December 2019 CPI growth stable PPI decline narrowed

The National Bureau of Statistics today released the national CPI (consumer price index) and PPI (producer price index) data for December 2019. Shen Yun, Senior Statistician of the city Department of the National Bureau of statistics, interpreted this.

CPI rose from 0.4% in the previous month to flat on a month on month basis. Among them, food prices increased by 1.8% last month to decrease by 0.4%, affecting CPI to decrease by about 0.08%. In the food industry, with the positive changes in pig production, the central and local reserve pork has been put in successively, the import volume has increased, the tight situation of pork supply has been further eased, the price has changed from 3.8% last month to 5.6%, affecting the CPI decline by about 0.27%. Under the influence of the decrease of pork price, the price increase of beef and mutton dropped from 2.8% and 1.3% to 0.1% and 0.2% respectively, while that of chicken and duck changed from 4.3% and 3.6% to 4.9% and 1.9% respectively. The supply of eggs was sufficient, and the price dropped by 5.5% and the drop increased by 4.8%. Affected by cold air and large-scale snowfall, the cost of fresh vegetable and fruit production, storage and transportation increased, with prices rising by 10.6% and 0.6% respectively. Among non food products, affected by the price adjustment, the price of LPG rose by 4.0%, while the price of gasoline and diesel both rose by 1.4%. From a year-on-year perspective, CPI rose 4.5%, the same as last month. Among them, food prices rose by 17.4%, down 1.7 percentage points, affecting CPI growth by about 3.43 percentage points. In food, the price of fresh fruit decreased by 8.0%, and the decrease increased by 1.2 percentage points. Pork prices rose 97.0%, down 13.2%. The prices of beef, mutton, chicken, duck and egg rose between 7.3% and 20.4%, all of which fell to different degrees. The price of fresh vegetables increased by 10.8%, with an increase. Among non food items, the prices of health care, education, culture, entertainment and clothing rose by 2.1%, 1.8% and 0.8% respectively, while the prices of transportation and communication dropped by 0.7%. The core CPI excluding food and energy prices rose 1.4% year-on-year, the same increase as last month.

PPI fell from 0.1% in the previous month to the same level. Among them, the price of means of production decreased by 0.2% from the previous month to flat; the price of means of living increased by 0.3% to decreased by 0.2%. Among the major industries, oil and natural gas exploitation increased by 3.8%, 3.7% higher than last month; gas production and supply increased by 2.2%, 1.1%. Oil, coal and other fuel processing industries rose 0.7% from down to up, while ferrous metal smelting and rolling processing industries rose 0.4%. Non metallic mineral products industry rose 0.7%, down 0.1%. The agricultural and sideline food processing industry changed from up to down, down 0.5%. The coal mining and washing industry decreased by 0.8% and the decline increased by 0.3%. From a year-on-year perspective, PPI decreased by 0.5%, 0.9 percentage points lower than last month. Among them, the price of means of production decreased by 1.2%, and the decrease narrowed by 1.3%; the price of means of living increased by 1.3%, and the increase dropped by 0.3%. Among the major industries, the ferrous metal mining and processing industry increased by 8.8%, 0.5 percentage points higher than last month; non ferrous metal smelting and rolling processing industry increased by 1.1%, 0.6 percentage points higher. For example, the manufacturing of chemical raw materials and chemical products decreased by 5.4% and 1.0% respectively; the processing of petroleum, coal and other fuels decreased by 1.8% and 8.1% respectively; the smelting and rolling processing of ferrous metals decreased by 0.7% and 4.6% respectively. The oil and gas industry rose 5.8% from a decline. The coal mining and washing industry decreased by 3.6% and the decline increased by 0.8%.