2023 Year 6 month CPI Flat year-on-year PPI Down
——Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for June 2023
The National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for June 2023 today. In this regard, Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, made an interpretation.
one, CPI keep basically stable
In June, the consumer market was basically stable, and the CPI fell slightly month-on-month and was flat year-on-year.
From a month-on-month perspective, the CPI fell by 0.2%, which was the same as the previous month. Among them, the price of food decreased by 0.5%, and the rate of decline narrowed by 0.2 percentage points from the previous month. In terms of food, due to the high temperature and rainy weather, the price of fresh vegetables turned from a 3.4% decrease in the previous month to an increase of 2.3%; the supply of other food products was generally sufficient, and most of the prices fell. Among them, the prices of eggs, fresh fruits, pork, and aquatic products fell by 1.2% -2.6%. Non-food prices fell 0.1%, the same rate of decline as the previous month. In terms of non-foodstuffs, due to the decline in international oil prices, domestic energy prices fell by 0.7%, an increase of 0.5 percentage points from the previous month; due to factors such as “618” business promotion activities, the prices of industrial consumer goods excluding energy turned from flat to down last month 0.3%; service demand continued to recover, service prices changed from a 0.1% drop in the previous month to an increase of 0.1%; the market supply was tight, and the price of Chinese herbal medicines rose by 1.7%.
From a year-on-year perspective, the CPI turned flat from a rise of 0.2% last month. Among them, food prices rose by 2.3%, an increase of 1.3 percentage points over the previous month. Among foodstuffs, the prices of fresh vegetables, potatoes, fresh fruits, and poultry rose more, ranging from 4.3% to 10.8%. The price of pork fell by 7.2%, an increase of 4.0 percentage points from the previous month. Non-food prices changed from flat last month to a decrease of 0.6%. Among non-food items, the price of services rose by 0.7%, and the growth rate dropped by 0.2 percentage points; the price of industrial consumer goods fell by 2.7%, and the rate of decline expanded by 1.0 percentage points, of which the price of energy decreased by 9.3%, and the price of industrial consumer goods excluding energy decreased by 0.5%, and the rate of decline both expanded.
According to estimates, in the year-on-year change in CPI in June, the carryover effect of price changes in the previous year was about 0.5 percentage points, which was the same as last month; the new effect of price changes this year was about -0.5 percentage points, which was -0.3 percentage points in the last month.
two, PPI decline
In June, due to factors such as the continued decline in the prices of bulk commodities such as oil and coal and the high comparison base in the same period last year, the PPI decreased both month-on-month and year-on-year.
From a month-on-month perspective, PPI fell by 0.8%, a decrease of 0.1 percentage points from the previous month. Among them, the price of means of production decreased by 1.1%, and the rate of decline narrowed by 0.1 percentage point; the price of means of living decreased by 0.2%, the same as that of the previous month. Affected by the continued decline in crude oil prices in the international market and the fluctuations in non-ferrous metal prices, the prices of petroleum, coal, and other fuel processing industries, oil and natural gas mining industries, and non-ferrous metal smelting and rolling processing industries fell by 2.6%, 1.6%, and 0.8% respectively. The supply of coal and iron and steel was large, and the prices of the coal mining and washing industry, ferrous metal smelting and rolling processing industry fell by 6.4% and 2.2% respectively. The prices of some technology-intensive industries rose, among which the price of aircraft manufacturing rose by 1.0%, the price of smart consumer equipment manufacturing rose by 0.4%, and the price of medical equipment and equipment manufacturing rose by 0.2%. In addition, the prices of wind power generation and solar power generation in electricity production rose by 2.6% and 1.4% respectively.
From a year-on-year perspective, PPI fell by 5.4%, and the rate of decline expanded by 0.8 percentage points from the previous month. The increase in year-on-year decline was mainly due to the continued decline in the prices of petroleum, coal, and other industries. Among them, the price of means of production fell by 6.8%, and the rate of decline expanded by 0.9 percentage points; the price of means of living decreased by 0.5%, and the rate of decline expanded by 0.4 percentage points. Among the 40 industrial sectors surveyed, 25 saw their prices drop, one less than last month. Among major industries, oil and natural gas extraction, petroleum, coal, and other fuel processing, chemical raw materials and chemical product manufacturing, and coal mining and washing industries saw price declines between 14.9% and 25.6%, and the declines were all expanded. The above-mentioned 4 oil and coal-related industries collectively affected the PPI by about 2.81 percentage points year-on-year, an increase of 0.71 percentage points from the previous month. The prices of ferrous metal smelting and rolling processing industry and non-ferrous metal smelting and rolling processing industry decreased by 16.0% and 7.2% respectively, and the rate of decline narrowed by 0.8 and 1.2 percentage points respectively. In addition, the prices of cultural, educational, industrial, aesthetic, sports, and entertainment goods manufacturing industries rose by 4.9%, aircraft manufacturing prices rose by 4.1%, medical equipment and equipment manufacturing prices rose by 1.8%, electric power heat production and supply industry prices rose by 1.3%, and textile, clothing, and apparel industry prices rose 0.6%.
According to estimates, in the 5.4% year-on-year decline in PPI in June, the carryover effect of last year’s price changes was about -2.8 percentage points, which was the same as last month; the new impact of this year’s price changes was about -2.6 percentage points, which was last month. -1.8 percentage points.
[责编：袁晴]