National Bureau Of Statistics: CPI Was Flat On A Month On Month Basis In March, With A Year-On-Year Increase Expanding

The National Bureau of statistics released today the national CPI and PPI data for March 2022. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation.

1 CPI Month on month was flat, and the year-on-year increase was expanded

In March, CPI remained flat on a month on month basis, with an increase in year-on-year growth due to factors such as domestic public health events and rising international commodity prices.

From the month on month, CPI rose 0.6% to flat. Among them, the food price increased from 1.4% in the previous month to a decrease of 1.2%, which affected the CPI decrease by about 0.22%. In food, the price of pork decreased by 9.3%, and the price of chicken, duck, beef, mutton, aquatic products and fresh fruit dropped by 1.0% - 2.3% due to the fall of consumer demand and sufficient supply after the festival; Affected by the international price rise of wheat, corn and soybean and domestic public health events, the prices of flour, edible vegetable oil, fresh vegetables and eggs rose by 1.7%, 0.6%, 0.4% and 0.3% respectively. Non food prices rose 0.3%, down 0.1% from the previous month, affecting the CPI rise of about 0.25%. Among non food products, the price of industrial consumer goods rose by 1.1%, 0.3% higher than that of the previous month, mainly driven by the rise in energy prices. Among industrial consumer goods, the prices of gasoline, diesel and LPG rose by 7.2%, 7.8% and 6.9% respectively, which affected the CPI rise by about 0.29%; Excluding energy, the price of industrial consumer goods rose by 0.3%. The service price fell by 0.2% from flat last month. Among them, the drop in demand after the festival, combined with the impact of public health events, reduced air tickets, performance tickets, transport rental fees and tourism prices by 10.0%, 7.6%, 3.5% and 2.6% respectively.

On a year-on-year basis, CPI rose by 1.5%, an increase of 0.6 percentage points over the previous month. Among them, food prices fell by 1.5%, 2.4 percentage points narrower than that of the previous month, and the CPI fell by about 0.28%. In food, pork price decreased by 41.4%, 1.1 percentage points lower than that of the previous month; The price of fresh vegetables increased from 0.1% to 17.2%; The prices of edible vegetable oil, fresh fruit and aquatic products rose by 6.1%, 4.3% and 4.2% respectively, and their increases all fell back; Flour prices rose by 4.6%, an increase of 1.9 percentage points. Non food prices rose by 2.2%, an increase of 0.1 percentage points over the previous month, affecting the CPI rise of about 1.77%. Among non food products, the price of industrial consumer goods rose by 3.5%, 0.4 percentage points higher than that of the previous month. Among them, the prices of gasoline, diesel and LPG rose by 24.6%, 26.9% and 27.1% respectively, and the increase was expanded; Excluding energy, the price of industrial consumer goods rose by 0.7%. Service prices rose by 1.1%, down 0.1% from the previous month. Among them, the price of air tickets increased by 18.0% in the previous month to a decrease of 0.2%; The prices of scenic spot tickets and out of town accommodation rose by 0.7% and 0.6% respectively, and the increase both fell back.

It is estimated that among the 1.5% year-on-year increase in March, the tail effect of last year's price change was about 0.4%, and the impact of new price rise was about 1.1%. Excluding food and energy prices, the core CPI remained stable, rising 1.1% year-on-year in March, the same increase as in February.

2 PPI Month on month rise, year-on-year growth continued to fall

In March, affected by the rise of international commodity prices and other factors, PPI rose on a month on month basis, and the year-on-year increase continued to fall.

On a month on month basis, PPI rose by 1.1%, an increase of 0.6 percentage points over the previous month. Among them, the price of means of production rose by 1.4%, with an increase of 0.7 percentage points; The price of means of living rose by 0.2% and the increase was increased by 0.1%. Geopolitics and other factors have promoted the continuous upward trend of international commodity prices, driving the prices of domestic oil, non-ferrous metals and other related industries to continue to rise. Among them, the price of oil and natural gas exploitation industry increased by 14.1%, the price of petroleum coal and other fuel processing industry increased by 7.9%, the price of chemical fiber manufacturing industry increased by 2.0%, and the price of chemical raw materials and chemical products manufacturing industry increased by 1.8%; The price of nonferrous metal smelting and calendering industry rose by 2.7%. The total impact of the above industries on PPI rose by about 0.77 percentage points, accounting for 70% of the total increase. Coal and steel prices have risen. The price of coal mining and washing industry increased by 2.5%, while that of ferrous metal smelting and calendering industry increased by 1.4%. In addition, the price of gas production and supply industry increased by 3.7%, and the price of agricultural and sideline food processing industry increased by 1.2%; The price of textile, clothing and clothing industry decreased by 0.3%.

On a year-on-year basis, PPI rose by 8.3%, 0.5 percentage points lower than that of the previous month, mainly due to the higher base in the same period last year. Among them, the price of means of production rose by 10.7%, and the increase fell by 0.7%; The price of means of living rose 0.9%, the same as last month. Among the 40 major industrial sectors surveyed, 37 had price increases, an increase of 1 over the previous month. Among the major industries, the price rise fell: nonferrous metal smelting and calendering industry increased by 18.3%, falling by 2.1%; The manufacturing of chemical raw materials and chemical products rose by 15.7% and fell by 4.0%; Ferrous metal smelting and calendering industry rose by 9.4% and fell by 3.5%; The chemical fiber manufacturing industry rose 4.5% and fell by 6.9%. Coal mining and washing industry increased by 53.9% and 8.5% respectively; The oil and gas exploitation industry increased by 47.4%, an increase of 5.5 percentage points; The processing industry of petroleum, coal and other fuels rose by 32.8%, expanding by 2.6 percentage points; The electricity and heat production and supply industry rose by 8.7%, an increase of 0.2 percentage points.

It is estimated that among the 8.3% year-on-year increase of PPI in March, the tail effect of last year's price change was about 6.8%, and the impact of new price increase was about 1.5%.