According to data released by the National Bureau of Statistics of China on Friday, the Consumer Price Index (CPI) in September turned flat from a year earlier, lower than market expectations; This is mainly affected by the higher base compared to the same period last year.
Previously, China's CPI rose 0.1% year-on-year in August, breaking free from last month's negative growth, but still lower than market expectations. The year-on-year decrease in CPI in July was 0.3%, indicating another negative growth since February 2021. In June, it remained unchanged year-on-year.
According to Wind data, in February and January 2021, China's CPI decreased by 0.2% and 0.3% year-on-year, respectively; In November 2020, the CPI decreased by 0.5% year-on-year.
Since the beginning of this year, CPI has continued to decline, with year-on-year growth rates of 2.1%, 1.0%, and 0.7% from January to March, respectively. It began to decline to near zero growth levels in April.
According to data released by the National Bureau of Statistics of China on Friday, the Consumer Price Index (CPI) in September turned flat from a year earlier, lower than market expectations; This is mainly affected by the higher base compared to the same period last year.
Previously, China's CPI rose 0.1% year-on-year in August, breaking free from last month's negative growth, but still lower than market expectations. The year-on-year decrease in CPI in July was 0.3%, indicating another negative growth since February 2021. In June, it remained unchanged year-on-year.
According to Wind data, in February and January 2021, China's CPI decreased by 0.2% and 0.3% year-on-year, respectively; In November 2020, the CPI decreased by 0.5% year-on-year.
Since the beginning of this year, CPI has continued to decline, with year-on-year growth rates of 2.1%, 1.0%, and 0.7% from January to March, respectively. It began to decline to near zero growth levels in April.
In 2022, China's CPI increased by 2.0% year-on-year, reaching a high of 2.8% in September, the highest level since April 2020. In April 2020, the CPI increased by 3.3% year-on-year.
The CPI in September was slightly lower than market expectations. The median expectation of economists surveyed by The Wall Street Journal shows that the CPI may increase by 0.2% year-on-year in September.
Dong Lijuan, a senior statistician from the City Department of the National Bureau of Statistics, explained that from a month on month basis, the CPI rose by 0.2%, a decrease of 0.1 percentage points from the previous month.
Among them, food prices increased by 0.3%, a decrease of 0.2 percentage points compared to the previous month, affecting the CPI increase by about 0.06 percentage points. The market supply is sufficient before the Mid Autumn Festival and National Day, and the increase in food prices is slightly lower than the historical average level during the same period. In food, the prices of fresh vegetables and eggs have increased by 3.3% and 3.2% respectively; The prices of pork, fresh fruits, and poultry are basically stable.
Non food prices rose by 0.2%, the same increase as last month, affecting a CPI increase of approximately 0.14 percentage points. The price of industrial consumer goods increased by 0.5%, an increase of 0.1 percentage points compared to the previous month. Affected by the upward trend in international oil prices, domestic gasoline prices increased by 2.4%. The service price has decreased by 0.1% from a 0.1% increase last month.
From a year-on-year perspective, the CPI increased by 0.1% from the previous month and remained unchanged.
Among them, food prices decreased by 3.2%, an increase of 1.5 percentage points compared to the previous month, mainly due to the higher food prices compared to the same period last year, which affected the CPI decrease by about 0.60 percentage points. The prices of pork and fresh vegetables have decreased by 22.0% and 6.4% respectively, with an increase of 4.1 and 3.1 percentage points. The total impact on the CPI decline is about 0.51 percentage points, accounting for nearly 90% of the total decrease in food prices.
Non food prices increased by 0.7%, with an increase of 0.2 percentage points, affecting a CPI increase of approximately 0.57 percentage points. Among non food products, the price of industrial consumer goods decreased by 0.3%, narrowing by 0.5 percentage points. The service price has increased by 1.3%, the same increase as last month.
According to calculations, in the year-on-year changes in CPI in September, the tailgating effect was approximately -0.2 percentage points, compared to 0.2 percentage points in the previous month
The new impact of price changes this year is about 0.2 percentage points, compared to -0.1 percentage points last month. The core CPI, excluding food and energy prices, increased by 0.8% year-on-year, the same increase as last month.