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Dong Lijuan, Senior statistician of City Department of National Bureau of Statistics, interprets CPI and PPI data of June 2020
Jul 9,2020 10:06CST
translation
Source:Bureau of Statistics
The content below was translated by Tencent automatically for reference.

SMM: the National Bureau of Statistics today released national CPI (Consumer Price Index) and PPI (Industrial producer Price Index) data for June 2020. Dong Lijuan, a senior statistician from the City Department of the National Bureau of Statistics, interpreted this.

I. CPI continues to decline from the previous month, and the year-on-year increase is slightly larger.

In June, the resumption of work and production and the resumption of business in the city continued to move forward, and all localities and departments conscientiously implemented a series of policies and measures of the central government on ensuring supply and stabilizing prices, and the overall operation of the market was stable. On a month-on-month basis, CPI fell 0.1 per cent. Among them, food prices rose 0.2%, affecting the rise of CPI by about 0.04%. In food, affected by factors such as the slowdown of pig fencing, stringent requirements for epidemic prevention and reduced imports, pork supply is tight, while catering and group consumption demand has rebounded, and pork prices have increased by 3.6% from 8.1% last month. Floods have occurred in many parts of our country, and there has been a gathering epidemic in Beijing's newly developed market, resulting in a short-term shortage of vegetables in some areas. the price of fresh vegetables has increased by 2.8% from 12.5% last month. A large number of fruits have been listed in season, and the price of fresh fruit has dropped by 7.6%. The rate of decline was 6.8 percentage points higher than that of the previous month; the supply of eggs was sufficient, and the price of eggs fell by 4.1%. Non-food prices fell 0.1% from unchanged last month, affecting CPI by about 0.10%. In non-food, the epidemic continued to affect travel, with air tickets and tourism prices falling by 6.1% and 1.8% respectively; summer clothes were on sale, and clothing prices fell 0.2% from 0.2% last month.

On a year-on-year basis, CPI rose 2.5%, an increase of 0.1% over the previous month. Among them, food prices rose 11.1%, an increase of 0.5%, affecting the rise of CPI by about 2.24%. In food, the price of pork rose 81.6%, the price of beef and mutton rose 18.5% and 10.9% respectively, the increase was unchanged compared with the previous month; the price of aquatic products rose 4.8%, an increase of 1.1%; and the price of fresh vegetables rose 4.2%, down 8.5% last month. The prices of fresh fruits and eggs fell by 29.0% and 15.8% respectively, an increase of 9.7 and 1.3 percentage points respectively. Non-food prices rose 0.3%, down 0.1% from the previous month, affecting CPI to rise by about 0.24%. Among non-food items, the prices of education, culture, entertainment and health care all rose by 1.9%, while the prices of transportation and communications fell by 4.6%, of which gasoline and diesel prices fell by 19.4% and 21.2% respectively.

Core CPI, excluding food and energy prices, rose 0.9% from a year earlier, down 0.2% from last month. It is estimated that of the 2.5% year-on-year increase in June, the impact of last year's price changes was about 3.3 percentage points, and the impact of new price increases was about-0.8 percentage points. In the first half of the year, CPI rose 3.8 per cent over the same period last year.

Second, PPI has changed from a decline to an increase, narrowing the decline compared with the same period last year.

In June, international commodity prices picked up, domestic manufacturing recovered steadily, and market demand continued to improve. On a month-on-month basis, PPI rose 0.4 per cent from 0.4 per cent last month. Among them, the price of the means of production has changed from 0.5% to 0.5%, and the price of the means of subsistence has changed from 0.3% to 0.1%. Judging from the 40 major categories of industries surveyed, prices rose in 22, an increase of 12 over the previous month, a decrease of 12, a decrease of 8, and a flat decrease of 6, a decrease of 4. Affected by the sharp rise in international crude oil prices, the prices of products in oil-related industries have stopped falling and rising, of which the prices of the oil and natural gas mining industry have increased by 38.2%, the prices of the oil, coal and other fuel processing industries have increased by 1.7%, and the prices of chemical raw materials and chemical products manufacturing industry have increased by 0.4%. The price of ferrous metal smelting and Calendering industry rose by 1.9% from flat to flat. The price of the non-ferrous metal smelting and Calendering industry rose 1.9 percent, an increase of 0.3 percentage points over the previous month. Taken together, the above five industries affected the rise of PPI by about 0.42%. In addition, prices in the coal mining and washing industry fell by 0.7%, or 2.2 percentage points.

Compared with the same period last year, PPI fell 3.0%, 0.7% lower than the previous month. Of this total, the prices of the means of production fell 4.2 percent, or 0.9 percentage points, while the prices of the means of subsistence rose 0.6 percent, or 0.1 percentage points more. Price declines in major sectors have narrowed. Of this total, the prices of the oil and natural gas mining industry fell 39.1 percent, narrowing 18.5 percentage points; the prices of the oil, coal and other fuel processing industries fell 21.6 percent, or 2.8 percentage points; the manufacturing prices of chemical raw materials and chemical products fell 7.9 percent, narrowing 1.3 percentage points; and the prices of ferrous metal smelting and Calendering processing industries fell 5.1 percent, or 2.9 percentage points. The price of the non-ferrous metal smelting and Calendering industry fell 2.2%, or 2.2 percentage points. In addition, prices in the coal mining and washing industry fell by 9.3%, an increase of 0.5 percentage points.

It is estimated that of the 3.0% year-on-year decline in June, the impact of last year's price changes was about-0.2 percentage points, and the impact of new price increases was about-2.8 percentage points. In the first half of the year, PPI fell 1.9 per cent from the same period last year.

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