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CPI Remains Stable

Slight MoM Growth in October

Submit Time:05-12-2017 | Zoom In | Zoom Out

Author: | Source:People's Daily (November 10, 2017, p. 10)

Abstract:

According to October's national consumer price index (CPI) and producer price index (PPI) released by the National Bureau of Statistics on November 9, the CPI rose by 0.1% month on month and 1.9% year on year; the PPI grew by 0.7% month on month and 6.9% year on year. 

From the month-on-month point of view, the CPI remained basically stable. Food prices remained unchanged as compared with last month, and non-food prices rose by 0.1%, down 0.4 percentage point over the previous month. From the year-on-year point of view, the CPI growth was 0.3 percentage point higher than that of last month. Food prices fell by 0.4%, down 1.0 percentage point over the previous month, causing the CPI to decline by 0.08 percentage point. Non-food prices rose by 2.4%, the same as last month, causing the CPI to rise by about 1.95 percentage points. 

Sheng Guoqing, senior statistician of the National Bureau of Statistics estimated that carryover effects of price changes in last year contributed about 0.4 percentage point (up 0.2 percentage point over last month) and new price-rising factors contributed about 1.5 percentage points to the 1.9% year-on-year increase of the CPI in October. 

The month-on-month increase in the PPI fell by 0.3 percentage point. The prices of means of production rose by 0.9%, down 0.4 percentage point over the previous month; the prices of means of subsistence rose by 0.1%, remaining unchanged for three consecutive months. 

In October, the year-on-year increase in the PPI was the same as that of last month. The prices of means of production rose by 9.0%, down 0.1 percentage point over the previous month; the prices of means of subsistence rose by 0.8%, up 0.1 percentage point over the previous month. Among major industries, the papermaking and paper product industry, the chemical raw material and chemical product industry, and the non-metallic mineral product industry achieved expanded year-on-year increase of the PPI, up 16.6%, 10.7% and 10.3%, respectively; the ferrous metal smelting and rolling industry, the non-ferrous metal smelting and rolling industry, the coal mining and washing industry, and the oil processing industry achieved narrowed year-on-year increase of the PPI, up 30.8%, 20.0%, 19.7% and 15.5%, respectively. The above seven industries together caused the PPI to rise about 5.5 percentage points, accounting for 79.7% of the total increase. 

It is estimated that carryover effects of price changes in last year contributed about 3.2 percentage points and new price-rising factors contributed about 3.7 percentage points to the 6.9% year-on-year increase of the PPI in October. 


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