Prices continue to operate within a reasonable range
2022-11-11
According to the data released by the National Bureau of Statistics on November 9, the national consumer price index (CPI) rose 2.1% year on year and 0.1% month on month in October; The national producer price index (PPI) fell 1.3% year on year and rose 0.2% month on month. China's prices continue to operate within a reasonable range. In October, the year-on-year and month on month growth of CPI fell back. On a year-on-year basis, the increase dropped 0.7 percentage points to 2.1% compared with the previous month. Dong Lijuan, the chief statistician of the Urban Department of the National Bureau of Statistics, said that the year-on-year growth rate fell back a lot, mainly due to the higher base of comparison in the same period last year. Among them, food prices rose by 7%, 1.8 percentage points lower than that of the previous month, affecting CPI growth by about 1.26 percentage points. It is estimated that in the year-on-year increase of CPI in October, the tail raising impact of last year's price change was about 0.1 percentage points, and the impact of new price increases was about 2 percentage points. On a month on month basis, CPI rose 0.1% in October, 0.2 percentage points lower than the previous month. Among them, due to factors such as the production cycle of live pigs, short term hold down on sales and peak season of pork consumption, the price of pork rose by 9.4%, 4 percentage points higher than that of last month. "The operation center of CPI has significantly increased, but the year-on-year increase has not yet broken through 3% in stages, and the data shows that it has peaked. The structural inflation pressure is still within the controllable range, which has not constrained the monetary policy in the next stage." Pang Ming, chief economist and director of research department of Jones Lang LaSalle Greater China, said. Zhou Maohua, a macro researcher in the financial market department of Everbright Bank, analyzed that despite the tight balance of the pig market, extreme climate and seasonal factors that affect the prices of fruits and vegetables, the overall domestic demand is weak, the pig supply gap is not large, the measures to ensure supply and stabilize prices continue to work, the supply of industrial products is sufficient, the price of energy commodities falls back, and domestic prices are expected to remain moderate. In October, the year-on-year growth rate of PPI changed from 0.9% in the previous month to 1.3%, the first time in the year that it turned negative. Dong Lijuan said that this was mainly affected by the relatively high comparison base in the same period last year. Guo Liyan, director of the Comprehensive Situation Research Office of the Chinese Academy of Macroeconomics, analyzed that the prices of coal, iron ore mining, steel, copper and aluminum smelting, calendering and processing and other industries fell significantly compared with the same period last year, which affected the PPI by about 3 percent in total; The prices of oil and gas exploration and processing, gas production and supply and other industries still rose significantly year on year, affecting the rise of PPI by about 1.5 percentage points in total. On a month on month basis, demand in some industries increased in October, and PPI increased 0.2% from a decrease of 0.1% last month. Zhou Maohua believes that the year-on-year decline of PPI will affect the overall profit performance of the industrial sector. However, in the current environment, the year-on-year decline of PPI will help improve the profit structure of upstream and downstream industries, ease the production costs of some midstream and downstream manufacturing industries, and thus improve profits, which will stimulate the vitality of micro entities and benefit employment and consumption. However, compared with normal years, the price of raw materials is still high, and some manufacturing enterprises are still facing considerable cost pressure. "On the whole, since this year, China's efforts to ensure supply and stable prices of important commodities for people's livelihood and energy have continued to show results,
Edit：Yi Bin Responsible editor：Li Bin Wei
Source：Economic Daily
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Economy
Recommended Reading Change it 
Home
