National Bureau of Statistics: CPI increased by 0.1% year-on-year in April, while PPI decreased by 3.6% year-on-year
2023-05-11
According to the data released by the National Bureau of Statistics on the 11th, in April 2023, the national consumer price index (CPI) rose 0.1% year on year and fell 0.1% month on month; The national industrial producer price index (PPI) decreased by 3.6% year-on-year and 0.5% month on month. Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, said that in April, the market supply was generally sufficient, and consumer demand gradually recovered. The core CPI, excluding food and energy prices, was 0.1% higher month on month, up 0.7% year on year, the same increase as last month. From a month on month perspective, the CPI decreased by 0.1%, which is 0.2 percentage points narrower than the previous month. Among them, food prices decreased by 1.0%, a decrease of 0.4 percentage points compared to the previous month, affecting a decrease of approximately 0.19 percentage points in CPI. In food, fresh vegetables and fruits are widely available, with prices decreasing by 6.1% and 0.7% respectively; The production capacity of live pigs is sufficient, combined with the impact of the off-season consumption, resulting in a 3.8% decrease in pork prices, which is 0.4 percentage points narrower than last month; The prices of grain and edible oil are basically stable. Non food prices have increased by 0.1% from last month's level, affecting a CPI increase of approximately 0.04 percentage points. During non food holidays, the demand for travel has increased, with rental fees for transportation, air tickets, hotel accommodation, and tourism prices all rising, ranging from 4.6% to 8.1%; Affected by fluctuations in international crude oil prices, both domestic gasoline and diesel prices have decreased by 1.7%; Merchants have reduced prices for promotions, with prices for fuel powered cars, new energy cars, and household appliances decreasing by 1.0%, 0.9%, and 0.6%, respectively. From a year-on-year perspective, CPI increased by 0.1%, with a decrease of 0.6 percentage points compared to the previous month. The year-on-year increase has decreased significantly, mainly due to the relatively high base compared to the same period last year. Among them, food prices increased by 0.4%, a decrease of 2.0 percentage points compared to the previous month, affecting the CPI increase by about 0.07 percentage points. In terms of food, the prices of poultry, fresh fruits, edible oil, and pork have increased by 6.7%, 5.3%, 4.8%, and 4.0% respectively, all of which have declined; Fresh vegetable prices have decreased by 13.5%, with a decrease of 2.4 percentage points. Non food prices increased by 0.1%, with a decrease of 0.2 percentage points, affecting a CPI increase of approximately 0.07 percentage points. Among non food items, service prices have increased by 1.0%, with an increase of 0.2 percentage points. Among them, travel services have recovered well, with price increases for air tickets, hotel accommodation, tourism, and transportation rental fees ranging from 7.2% to 28.7%; The price of industrial consumer goods decreased by 1.5%, with an increase of 0.7 percentage points. This is mainly due to the significant decline in energy prices, with gasoline and diesel prices decreasing by 10.6% and 11.5% respectively, with a decrease of 4.0 and 4.2 percentage points respectively. According to calculations, among the 0.1% year-on-year increase in CPI in April, the trailing effect of price changes from the previous year was about 0.3 percentage points, a decrease of 0.4 percentage points compared to the previous month; The impact of the new price increase is about -0.2 percentage points, compared to 0 last month. The year-on-year decrease in PPI has expanded, according to Dong Lijuan's analysis. In April, it was affected by international commodities
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