Domestic Prices Maintain Stable Operation - Perspective on Q1 CPI and PPI Data
2023-04-12
Since the beginning of this year, prices in China have remained stable. The National Bureau of Statistics released data on the 11th that in the first quarter, the national consumer price index index (CPI) rose by 1.3% on average compared with the same period last year, and the national producer price index (PPI) fell by 1.6% on the same period last year, continuing to become an important "stabilizer" of global prices. CPI operation within a reasonable range to stabilize prices is an important task for economic work this year. This year's Report on the Work of the Government set the annual consumer price index increase at about 3%. The latest data shows that in the first quarter, CPI continued to operate within a reasonable range, with monthly growth below the expected target of around 3%. Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, said that in January, affected by factors such as the Spring Festival effect and the optimization and adjustment of epidemic prevention and control policies, CPI rose 2.1% year on year, 0.3 percentage points higher than that of last month; In February, due to factors such as the decline in consumer demand after the holiday and sufficient market supply, the year-on-year increase in CPI decreased by 1.1 percentage points compared to the previous month; In March, production and living continued to recover, and the consumer market had sufficient supply. The CPI increased by 0.7% year-on-year, a decrease of 0.3 percentage points compared to the previous month. In China's CPI basket of goods, food accounts for a relatively high proportion. Since the beginning of this year, the increase in food prices has continued to decline, from a year-on-year increase of 6.2% in January to a 2.4% increase in March. From a month on month perspective, food prices have shifted from a 2.8% increase in January to a 1.4% decrease in March. Dong Lijuan analyzed that in March, due to the relatively abundant inventory and the decline in consumer demand, pork prices decreased by 4.2% month on month; Fresh vegetable prices decreased by 7.2% month on month, an increase of 2.8 percentage points compared to the previous month. Vegetable production is greatly affected by meteorological conditions. In March, there was sufficient sunlight and a rise in temperature, which was conducive to improving the growth rate of vegetables, causing an increase in some vegetable yields and a decrease in prices. In addition, due to the 'late spring cold' weather in the production area, the vegetable launch period was postponed, and prices of lettuce, cauliflower and other varieties fluctuated frequently. "said Zhang Jing, Chief Vegetable Analyst of the Agricultural Products Market Analysis and Warning Team of the Ministry of Agriculture and Rural Affairs. The increase in non food prices has eased. In March, non food prices increased by 0.3% year-on-year, a decrease of 0.3 percentage points compared to the previous month. In non food products, service prices increased by 0.8% year-on-year, an increase of 0.2 percentage points compared to the previous month; The price of industrial consumer goods has decreased by 0.8% from a 0.5% increase last month. Since the beginning of this year, the year-on-year increase in China's core CPI has been fluctuating in the range of about 1%, indicating that the prices of industrial consumer goods and services in China have remained stable, "said Wang Likun, an associate researcher at the Market Economy Research Institute of the Development Research Center of the State Council. The sustained decline in PPI growth is influenced by factors such as a relatively high base compared to the same period last year, and the overall price of industrial products in China continues to decline. In the first quarter, PPI decreased by 1.6% year-on-year, with a decrease of 2.5% in March, an increase of 1.1 percentage points compared to the previous month. From a month on month perspective, in January, due to factors such as fluctuations in international crude oil prices and a decline in domestic coal prices, the PPI decreased by 0.4% month on month; February, work
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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