Home » In November 2023, the month-on-month decrease in Beijing’s CPI expanded, and the year-on-year decline turned from flat to falling.

In November 2023, the month-on-month decrease in Beijing’s CPI expanded, and the year-on-year decline turned from flat to falling.

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The Beijing Survey Team of the National Bureau of Statistics has released new data indicating that in November, the residential consumer market was well supplied, but demand fell seasonally leading to a decline in consumer prices. From January to November, the overall level of consumer prices in Beijing increased by 0.5% compared to the same period last year.

The Consumer Price Index (CPI) fell by 0.4% month-on-month, with food prices decreasing by 0.7% and non-food prices falling by 0.4%. The decline in food prices was attributed to sufficient supply of main fresh food, with the prices of pork, eggs and fresh vegetables dropping by 4.5%, 2.4% and 1.5% respectively. However, fresh fruit prices increased seasonally by 4.9%. Non-food prices fell by 0.4%, with travel demand dropping seasonally and affecting prices of hotel accommodation, travel agency charges and air tickets.

On a year-on-year perspective, CPI dropped by 0.3%, with food prices falling by 5.4% and non-food prices increasing by 0.6%. The data also showed that industrial consumer goods prices fell by 1.0%, with the price of gasoline dropping by 2.8%. Service prices, on the other hand, increased by 1.4%, driven by increased travel agency fees, hotel accommodation, and air ticket prices.

The release of this data is expected to impact economic policy and consumer behavior in Beijing.

(Editors: Bao Congying, Gao Xing)

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