According to the data released by the National Bureau of statistics on the 11th, due to the rise of vegetable prices and oil prices, CPI rose by 1.5% year-on-year in March, an increase of 0.6 percentage points over the previous month; Affected by the high base, the PPI rose 8.3% year-on-year in March, and the increase fell somewhat. However, due to the continuous rise of international commodity prices, the prices of relevant industries continued to rise, and the PPI rose 1.1% month on month. The scissors gap between PPI and CPI narrowed to 6.8%, reflecting the acceleration of price transmission from upstream to downstream. At present, "stabilizing prices" has become one of the core words to keep the economy running within a reasonable range. The Symposium of experts and entrepreneurs on the economic situation held recently stressed that "to stabilize prices, we must grasp the key points such as grain production, energy supply and smooth logistics". Recently, relevant departments and local industries have made a "combined fist" around stabilizing prices. The industry expects that with the implementation of more measures one after another, the positive effect of stabilizing prices is expected to be gradually released. The difference between PPI and CPI scissors narrowed According to the data of the National Bureau of statistics, the CPI increased by 1.5% year-on-year in March, an increase of 0.6 percentage points over the previous month. Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, said that in food, the price of pork decreased by 41.4%; The price of fresh vegetables increased by 17.2% from a decrease of 0.1% last month. Among non food products, the prices of gasoline, diesel and liquefied petroleum gas increased by 24.6%, 26.9% and 27.1% respectively. It is estimated that in the year-on-year increase of 1.5% in March, the tail warping impact of last year's price change is about 0.4 percentage points, and the impact of the new price rise is about 1.1 percentage points. In March, PPI rose 8.3% year-on-year and 1.1% month on month. Dong Lijuan said: "the year-on-year decline in PPI growth is mainly due to the high base in the same period last year." Among the 40 industrial categories surveyed, 37 have experienced price increases. Among them, the coal mining and washing industry increased by 53.9%, with an increase of 8.5 percentage points; The oil and gas exploitation industry rose 47.4%, expanding by 5.5 percentage points; The oil, coal and other fuel processing industry rose 32.8%, expanding by 2.6 percentage points. For the reasons for the month on month rise of PPI, Dong Lijuan said that geopolitical and other factors promote the continuous rise of international commodity prices, driving the prices of domestic oil, non-ferrous metals and other related industries to continue to rise. Among them, the price of oil and natural gas exploitation industry increased by 14.1%, and the price of oil, coal and other fuel processing industry increased by 7.9%. Sun Chuanwang, Professor of China energy economy research center of Xiamen University, told the economic reference daily that overall, China's inflation level is controllable and the price trend remains in a stable range. However, the recent domestic epidemic has repeatedly superimposed the rise in international commodity prices, and the year-on-year increase in CPI has expanded; The transmission effect of factors such as the rise of international commodity prices such as crude oil was enhanced, and the year-on-year increase of PPI remained at a high level. Wen bin, chief researcher of Minsheng Bank, believes that the year-on-year rise of CPI and the month on month rise of PPI accelerated in March, which reflects that the continuous rise of global inflation has increased the input inflation pressure on China. The scissors difference between the year-on-year increase of PPI and CPI fell to 6.8 percentage points, reflecting the acceleration of price transmission from upstream to downstream. Stabilize prices and play a "combined fist" The Symposium of economic situation experts and entrepreneurs held a few days ago stressed that "maintaining economic operation within a reasonable range is mainly to stabilize employment and prices". The symposium also proposed that "to stabilize prices, we must grasp the key points such as food production, energy supply and smooth logistics", and deploy a number of measures to ensure the supply and price stability of agricultural products, especially special varieties, further release advanced coal production capacity, and ensure the orderly operation of backbone networks such as transportation trunk lines and ports. Focusing on key areas, relevant departments have also taken comprehensive measures to stabilize prices recently. —— Ensure the supply and stable price of agricultural materials. During the critical period of spring farming preparation, the prices of chemical fertilizers, seeds and pesticides generally rose due to the epidemic and the recent international situation. Taking chemical fertilizer as an example, according to the data monitoring of China Agricultural Materials Circulation Association, the wholesale price of compound fertilizer in China rose 920.76 points year-on-year on April 4, up 37.81%, directly pushing up the planting cost of farmers. Recently, 11 departments including the national development and Reform Commission proposed to ensure the stable operation of fertilizer supply and market by strengthening domestic fertilizer production and supply capacity. At the same time, the national reserve of chemical fertilizers has been put into operation one after another to alleviate some of the shortage. It is reported that in late March, the first batch of more than 3 million tons of spring ploughing fertilizer reserves in 2022 has been put on the market, and a large number of reserve chemical fertilizers will be put on the market in succession. —— We will make every effort to ensure energy supply. The guidance on energy work in 2022 recently issued by the national energy administration puts "enhancing supply guarantee capacity" in the first place, and defines specific indicators such as total energy production, crude oil production and natural gas production. The inter ministerial coordination mechanism for coal, electricity, oil and gas transportation support has held special meetings for many times to study the extension of supply guarantee policies around the work of stabilizing and increasing coal production. At the same time, it has further combed the coal mines with production increase potential and explored the introduction of new policies and measures to increase production and ensure supply. —— Ensure smooth logistics. On the 11 day, the State Council should make full use of New Coronavirus's infectious disease prevention and control mechanism to make full use of traffic and transportation channels. Effectively guarantee the passage of key materials and postal express; Make full use of Railways and waterways to transport bulk materials; Efforts should be made to relieve difficulties and maintain the stability of the industry. On the 7th, the Ministry of transport held a meeting on the working mechanism of logistics support coordination, requiring the immediate deployment and implementation of practical and effective measures for the outstanding problems existing in the current freight logistics. The policy effect will be gradually released The industry expects that in the next step, more effective measures will be taken to stabilize prices, and the relevant policy effects will be gradually released. Liu Xiangdong, deputy director of the Economic Research Department of the China Center for international economic exchanges, believes that the importance of stabilizing prices in stabilizing the economy is prominent, and more detailed measures are expected to be implemented to deal with the supply impact caused by the epidemic and geographical conflicts. Among them, efforts will be made to ensure the supply and price stability of agricultural materials products, especially special varieties, ensure the supply security of energy, grain and other important materials, and alleviate the rising pressure of materials, energy and labor costs. Sun Chuanwang believes that in the face of imported inflation pressure, relevant arrangements for price stabilization policies should be made in the short term. First, timely introduce market expected stabilization measures in key areas such as grain production and energy supply; Second, increase the reserves of primary products such as agricultural products and crude oil to ensure the safe and stable supply of food and energy; Third, implement the supporting policies of tax reduction and fee reduction and financial support as soon as possible to alleviate the pressure on production investment caused by the rise of raw material prices; Fourth, pay close attention to the changes in the external market environment and inflation situation, and study and formulate corresponding plans to prevent price risks. "In the long run, we should speed up price reform in key areas such as energy and give full play to the important role of market mechanism in resource allocation." Sun Chuanwang said. Looking forward to the price trend in the next stage, the industry generally believes that the year-on-year increase of CPI may be moderate upward. With the continuous efforts of measures to ensure supply and stabilize prices, PPI is expected to gradually fall. Wang Qing, chief Macro Analyst of Dongfang Jincheng, said that in the next step, with the increase of collection and storage, the pork price has basically stabilized at the bottom. In addition, with the downward base of the previous year, the year-on-year decline in pork price will be further narrowed. In addition, with the accelerated release of domestic steel and coal production capacity, the price pressure of upstream raw materials will continue to ease in the future. (Xinhua News Agency)