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

First, both the month-on-month and year-on-year growth rates of CPI have declined, and the prices of some goods and services have risen more.

In August, various localities actively implemented the decision-making arrangements of the CPC Central Committee, made remarkable achievements in overall epidemic prevention and control and economic and social development, and achieved an overall balance between market supply and demand. On a month-on-month basis, CPI rose 0.4%, down 0.2 percentage points from last month. Among them, food prices rose 1.4%, 1.4% lower than last month, affecting CPI to rise by about 0.31%. In food, because the stock of laying hens is still low, the laying rate in summer is not high, coupled with the approaching the beginning of school and the Mid-Autumn Festival, the demand has increased a lot, and the price of eggs has increased by 11.3%, an increase of 7.3% over the previous month; affected by high temperature and rainfall, the price of fresh vegetables rose 6.4%, an increase of 0.1%; The supply of pork has improved, but demand continues to increase, and prices still rise by 1.2%, falling by 9.1%. Affected by factors such as the rise in feed costs, the recovery of demand and the rise in pork prices, the prices of beef, mutton, chicken and duck have all increased to varying degrees, with an increase of 0.5% and 1.4%. There is an ample supply of fresh fruit, and prices continue to fall by 0.4%, narrowing the rate of decline by 4.0 percentage points. Non-food prices rose 0.1% from unchanged last month, the first rise since February, affecting CPI to rise by about 0.09%. Among non-food, summer travel increased, air tickets and hotel accommodation prices rose 7.3% and 2.1% respectively, and gasoline and diesel prices rose 0.9% and 1.0% respectively due to fluctuations in international crude oil prices.

Compared with the same period last year, CPI rose 2.4%, down 0.3% from the previous month. Among them, food prices rose 11.2%, down 2.0% from last month, affecting CPI to rise by about 2.33%. In food, affected by the comparative base last year, pork prices rose 52.6 percent, down 33.1 percentage points from the previous month; fresh vegetable prices rose 11.7 percent, an increase of 3.8 percentage points; beef and mutton prices rose 14.4 percent and 9.7 percent, respectively, falling; chicken and duck prices fell 1.6 percent and 0.9 percent, respectively, falling for the first time in nearly three years. The prices of fresh fruits and eggs continued to decline by 19.8% and 12.4% respectively, both narrowing. Non-food prices rose 0.1% from unchanged last month, affecting CPI to rise by about 0.04%. Among non-food products, health care prices rose 1.5 per cent, while transport and communications prices fell by 3.9 per cent, of which gasoline and diesel prices fell by 14.0 per cent and 15.7 per cent respectively. Core CPI, excluding food and energy prices, rose 0.5 per cent year-on-year, the same increase as last month.

It is estimated that of the 2.4% year-on-year increase in August, the impact of last year's price changes was about 2.1 percentage points, and the impact of new price increases was about 0.3 percentage points.

Second, the month-on-month growth rate of PPI has dropped, and the year-on-year decline has narrowed.

In August, industrial production continued to improve, market demand continued to recover, and international commodity prices such as crude oil, iron ore and non-ferrous metals continued to rise, driving domestic industrial product prices to continue to rise. On a month-on-month basis, PPI rose 0.3%, down 0.1% from last month. Of this total, the prices of the means of production rose 0.4 percent, down 0.1 percentage points, while the prices of means of subsistence rose 0.1 percent, the same increase as last month. Judging from the 40 major categories of industries surveyed, prices rose in 17, down by 4 compared with the previous month, decreased by 18, increased by 3, and remained flat by 5, an increase of 1. Affected by changes in international crude oil prices, price increases in oil-related industries have slowed down, with prices in the oil and natural gas mining industry rising 3.6% and those in the oil, coal and other fuel processing industries rising 1.2%, down 8.4 and 2.2 percentage points respectively. Among other major industries, price increases increased in the ferrous metal mining and dressing industry, up 4.3 percent, or 1.6 percentage points, and in the ferrous metal smelting and Calendering processing industry, up 1.5 percent, or 0.4 percentage points. Price increases fell in the non-ferrous metal smelting and Calendering processing industries, up 3.0 percent, down 0.1 percentage points, and in the agricultural and non-staple food processing industry, up 0.6 percent, down 0.4 percentage points. In addition, prices in the coal mining and washing industry, gas production and supply industry all changed from rising to falling, falling 0.9 per cent and 0.2 per cent respectively.

Compared with the same period last year, PPI fell 2.0%, 0.4 percentage points lower than the previous month. Of this total, the prices of the means of production fell 3.0 percent, or 0.5 percentage points, while the prices of means of subsistence rose 0.6 percent, or 0.1 percentage points lower. Among the major industries, price reductions narrowed in the oil and natural gas mining industry, down 25.2 percent, or 2.6 percentage points; in the oil, coal and other fuel processing industries, down 16.7 percent, or 0.3 percentage points; and in ferrous metal smelting and Calendering processing, down 2.5 percent, or 2.1 percentage points. The price decline widened in the coal mining and washing industry, down 8.0 percent, an increase of 0.6 percentage points, and the chemical raw materials and chemical products manufacturing industry, down 7.6 percent, an increase of 0.1 percentage points. In addition, the price of the non-ferrous metal smelting and Calendering industry increased by 3.4%, or 2.7 percentage points.

It is estimated that of the 2.0% year-on-year decline in August, the impact of last year's price changes was about 0.1 percentage points, and the impact of new price increases was about-2.1 percentage points.

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