According to the website of the National Bureau of Statistics, on the 9th, the National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for July 2024. Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, provided an interpretation on this matter. The month on month CPI has turned from a decrease to an increase, and the year-on-year growth rate has expanded. In July, consumer demand continued to recover, and coupled with the impact of hot and rainy weather in some areas, the national CPI has turned from a decrease to an increase, and the year-on-year growth rate has expanded. From a month on month perspective, CPI has shifted from a decrease of 0.2% last month to an increase of 0.5%, which is at a relatively high level compared to the same period in recent years. Among them, food prices have changed from a 0.6% decrease last month to a 1.2% increase, affecting a month on month increase of about 0.21 percentage points in CPI. In the food sector, due to the impact of high temperatures and rainfall in some areas, the prices of fresh vegetables and eggs increased by 9.3% and 4.4% respectively, resulting in a total increase of about 0.20 percentage points in CPI compared to the previous period, accounting for 40% of the total CPI increase; The effect of reducing pig production capacity is gradually becoming apparent, with pork prices rising by 2.0%, affecting a month on month increase of about 0.03 percentage points in CPI. The non food prices have shifted from a 0.2% decrease last month to a 0.4% increase, affecting a month on month increase of approximately 0.30 percentage points in CPI. Among non food items, there is a strong demand for summer travel, with airfare, tourism, and hotel accommodation prices rising by 22.1%, 9.4%, and 5.8% respectively, all of which are higher than the average level of the same period in the past decade. The total impact on the month on month increase in CPI is about 0.24 percentage points, accounting for nearly 50% of the total CPI increase; Affected by fluctuations in international gold and oil prices, domestic gold jewelry and gasoline prices have risen 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 have remained unchanged from a 2.1% decrease last month. In the food industry, pork prices have risen by 20.4%, an increase of 2.3 percentage points from the previous month; The prices of fresh vegetables and eggs have increased by 3.3% and 0.8% respectively from a decrease of 7.3% and 4.4% last month; The prices of fresh fruits, edible oil, beef, and mutton have decreased by 4.1% to 12.9%, with the decline narrowing. Non food prices rose by 0.7%, a decrease of 0.1 percentage points from the previous month, which affected the year-on-year increase of CPI by about 0.54 percentage points. In non food categories, service prices increased by 0.6%, but due to the higher base compared to the same period last year, the increase decreased by 0.1 percentage points. Among them, tourism and transportation rental prices increased by 3.1% and 0.8% respectively, while airfare and hotel accommodation prices decreased by 9.8% and 2.6% respectively. The prices of industrial consumer goods increased by 0.7%, but the increase decreased by 0.1 percentage points. Among them, the increase in gasoline prices fell to 5.3%, and the decrease in gasoline car prices expanded to 6.3%. According to calculations, in the 0.5% year-on-year change in CPI in July, the tail effect was about 0, compared to 0.2 percentage points last month; The new impact of price changes this year is about 0.5 percentage points, compared to zero last month. The core CPI, which excludes food and energy prices, increased by 0.3% month on month from a decrease of 0.1% last month, higher than the average level of the same period in the past decade; Affected by the higher base compared to the same period last year, the year-on-year increase was 0.4%, maintaining a moderate upward trend. The month on month and year-on-year decline in PPI remained the same as last month. In July, due to factors such as insufficient market demand and the decline in some international commodity prices, the month on month and year-on-year decline in PPI nationwide remained the same as last month. From a month on month perspective, PPI decreased by 0.2%, with the same decline as last month. Among them, the prices of production materials decreased by 0.3%, an increase of 0.1 percentage points compared to the previous month; The price of daily necessities decreased by 0.1% last month and remained stable. Affected by international input factors, domestic oil and gas extraction industry prices have risen by 3.0%; The prices of non-ferrous metal smelting and rolling processing industries decreased by 0.4%, with copper smelting prices decreasing by 1.6% and aluminum smelting prices decreasing by 0.2%. The overall demand for coal is stable, and the prices of coal mining and washing industries remain stable. The real estate market continues to adjust and the hot and rainy weather affects construction. The demand for building materials such as steel and cement in the market is still weak. The prices of black metal smelting and rolling processing industry and non-metallic mineral products industry have decreased by 1.7% and 0.6% respectively. In the equipment manufacturing industry, the manufacturing price of lithium-ion batteries decreased by 0.9%, the manufacturing price of computers decreased by 0.2%, and the manufacturing price of new energy vehicles decreased by 0.1%; The manufacturing price of gasoline and diesel vehicles has increased by 0.4%. In the consumer goods manufacturing industry, prices in the chemical fiber manufacturing industry, cultural, educational, artistic, sports and entertainment products manufacturing industry, and textile, clothing and apparel industry increased by 0.6%, 0.3%, and 0.1% respectively. From a year-on-year perspective, PPI decreased by 0.8%, the same decrease as last month. Among them, the prices of production materials decreased by 0.7%, a decrease of 0.1 percentage points narrower than the previous month; The price of daily necessities decreased by 1.0%, with the decline widening by 0.2 percentage points. Among the main industries, the prices of non-metallic mineral products decreased by 5.6%, the prices of black metal smelting and rolling processing industry decreased by 3.7%, the prices of electrical machinery and equipment manufacturing industry decreased by 2.8%, the prices of agricultural and sideline food processing industry decreased by 2.7%, the prices of computer communication and other electronic equipment manufacturing industry decreased by 2.6%, and the prices of automobile manufacturing industry decreased by 2.1%. The above six industries are the main factors affecting the year-on-year decline in PPI, with a total decrease of about 1.25 percentage points in PPI. The prices of coal mining and washing industry decreased by 1.6% last month to increase by 0.3%, while the prices of chemical raw materials and chemical products manufacturing industry decreased by 0.6% last month to increase by 0.3%; The prices of railway, shipbuilding, aerospace, and other transportation equipment manufacturing industries have increased by 0.5% from being flat last month; The prices of non-ferrous metal smelting and rolling processing industry increased by 10.6%, and the prices of oil and gas extraction industry increased by 6.7%, both of which fell back. According to calculations, in the year-on-year change of -0.8% in PPI in July, the tail effect was about 0.1 percentage points, compared to -0.1 percentage points last month; The new impact of price changes this year is about -0.9 percentage points, compared to -0.7 percentage points last month. (New Society)