3.7%, the price of electrical machinery and equipment manufacturing industry fell by 2.8%, the price of agricultural and sideline food processing industry fell by 2.7%, the price of computer communications and other electronic equipment manufacturing industry fell by 2.6%, and the price of automobile manufacturing industry fell by 2.1%. The above six industries are the main factors affecting the year-on-year decline of PPI, pulling down PPI by about 1.25 percentage points in total. Prices in the coal mining and washing industry turned from a decrease of 1.6% in the previous month to an increase of 0.3%; prices in the chemical raw materials and chemical products manufacturing industry turned from a decrease of 0.6% in the previous month to an increase of 0.3%; prices in the railway, ship, aerospace and other transportation equipment manufacturing industry turned from remaining flat in the previous month to an increase of 0.5%; prices in the non-ferrous metal smelting and rolling processing industry increased by 10.6%, and prices in the oil and natural gas extraction industry increased by 6.7%, and the increases all declined.
It is estimated that in the -0.8% year-on-year change in PPI in July, the lag effect was about 0.1 percentage point, compared with -0.1 percentage point in the previous month; the new impact of price changes this year was about -0.9 percentage point, compared with -0.7 percentage point in the previous month.
Reprinted from/National Bureau of Statistics website
Source: Economic Daily
