National Bureau Of Statistics

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (producer price index) data for July 2021. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation.

1. CPI rose from decline on a month on month basis, and the year-on-year increase fell

In July, all regions and departments coordinated the work of epidemic prevention and control, flood control and disaster relief, and economic and social development, actively implemented the policy of ensuring supply and price, and the overall market supply and demand was stable.

On a month on month basis, CPI rose from 0.4% to 0.3%. Among them, the food price dropped by 0.4%, the decline rate was 1.8 percentage points lower than that of the previous month, which affected the CPI decline by about 0.06%. In food, affected by extreme weather such as typhoons and heavy rainfall in some areas, the cost of fresh vegetables production, storage and transportation increased, and the price of fresh vegetables increased from 2.3% to 1.3% from the previous month; The supply of pork continued to increase, and the price continued to drop by 1.9%. However, with the support of the policy for the collection and storage of pork reserves, the decline rate was significantly narrowed by 11.7 percentage points compared with the previous month. Non food prices rose by 0.5% from flat last month, which affected CPI to rise by about 0.37%. Among non food products, the price of industrial consumer goods increased by 0.4% and increased by 0.3%. The main reason is that the price of gasoline and diesel oil has increased by 3.5% and 3.8% respectively; Service prices increased by 0.6% from 0.1% in the previous month. Due to summer travel, the prices of air tickets, tourism and hotel accommodation increased by 24.3%, 7.3% and 3.8% respectively.

From a year-on-year basis, CPI rose by 1.0%, down 0.1% from the previous month. Among them, the food price dropped by 3.7%, the decline rate was 2.0 percentage points larger than that of the previous month, which affected the CPI decline by about 0.69%. In food, pork price decreased by 43.5%, 7.0 percentage points higher than that of the previous month; The price of freshwater fish increased by 30.9% and fell by 2.6%; The price of eggs and edible vegetable oil rose by 18.3% and 9.5% respectively. Non food prices rose by 2.1%, an increase of 0.4 percentage points over the previous month, which affected the rise of CPI by about 1.70%. Among non food products, the price of industrial consumer goods increased by 2.8%, with an increase of 0.3%. Among them, the price of air ticket, gasoline, diesel and LPG increased by 53.5%, 25.4%, 28.2% and 13.5%, respectively; Service prices rose by 1.6% and 0.6% respectively, with hotel accommodation, tourism and decoration and maintenance costs rising by 8.1%, 7.8% and 3.9% respectively.

It is estimated that among the 1.0% year-on-year increase in July, the tail effect of last year's price change was about 0.5 percentage points, down 0.3 percentage points from the previous month; The impact of the new price increase was about 0.5 percentage points, 0.2 percentage points larger than that of the previous month. Excluding food and energy prices, the core CPI rose 1.3% year-on-year, 0.4 percentage points higher than last month.

2. PPI rose slightly

In July, affected by the sharp rise in the prices of crude oil, coal and related products, the price increase of industrial products slightly expanded.

On a month on month basis, PPI rose by 0.5%, an increase of 0.2 percentage points over the previous month. Among them, the price of means of production rose by 0.6% and the increase was increased by 0.1%; The price of means of living increased by 0.1% from a decrease of 0.2% in the previous month. The effect of the policy of ensuring the supply and price of bulk commodities has been obvious. The prices of steel and non-ferrous metals have decreased slightly. Among them, the prices of ferrous metal smelting and rolling processing industry have decreased by 0.2%, and the prices of nonferrous metal smelting and rolling processing industry have decreased by 0.1%. Affected by the high temperature weather, the demand for steam coal is strong, and the price of coal mining and washing industry increased by 6.6% and 1.4% respectively. The rise in international crude oil prices has led to the expansion of domestic oil related industry prices. Among them, the price of oil exploitation increased by 7.1%, and the manufacturing price of refined petroleum products increased by 3.0%, with the increase of 4.1% and 0.5% respectively. The price of agricultural means of production rose rapidly, of which the price of fertilizer and pesticide increased by 5.0% and 1.5%, respectively.

On a year-on-year basis, PPI rose by 9.0%, an increase of 0.2 percentage points over the previous month. Among them, the price of means of production rose by 12.0%, with an increase of 0.2 percentage points; The price of means of living rose 0.3%, the same as last month. Among the 40 major industrial sectors surveyed, 32 had price increases, 2 more than the previous month; 8 decreased, 2 decreased. Among the major industries, the ferrous metal mining and dressing industry, with a price increase of more than 20%, increased by 54.6%; Oil and gas exploration industry, up 48.0%; Coal mining and washing industry, up 45.7%; Oil, coal and other fuel processing industries, up 35.4%; Ferrous metal smelting and calendering industry, up 33.0%; Nonferrous metal smelting and calendering industry, up 23.5%; Chemical raw materials and chemical products manufacturing industry, up 21.3%; Chemical fiber manufacturing, up 20.9%. The above eight industries together affected PPI growth of about 7.5 percentage points, more than 80% of the total increase.

It is estimated that among the 9.0% year-on-year increase in July, the tail effect of last year's price change was about 2.1 percentage points, down 0.3 percentage points from the previous month; The impact of the new price increase was about 6.9 percentage points, with an increase of 0.5 percentage points.