The year-on-year increase of CPI in September expanded, and the year-on-year increase of PPI continued to fall——
The overall level of domestic prices remained stable
The latest data released by the National Bureau of Statistics on October 14 showed that the national consumer price index (CPI) in September rose by 2.8% year-on-year and 0.3% month-on-month; the producer price index (PPI) of industrial producers increased by 0.9% year-on-year and decreased by 0.1% month-on-month. %. On average from January to September, the CPI and PPI were up 2% and 5.9% year-on-year, respectively.
“In the first three quarters, against the backdrop of high and difficult international inflation, the work of securing supply and stabilizing prices of domestic bulk commodities and important commodities for people’s livelihood has been solidly advanced, and prices have been running smoothly.” Guo Liyan, director of the Comprehensive Situation Research Office of the China Academy of Macroeconomics, said.
Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, said that in September, various regions and departments continued to coordinate the promotion of epidemic prevention and control and economic and social development, and took multiple measures to ensure the supply and price of important livelihood commodities.
On a year-on-year basis, the CPI rose by 2.8% in September, an increase of 0.3 percentage points from the previous month. The core CPI, excluding food and energy prices, rose by 0.6% year-on-year, a decrease of 0.2 percentage points from the previous month. “The CPI is moderate and controllable year-on-year. On the one hand, it reflects that domestic demand is still recovering, and stable growth and employment cannot be relaxed; on the other hand, inflation is moderate and controllable, which will continue to create a favorable environment for macro regulation.” Macro researcher of the Financial Market Department of China Everbright Bank Zhou Maohua said.
From a month-on-month perspective, the CPI increased by 0.3% from a decrease of 0.1% in the previous month. Food prices rose by 1.9%, an increase of 1.4 percentage points from the previous month. Guo Liyan said that the increase in food consumption demand during the festival, coupled with the impact of the epidemic and unfavorable weather on the production and transportation of fresh agricultural products, the prices of fresh vegetables, eggs and fresh fruits have all risen.
Dong Lijuan said that in September, the prices of international crude oil and other bulk commodities continued to decline, the demand in some domestic industries rebounded, and the price of industrial products declined, but the downward trend slowed down.
On a year-on-year basis, the PPI rose by 0.9%, a decrease of 1.4 percentage points from the previous month and a decline for 11 consecutive months. Among them, the prices of means of production rose by 0.6%, and the increase fell by 1.8 percentage points; the prices of living means rose by 1.8%, and the increase increased by 0.2 percentage points.
From a month-on-month perspective, the PPI decreased by 0.1%, a decrease of 1.1 percentage points from the previous month. Guo Liyan said that due to the tightening of global liquidity and the weakening of the growth momentum of major economies such as the United States and Europe, international commodity prices continued to fall, driving domestic prices of energy and industrial raw materials to continue their downward trend.
Pang Ming, Chief Economist and Director of Research at JLL Greater China, believes that from the second half of this year, the CPI operation center has risen significantly compared with the first half of the year, but the year-on-year increase has not yet exceeded 3% in stages. Inflationary pressures have increased but are still manageable. The next stage of monetary policy thinking is expected to continue to take into account the short-term and long-term, economic growth and price stability, internal equilibrium and external equilibrium, to provide support for the real economy.
“Looking forward to the third and fourth quarters, the bumper harvest of autumn grains will provide solid support for the stable grain production throughout the year. The effect of ensuring the supply and price of important commodities for people’s livelihood will continue to show. In addition, the effect of tail-raising will gradually weaken, and the CPI will continue to operate within a reasonable range.” Guo Liyan said, PPI On the one hand, with the fall of the international bulk commodity price center and the gradual weakening of the tail-raising effect, it is expected that the year-on-year increase of PPI may be narrowed to a certain extent, and the overall operation will be within a reasonable range. (Reporter Xiong Li of this newspaper)
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责编：廖慧 ]