In June, CPI Continued To Decline And PPI Rose From Down To Up

Original title: Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics interprets the CPI and PPI data of June 2020, and the National Bureau of Statistics today released the national CPI (consumer price index) and PPI (Industrial producer price index) data for June 2020. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation. 　

1. CPI continued to decline on a month on month basis, with a slight increase over the same period of last year. In June, the resumption of work and production and the resumption of market and business continued to advance. All regions and departments conscientiously implemented the central government's series of policies and measures to ensure supply and price stability, and the overall market operation was stable. On a month on month basis, CPI fell by 0.1%. Among them, food prices rose by 0.2%, affecting CPI by about 0.04%. In food, affected by factors such as slowing down the pig market, strict epidemic prevention and deployment requirements and reduced import volume, the supply of pork is tight, and the demand for catering and group consumption has rebounded. The pork price dropped from 8.1% in the previous month to 3.6% in the rise. Floods occurred in many places in China, resulting in the short-term shortage of vegetables and fresh vegetable prices in some areas The price of fresh fruits dropped by 8.5% from 12.5% in the previous month, and the price of large quantities of fruits decreased by 8.5% from the previous month. Non food prices fell by 0.1% from flat in the previous month, which affected the CPI decline by about 0.10%. Among non food items, the epidemic continued to affect travel, with air tickets and travel prices falling by 6.1% and 1.8% respectively; summer clothing began to be on sale, and clothing prices increased from 0.2% last month to a decrease of 0.2%. On a year-on-year basis, CPI rose by 2.5%, an increase of 0.1 percentage points over the previous month. Among them, the food price rose by 11.1%, and the increase increased by 0.5%, which affected the CPI rise by about 2.24%. Among the food products, the prices of pork, beef and mutton increased by 81.6%, 18.5% and 10.9% respectively, with little change compared with the previous month; the prices of aquatic products increased by 4.8%, with an increase of 1.1 percentage points; the prices of fresh vegetables increased by 4.2%, with a decrease of 8.5% last month; the prices of fresh fruits and eggs decreased by 29.0% and 15.8%, respectively, by 9.7% and 1.3% respectively. Non food prices rose by 0.3%, down 0.1% from the previous month, affecting the CPI rise of about 0.24%. Among non food items, the prices of education, culture, entertainment and health care increased by 1.9%, transportation and communication prices decreased by 4.6%, of which gasoline and diesel prices decreased by 19.4% and 21.2% respectively. The CPI and food prices rose by 2.0% year-on-year. It is estimated that among the 2.5% year-on-year increase in June, the tail effect of last year's price change was about 3.3%, and the impact of new price rise was about - 0.8%. In the first half of the year, CPI rose by 3.8% over the same period last year. 　

2. The month on month decline of PPI turned up, and the year-on-year decline narrowed. In June, the international commodity prices recovered, the domestic manufacturing industry recovered steadily, and the market demand continued to improve. On a month on month basis, PPI rose by 0.4% from 0.4% in the previous month. The price of means of production increased from 0.5% to 0.5%. According to the survey of 40 industrial sectors, there were 22 industrial sectors with price rising, 12 more than the previous month, 12 declining, 8 decreasing, and 6 flat decreasing, 4 decreasing. Affected by the sharp rise in international crude oil prices, the prices of products in oil related industries stopped falling and turned to rise. Among them, the prices of oil and natural gas exploitation industry increased by 38.2%, the prices of oil, coal and other fuel processing industries increased by 1.7%, and the prices of chemical raw materials and chemical products manufacturing industry increased by 0.4%. The price of ferrous metal smelting and calendering increased by 1.9% from flat. The price of nonferrous metal smelting and calendering industry rose by 1.9%, 0.3 percentage points higher than that of the previous month. The above five PPI increased by about 42%. In addition, the price of coal mining and washing industry decreased by 0.7% and the decline rate narrowed by 2.2%. 　

The PPI decreased by 3.0% compared with the previous month. Among them, the price of means of production decreased by 4.2%, and the decline rate narrowed by 0.9%; the price of means of living increased by 0.6% and 0.1% respectively. The price decline of major industries narrowed. Among them, the price of oil and natural gas exploitation industry decreased by 39.1% and decreased by 18.5 percentage points; the price of oil, coal and other fuel processing industry decreased by 21.6% and 2.8%; the price of chemical raw materials and chemical products manufacturing industry decreased by 7.9%, 1.3%; the price of ferrous metal smelting and calendering industry decreased by 5.1% and 2.9% respectively; and the price of nonferrous metal smelting and calendering industry decreased by 5.1% The price of processing industry decreased by 2.2% and narrowed by 2.2%. In addition, the price of coal mining and washing industry decreased by 9.3%, an increase of 0.5 percentage points. 　　

It is estimated that in the 3.0% year-on-year decrease in June, the tail raising effect of last year's price change was about - 0.2 percentage points, and the impact of new price increase was about - 2.8 percentage points. In the first half of the year, PPI fell by 1.9% compared with the same period last year.