National Bureau Of Statistics: CPI Fell Month On Month In May And PPI Continued To Fall

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (Industrial producer price index) data for may 2022. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation.

1、 CPI fell month on month, and the year-on-year increase was the same as last month

In May, the prevention and control situation of domestic health events continued to improve, the overall supply of the consumer market was sufficient, CPI fell month on month, and the year-on-year increase remained stable.

On a month on month basis, CPI rose by 0.4% last month to decline by 0.2%. Among them, food prices increased from 0.9% in the previous month to 1.3% in decline, which affected the CPI decline by about 0.24%. In food, with a large number of fresh vegetables on the market, the logistics is gradually unblocked, and the price of fresh vegetables drops by 15.0%; The collection and storage of central pork reserves continued, and the effect of pig production capacity reduction gradually appeared, and the pork price increased by 5.2%; 0.0% and 8.0% of domestic grain and oil prices, respectively. Non food prices rose by 0.1%, down 0.1% from the previous month, affecting the CPI rise of about 0.06%. For non food products, the fluctuation of international oil price affected the domestic gasoline and diesel prices to rise by 0.6%; During the health events, the consumption of offline services decreased and the demand for online services increased. The prices of performance tickets and hotel accommodation decreased by 2.6% and 0.7% respectively, and the prices of online entertainment services increased by 2.4%.

On a year-on-year basis, CPI rose by 2.1%, the same as the previous month. Among them, food prices rose by 2.3%, 0.4 percentage points higher than that of the previous month, affecting the CPI rise of about 0.42%. In food, the prices of fresh fruit, potato and grain increased by 19.0%, 16.1% and 3.2%, respectively, which were larger than those of the previous month; The prices of fresh vegetables and eggs rose by 11.6% and 11.4% respectively, down 12.4% and 1.9 percentage points compared with the previous month; Pork prices fell by 21.1%, 12.2 percentage points lower than that of the previous month. Non food prices rose by 2.1%, down 0.1% from the previous month, affecting the CPI rise of about 1.68%. Among non food products, the prices of gasoline, diesel and LPG rose by 27.6%, 30.1% and 26.9% respectively; Hotel accommodation and air ticket prices fell by 7.4% and 2.4% respectively.

It is estimated that among the 2.1% year-on-year increase in May, the tail effect of last year's price change was about 0.8%, and the impact of new price increase was about 1.3%. Excluding food and energy prices, the core CPI rose 0.9% year-on-year, the same increase as last month.

2、 PPI month on month and year-on-year growth continued to fall

In May, the prevention and control of health events and economic and social development were effectively coordinated by all regions and departments to ensure the smooth and stable supply chain of key industrial chains. The month on month and year-on-year increase of PPI continued to fall.

On a month on month basis, PPI rose 0.1%, down 0.5 percentage points from the previous month.

Among them, the price of means of production rose by 0.1%, and the increase fell by 0.7%; The price of means of living rose by 0.3% and the increase was increased by 0.1%. The international crude oil price fluctuates upward, driving the domestic related industry price to rise.

Among them, the price of oil and natural gas exploitation industry increased by 1.3%, the price of petroleum coal and other fuel processing industry increased by 0.9%, the price of chemical fiber manufacturing industry increased by 0.8%, and the price of chemical raw materials and chemical products manufacturing industry increased by 0.6%. With the safe and orderly release of advanced coal production capacity, multiple measures to ensure coal supply, and strengthening the management of market expectations, the price of coal mining and washing industry increased from 2.5% to 1.1%, and the price of coal processing increased by 0.7% and decreased by 8.6%. The price of non-ferrous metal products decreased by 0.5% and the price of non-ferrous metal products decreased by 0.5%. In addition, the price of agricultural and sideline food processing industry rose by 0.9%, and the price of computer communication and other electronic equipment manufacturing industry increased by 0.8%.

On a year-on-year basis, PPI rose by 6.4%, 1.6 percentage points lower than that of the previous month.  

Among them, the price of means of production rose by 8.1% and fell by 2.2%; The price of means of living rose by 1.2%, with an increase of 0.2 percentage points. Among the 40 major industrial sectors surveyed, 37 had price increases, the same as last month. Among the major industries, the price rise fell: coal mining and washing industry increased by 37.2%, down 16.2%; Nonferrous metal smelting and calendering industry rose by 10.4% and fell by 6.4%; Oil, coal and other fuel processing industries rose by 34.0%, down 4.7 percentage points; Chemical raw materials and chemical products manufacturing industry rose 13.6%, down 1.3 percentage points. The gas production and supply industry increased by 22.0% and 1.3% respectively; The agricultural and sideline food processing industry rose by 3.7%, expanding by 1.1 percentage points; The electricity and heat production and supply industry rose by 9.7%, an increase of 0.4 percentage points. The price of ferrous metal smelting and calendering industry decreased by 1.3%, the first year-on-year decrease since September 2020.

It is estimated that among the 6.4% year-on-year increase in May, the tail effect of last year's price change was about 4.1 percentage points, and the impact of new price increase was about 2.3 percentage points.