2019-01-11 18:00:00 | Source:National Bureau of Statistics
I. Month-on-month and year-on-year growth of CPI rises steadily
On a month-on-month basis, CPI rose by 0.7%, with an increase of 0.4% over last month, mainly affected by the rapidly rising food prices. Food prices rose by 2.4%, with an increase of 2.3% over last month, causing the CPI to rise by 0.46%. Affected by high temperature and rainy weather, fresh vegetable prices rose by 9.0%, with an increase of 7.3% over last month, causing the CPI to rise by about 0.21%. North China, Northeast China and Shandong were affected northward by the residual circulation of typhoon and suffered from rare heavy rainfall, as a result of which the prices of fresh vegetables in Liaoning, Jilin, and Shandong rose by 29.7%, 22.3% and 21.8%, respectively, while those in Tianjin, Beijing and Heilongjiang rose by 16.1%, 15.2% and 14.6%, respectively. This summer was hot and lasted long, pigs grew slowly, epidemics occurred again in local areas, market supply tended to be tight, and the pork price rose by 6.5%, with an increase of 3.6% over last month, causing the CPI to rise by about 0.14%. The high-temperature weather also affected the laying rate of laying hens. In addition, with the approaching of the new school year and the Mid-Autumn Festival, the demand for eggs increased, and the price of eggs increased by 13.7%, flat from last month, causing the CPI to rise by about 0.07%. Non-food prices rose by 0.2%, 0.1% lower than last month, causing the CPI to rise by about 0.20%. The rising rent drove the housing price to increase by 0.5%; the price of health care rose by 0.4%; owing to the large number of travels, the price of air tickets, hotel accommodation and tourism rose by 1.8%, 1.2%, and 0.5%, respectively; the prices of gasoline and diesel both rose by 0.3% due to the price adjustment of refined oil products.
On a year-on-year basis, CPI rose by 2.3%, with an increase of 0.2% over last month. The average CPI from January to August rose by 2.0%, flat from January to July, showing a stable trend. Food prices rose by 1.7%, causing the CPI to rise by about 0.33%. The prices of eggs, vegetables and fruits rose by 10.3%, 4.3%, and 5.5%, respectively, causing the CPI to rise by about 0.25%; the prices of beef, mutton and poultry rose by 3.3%, 13.3%, and 5.5%, respectively, causing the CPI to rise by about 0.13%; the price of pork fell by 4.9%, and the decline continued to narrow, causing the CPI to decline by about 0.12%; the price of edible oil fell by 0.6%, causing the CPI to decline by about 0.01%. Non-food prices rose by 2.5%, causing the CPI to rise by about 1.98%. Among them, the following prices were greatly affected. For example, gasoline and diesel prices rose by 19.8% and 22.0%, tourism price rose by 5.6%, health care price rose by 4.3%, the price of education services rose by 2.8%, and housing price rose by 2.5%. The core CPI excluding food and energy prices rose by 2.0% on a year-on-year basis, with an increase of 0.1% compared to last month. It is estimated that the carryover effects of price changes in last year contributed about 1% and new price-rising factors contributed about 1.3% to the 2.3% year-on-year increase of the CPI in August.
II. PPI achieves expanded month-on-month increase and narrowed year-on-year increase
On a month-on-month basis, PPI rose by 0.4%, with an increase of 0.3% over last month. The price of means of production rose by 0.5%, with an increase of 0.4% over last month; the price of means of livelihood rose by 0.3%, with an increase of 0.1%. Among the 40 industrial categories surveyed, 30 industries saw rising prices, 4 industries saw flat prices and 6 industries saw declining prices. Among major industries, the prices of the ferrous metal smelting and rolling industry rose by 2.1%, with an increase of 1.6% over last month; the prices of oil, coal and other fuel processing industries rose by 1.7%, with an increase of 0.8%. The prices of chemical raw materials and chemical manufacturing industry rose by 0.6% from a decline. The prices of ferrous metal smelting and rolling industry declined by 0.1%, narrowing down by 1.5% as against last month.
On a year-on-year basis, PPI rose by 4.1%, with a decline of 0.5% over last month. The average PPI from January to August rose by 4.0%, flat from January to July, also showing a stable trend. The price of means of production rose by 5.2%, with a decline of 0.8% over last month; the price of means of livelihood rose by 0.7%, with an increase of 0.1% over last month. Among major industries, oil and gas mining industries rose 39.6%, with a decline of 2.5% over last month; oil, coal and other fuel processing industries rose by 22.7%, with a decline of 1.9%; ferrous metal smelting and rolling industry rose by 9.5%, with a decline of 2.8% over last month; coal mining and washing industry rose by 5.7%, with a decline of 1.3%; ferrous metal smelting and rolling industry rose by 1.2%, with a decline of 3.8%. The above five major industries together caused the PPI to decline by about 0.46% on a year-on-year basis. However, the chemical fiber manufacturing industry rose by 6.9%, with an increase of 1.3% over last month. It is estimated that carryover effects of price changes in last year contributed about 3.0% and new price-rising factors contributed about 1.1% to the 4.1% year-on-year increase of the PPI in August