National Bureau Of Statistics: CPI Rose Moderately In April 2022 And PPI Fell Back

The national consumer price index (PPI) and the national consumer price index (PPI) for February 2022 were released today. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation.

1. CPI rose moderately

In April, CPI rose 0.4% month on month and 2.1% year-on-year due to domestic epidemic situation and continuous rise in international commodity prices. All regions and departments took various measures to ensure supply and price stability. The core CPI, excluding food and energy prices, fell steadily, up 0.9% year-on-year, down 0.2% from the previous month.

On a month on month basis, food prices rose by 0.9% from a 1.2% drop in the previous month, which affected the CPI rise by about 0.17%. In food, the prices of potato, egg and fresh fruit increased by 8.8%, 7.1% and 5.2% respectively due to the rising logistics cost during the epidemic period and the increasing demand for goods; With the gradual adjustment of pig production capacity and the orderly collection and storage of central frozen pork reserve, pork prices decreased from 9.3% in the previous month to 1.5% higher; Fresh vegetables increased on the market, with prices down 3.5% from 0.4% last month. Non food prices rose by 0.2%, down 0.1% from the previous month, affecting the CPI rise of about 0.20%. Among non food products, the price of gasoline and diesel increased by 2.8% and 3.0% respectively due to the change of international oil price; Affected by the factors of small and long holidays, the prices of air tickets, transport rental fees and long-distance buses increased by 14.9%, 6.8% and 1.5% respectively.

On a year-on-year basis, food prices rose by 1.9% from a 1.5% drop in the previous month, which affected the CPI rise by about 0.35%. In food, the prices of fresh vegetables, fresh fruits, eggs and potatoes rose by 24.0%, 14.1%, 13.3% and 11.8%, respectively, which were larger than those of the previous month; Pork prices fell by 33.3%, 8.1 percentage points lower than that of the previous month. Non food prices rose by 2.2%, the same as last month, affecting the CPI rise of about 1.78%. Among non food products, the prices of gasoline, diesel and LPG increased by 29.0%, 31.7% and 26.9% respectively; The prices of housing maintenance, repair and management, and education services rose by 3.1% and 2.6% respectively.

It is estimated that among the 2.1% year-on-year increase in April, the tail effect of last year's price change was about 0.7%, and the impact of new price increase was about 1.4%.

2. The rise of PPI fell

In April, although the international commodity prices were running at a high level, all regions and departments resolutely implemented the decision-making and deployment of ensuring supply and price stability, and the month on month and year-on-year increase of PPI fell.

On a month on month basis, PPI rose 0.6%, down 0.5 percentage points from the previous month. The price of means of production rose by 6.0%; The price of means of living rose 0.2%, the same as last month. The international crude oil, non-ferrous metals and other bulk commodity prices fluctuated at a high level, while the price rise of domestic related industries fell. Among them, the price of petroleum, coal and other fuel processing industry rose by 3.5%, and the increase fell by 4.4 percentage points; The price of chemical raw materials and chemical products manufacturing industry rose by 1.4%, and the increase fell by 0.4%; The price of oil and gas exploitation industry rose 1.2%, and the increase fell by 12.9%. The price of nonferrous metal smelting and calendering industry rose by 0.8% and fell by 1.9%. Affected by the rising prices of iron ore, coke and other raw materials, the price of ferrous metal smelting and rolling processing industry increased by 1.8%. In addition, the price of coal mining and washing industry increased by 2.5%, and the price of agricultural and sideline food processing industry increased by 1.1%; The price of non-metallic mineral products industry decreased by 0.5%.

On a year-on-year basis, PPI rose by 8.0%, down 0.3 percentage points from the previous month. Among them, the price of means of production rose by 10.3%, and the increase fell by 0.4%; The price of means of living rose by 1.0%, and the increase was increased by 0.1%. The effect of the policy of ensuring supply and stabilizing prices continued to show. Among the 40 industrial sectors surveyed, 22 showed a fall in price increase, an increase of 1 over the previous month. Among them, the coal mining and washing industry increased by 53.4%, falling by 0.5%; Nonferrous metal smelting and calendering industry rose 16.8%, down 1.5 percentage points; The manufacturing of chemical raw materials and chemical products rose by 14.9%, down 0.8%; The non-metallic mineral products industry rose by 6.6% and fell by 1.6%; Ferrous metal smelting and calendering industry rose 5.6%, down 3.8%. There were nine price increases, three less than last month. Among them, the oil and gas exploitation industry increased by 48.5%, expanding by 1.1 percentage points; Oil, coal and other fuel processing industries rose by 38.7%, an increase of 5.9 percentage points; 4%, and gas production increased by 20.4%; The agricultural and sideline food processing industry rose by 2.6% and expanded by 1.9%.

It is estimated that among the 8.0% year-on-year increase of PPI in April, the tail effect of last year's price change was about 5.9%, and the impact of new price increase was about 2.1%.