The National Bureau of Statistics released data on the 10th. In January, the national consumer price index (CPI) rose by 2.1% year-on-year, and the national industrial producer price index (PPI) fell by 0.8% year-on-year. Domestic prices remained stable.
CPI runs within a reasonable range
Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, said that in January, due to factors such as the Spring Festival effect and the optimization and adjustment of epidemic prevention and control policies, consumer prices rose, and the year-on-year increase in CPI increased by 0.3 percentage points from the previous month.
Image source: National Bureau of Statistics
In my country’s CPI “basket” of commodities, food accounts for a relatively high proportion. In January, food prices rose by 6.2% year-on-year, an increase of 1.4 percentage points over the previous month; and a month-on-month increase of 2.8%, an increase of 2.3 percentage points over the previous month. Among them, affected by seasonal factors such as the Spring Festival, the prices of fresh vegetables, fresh mushrooms, fresh fruits, potatoes and aquatic products rose by 19.6%, 13.8%, 9.2%, 6.4% and 5.5% month-on-month, respectively, and the increase was larger than that of the previous month.
Pork prices continued to decline. In January, the price of pork fell by 10.8% month-on-month, and the rate of decline expanded by 2.1 percentage points from the previous month.
“Last year, 699 million live pigs were slaughtered in my country. The supply of live pigs is guaranteed, but catering consumption has not yet fully recovered. The downward cycle of pig prices is combined with the impact of factors such as environmental protection and secondary fattening. Especially after the Spring Festival, pork consumption is generally in the off-season, and pig prices continue to fall. “Zhu Zengyong, a researcher at the Beijing Institute of Animal Husbandry and Veterinary Medicine of the Chinese Academy of Agricultural Sciences, said that it is expected that the price of pigs will still be in the process of bottoming out in the short term.
Non-food price increases have expanded. In January, non-food prices rose by 1.2% year-on-year, an increase of 0.1 percentage points over the previous month; the month-on-month change from a 0.2% decline in the previous month to an increase of 0.3%.
Dong Lijuan said that in January, with the optimization and adjustment of the epidemic prevention and control policy, the demand for travel and entertainment consumption increased significantly. 9.3%; Affected by the return of migrant workers before the festival and the increase in demand for services, the prices of housekeeping services, pet services, vehicle repair and maintenance, hairdressing, etc. all increased, with a month-on-month increase of between 3.8% and 5.6%.
According to estimates, in January, the core CPI excluding food and energy prices rose by 1% year-on-year, an increase of 0.3 percentage points from the previous month, indicating that my country’s industrial consumer goods and service consumer prices remained stable.
PPI year-on-year growth continued to fall
Dong Lijuan said that in January, due to factors such as fluctuations in international crude oil prices and the decline in domestic coal prices, the overall price of industrial products continued to decline.
Image source: National Bureau of Statistics
From a year-on-year perspective, in January, PPI fell by 0.8%, and the rate of decline expanded by 0.1 percentage points from the previous month. Among the 40 industrial sectors surveyed, the prices of 15 decreased, the same as last month. Among them, the price of non-ferrous metal smelting and rolling processing industry fell by 4.4%, and the rate of decline expanded by 0.8 percentage points; the price of textile industry decreased by 3%, and the rate of decline expanded by 0.9 percentage points.
From a month-on-month perspective, in January, PPI fell by 0.4%, a decrease of 0.1 percentage points from the previous month. Among them, the price of means of production decreased by 0.5%, and the rate of decline narrowed by 0.1 percentage point; the price of means of living decreased by 0.3%, and the rate of decline expanded by 0.1 percentage point.
In January, imported factors affected the price decline of domestic petroleum-related industries. Among them, the prices of oil and natural gas extraction industries fell by 5.5% month-on-month, the prices of petroleum, coal and other fuel processing industries fell by 3.2%, and the prices of chemical raw materials and chemical product manufacturing industries fell by 1.3%. Coal supply guarantees continue to work hard, and the price of coal mining and washing industries has changed from a 0.8% increase in the previous month to a 0.5% decrease. The steel market is expected to be positive, and the prices of ferrous metal smelting and rolling processing industries rose by 1.5% month-on-month, an increase of 1.1 percentage points.
Wang Likun, an associate researcher at the Institute of Market Economics of the Development Research Center of the State Council, said: “The year-on-year increase in PPI continues to fall, which will help improve the profit structure of upstream and downstream industries, ease the cost pressure of mid- and downstream manufacturing enterprises, and stimulate the vitality of micro-entities.”
“Generally speaking, in January, the domestic commodity and important people’s livelihood commodity supply and price stability continued to show results, and the price operation achieved a good start.” Zhang Xuewu, director of the Analysis and Forecasting Division of the Price Monitoring Center of the National Development and Reform Commission, said.
There is a solid foundation for maintaining the stable operation of prices
Keeping prices running smoothly is crucial to stabilizing the fundamentals of the economy. The Central Economic Work Conference emphasized in the deployment of economic work in 2023, “focus on stabilizing growth, employment, and prices.”
The Ministry of Agriculture and Rural Affairs organized experts to formulate and release technical opinions on wheat and rape antifreeze and drought resistance to promote stable production, and launched a large-scale training on field management techniques in spring to ensure stable and increased production of grain and oil; the National Development and Reform Commission will start the collection and storage of central frozen pork reserves with relevant departments, and guide all regions Simultaneous collection and storage; Ningxia, Anhui and other places have strengthened market price monitoring, analysis and early warning… Recently, relevant departments and regions have implemented the central deployment, and made overall plans to ensure supply and stabilize prices.
Xinfadi Market is known as the “vegetable basket” of Beijing citizens. The reporter saw in the market that there was an endless stream of vehicles coming to load, loading and unloading, and it was a busy scene.
“In order to effectively cope with the rainy and snowy weather, the Xinfadi market mobilized merchants to make good harvest reserves, and at the same time increased the storage of durable vegetables, increased the supply of cold-proof tents and thermal insulation quilts, and continued to waive entry fees to ensure sufficient supply of agricultural products. The price is stable.” Zhang Yuxi, chairman of Xinfadi Agricultural Products Wholesale Market, said.
Key e-commerce platforms have sufficient stocks. For example, Meituan Maicai sells nearly 100 kinds of fresh products, meat, poultry, eggs, milk, seafood and aquatic products in Beijing every day. The current supply of goods is sufficient, and the prices of various commodities remain stable.
“Looking forward to the market trend in the future, my country’s grain and oil supply is sufficient, vegetable planting area has expanded, pork reserves have been adjusted flexibly and efficiently, and the foundation for ensuring supply and stable prices of important livelihood commodities is solid. The overall price level is expected to continue to operate within a reasonable range.” Zhang Xuewu said. (Reporters Wei Yukun and Wei Hongyi)
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责编：孙满桃 ]