China's overall price level stabilizes, rebounds, and the consumer market continues to recover
2023-09-11
According to data released by the National Bureau of Statistics on September 9th, the National Consumer Price Index (CPI) increased by 0.1% year-on-year and 0.3% month on month in August. The national industrial producer price index (PPI) decreased by 3.0% year-on-year and increased by 0.2% month on month. Dong Lijuan, Chief Statistician of the City Department of the National Bureau of Statistics, analyzed that in August, the consumer market continued to recover, and the supply and demand relationship continued to improve. The month on month increase in CPI slightly expanded, turning from a decrease to an increase year-on-year. Affected by factors such as improving demand for some industrial products and rising international crude oil prices, PPI has shifted from a decrease to an increase on a month on month basis, and the year-on-year decrease has narrowed. Experts say that driven by the steady recovery of domestic demand, prices are expected to steadily rebound and continue to maintain stable operation. From a year-on-year perspective, consumer demand has rebounded, and in August, the CPI decreased by 0.3% from the previous month to an increase of 0.1%. Among them, food prices decreased by 1.7%, the same decrease as last month, affecting a decrease of approximately 0.31 percentage points in CPI; Non food prices have increased by 0.5% from last month's level, affecting a CPI increase of approximately 0.41 percentage points. The positive year-on-year growth rate of CPI in August confirms that under a series of countercyclical policies, residential demand has rebounded, "said Wen Bin, Chief Economist of Minsheng Bank. From a month on month perspective, the CPI rose by 0.3% in August, an increase of 0.1 percentage points compared to the previous month. Dong Lijuan stated that due to factors such as extreme weather in some regions affecting transportation, farmers being reluctant to sell and central reserve pork storage supporting market confidence, pork prices have increased by 11.4% from last month's level; The supply of fresh fruits is sufficient, and the price has decreased by 4.4%, which is 0.7 percentage points narrower than last month. The rebound in pork prices has driven food prices back up month on month, "Wen Bin analyzed. In addition, driven by the rise in international oil prices, China's refined oil prices have seen five consecutive increases since the end of June, with two increases in August, driving up energy prices. According to the National Bureau of Statistics, in August, the core CPI, excluding food and energy prices, increased by 0.8% year-on-year, and the increase remained stable. Pang Ming, Chief Economist and Research Director of Jones Lang LaSalle in Greater China, stated that the year-on-year increase in core CPI has remained stable, indicating that consumer demand is continuously recovering and steadily rebounding. However, due to the unstable growth momentum of some consumer categories, market consumer confidence still needs to be further boosted. Macro policies should still focus on expanding domestic demand, boosting confidence, and preventing risks in the future. The year-on-year decrease in PPI narrowed. "In August, due to factors such as improved demand for some industrial products and rising international crude oil prices, PPI shifted from a decrease to an increase, and the year-on-year decrease narrowed," said Dong Lijuan. From a month on month perspective, the PPI in August decreased by 0.2% from the previous month to an increase of 0.2%. Among them, the price of means of production decreased by 0.4% last month and increased by 0.3%; The price of means of living increased by 0.1%, a decrease of 0.2 percentage points from the previous month. From a year-on-year perspective, the PPI in August decreased by 3.0%, which is 1.4 percentage points narrower than the previous month. Among them, the price of means of production decreased by 3.7%, with a decrease of 1.8 percentage points; The price of means of living decreased by 0.2%, with a decrease of 0.2 percentage points. Statistics display, main lines
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Securities Daily
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