In 10, the Consumer Price Index (CPI) was unchanged month on month and rose 0.7% year on year, with the increase easing by 0.2 percentage points from the previous month. Core CPI, excluding food and energy prices, rose 0.8% year on year, with the increase easing by 0.2 percentage points from the previous month. The Producer Price Index (PPI) rose 0.7% month on month, with the increase easing by 0.5 percentage points from the previous month; it rose 5.7% year on year, with the increase widening by 0.7 percentage points.
I. CPI continued to rise year on year
Month on month, the national CPI shifted from an increase of 0.2% in the previous month to no change. Among its components, prices of industrial consumer goods rose 0.3%, with the increase easing by 0.4 percentage points from the previous month, contributing about 0.10 percentage points to the month-on-month CPI increase. Among industrial consumer goods, affected by changes in international market prices, domestic gasoline prices rose 4.2%, with the increase easing by 0.7 percentage points from the previous month, contributing about 0.14 percentage points to the month-on-month CPI increase. Prices of gold jewelry fell 5.9%, with the decline widening by 3.8 percentage points from the previous month, contributing about 0.03 percentage points to the month-on-month CPI decline. Service prices shifted from a decrease of 0.2% in the previous month to an increase of 0.1%, contributing about 0.04 percentage points to the month-on-month CPI increase. Among services, the number of people traveling during the National Day holiday increased. Hotel accommodation, air tickets and travel agency fees rose 6.5%, 3.3% and 2.4%, respectively, together contributing about 0.04 percentage points to the month-on-month CPI increase. Food prices shifted from an increase of 0.4% in the previous month to a decrease of 1.0%, contributing about 0.17 percentage points to the month-on-month CPI decline. Among food items, suitable weather conditions led prices of eggs, fresh vegetables and fresh fruit to fall 6.3%, 5.8% and 0.6%, respectively, together contributing about 0.13 percentage points to the month-on-month CPI decline. Ample market supply led aquatic products and pork prices to fall 1.3% and 1.0%, respectively, together contributing about 0.04 percentage points to the month-on-month CPI decline. Beef and mutton prices rose 1.6% and 0.8%, respectively, with both increases easing.
Year on year, the national CPI rose 0.7%, with the increase easing by 0.2 percentage points from the previous month. Gasoline prices rose 22.4%, with the increase widening by 5.8 percentage points from the previous month, contributing about 0.63 percentage points to the year-on-year CPI increase and driving the increase in energy prices to widen from 7.3% in the previous month to 9.9% this month. Prices of industrial consumer goods excluding energy rose 1.2%, with the increase easing by 0.4 percentage points from the previous month, contributing about 0.30 percentage points to the year-on-year CPI increase. Among these goods, prices of data storage devices, tablet computers, computers and mobile phones rose 45.4%, 29.3%, 23.0% and 16.7%, respectively; together, the four categories contributed about 0.26 percentage points to the year-on-year CPI increase. Prices of gold jewelry rose 4.5%, with the increase easing by 18.0 percentage points from the previous month, contributing about 0.02 percentage points to the year-on-year CPI increase. Service prices rose 0.7%, with the increase easing by 0.1 percentage points from the previous month, contributing about 0.34 percentage points to the year-on-year CPI increase. Among services, medical service prices rose 3.6%, with the increase easing by 0.4 percentage points from the previous month; travel service prices rose 1.5%, with the increase easing by 0.6 percentage points from the previous month. Food prices fell 2.9%, with the decline widening by 1.2 percentage points from the previous month, contributing about 0.49 percentage points to the year-on-year CPI decline. Among food items, prices of fresh vegetables, pork and fresh fruit fell 16.9%, 8.6% and 3.8%, respectively, together contributing about 0.54 percentage points to the year-on-year CPI decline. Prices of grain, edible oils and dairy products fell by between 0.5% and 1.2%, together contributing about 0.03 percentage points to the year-on-year CPI decline. Egg prices rose 12.3%, with the increase easing by 5.1 percentage points from the previous month, contributing about 0.05 percentage points to the year-on-year CPI increase. Beef and mutton prices rose 8.7% and 5.8%, respectively, together contributing about 0.09 percentage points to the year-on-year CPI increase.
II. The PPI month-on-month increase eased
Month on month, the national PPI rose 0.7%, with the increase easing by 0.5 percentage points from the previous month. The main characteristics of the PPI’s month-on-month performance this month were as follows. First, imported and seasonal factors pushed up prices in major energy-related industries. Rising international energy prices drove prices in the domestic oil and natural gas extraction industry and coal mining and washing industry up 6.0% and 2.7%, respectively. The pass-through of upstream basic energy prices, the release of demand for thermal coal and natural gas during the critical preparation period for peak winter heating, and other factors pushed up prices in downstream refined petroleum products manufacturing, organic chemical materials manufacturing, coal processing, and gas production and supply by 6.8%, 6.8%, 3.2% and 1.5%, respectively. Together, these 6 industries contributed about 0.61 percentage points to the month-on-month PPI increase, accounting for more than four-fifths of the total increase. Second, orderly efforts to manage production capacity and the rapid development of artificial intelligence pushed up prices in some raw materials and equipment manufacturing industries. Production capacity in some industries was adjusted in an orderly manner, improving supply-demand conditions. Prices in the non-metallic mineral products industry rose 0.8%, while prices in the automobile manufacturing industry were unchanged after falling for 3 consecutive months. The continued empowerment of industrial transformation by artificial intelligence increased demand for and prices in related industries; prices in the electrical machinery and equipment manufacturing industry and the computer, communications and other electronic equipment manufacturing industry both rose 0.1%. Third, supply in the consumer goods market was ample and demand steady, keeping prices generally stable. Prices in industries related to consumer goods manufacturing were generally stable. Prices in the textile industry and agricultural and sideline food processing industry rose 0.2% and 0.1%, respectively; prices in the paper and paper products industry and the alcohol, beverages and refined tea manufacturing industry fell 0.4% and 0.1%, respectively; prices in the furniture manufacturing industry and tobacco products industry were unchanged.
Year on year, the national PPI rose by 5.7%, and the increase was 0.7 percentage points larger than the previous month. By major industry, among industries where prices rose, prices increased by 36.6% in the coal mining and washing industry; by 35.0%, 29.9%, and 16.4%, respectively, in the oil and natural gas extraction industry, the petroleum, coal and other fuel processing industry, and the manufacture of chemical raw materials and chemical products; by 7.9% in the gas production and supply industry; and by 5.9% in the manufacture of computers, communications equipment and other electronic equipment. The increases in all these industries were larger than the previous month. Prices rose by 16.3% in the non-ferrous metal mining and dressing industry and by 18.6% in the smelting and pressing of non-ferrous metals industry, with both increases smaller than the previous month. Prices in the manufacture of electrical machinery and equipment rose by 6.2%, unchanged from the previous month. The above 9 industries together contributed about 6.14 percentage points to the year-on-year increase in the PPI, with their upward contribution 0.64 percentage points greater than the previous month. The 5 industries with the largest downward effects on prices were the manufacture of alcoholic beverages, beverages and refined tea; the manufacture of medicines; the manufacture of non-metallic mineral products; the manufacture of automobiles; and the production and supply of electricity and heat. Their declines ranged from 1.6% to 5.2%, and had all narrowed from the previous month. Together, they contributed about 0.60 percentage points to the year-on-year decline in the PPI, with their downward contribution 0.06 percentage points smaller than the previous month.
I. CPI continued to rise year on year
Month on month, the national CPI shifted from an increase of 0.2% in the previous month to no change. Among its components, prices of industrial consumer goods rose 0.3%, with the increase easing by 0.4 percentage points from the previous month, contributing about 0.10 percentage points to the month-on-month CPI increase. Among industrial consumer goods, affected by changes in international market prices, domestic gasoline prices rose 4.2%, with the increase easing by 0.7 percentage points from the previous month, contributing about 0.14 percentage points to the month-on-month CPI increase. Prices of gold jewelry fell 5.9%, with the decline widening by 3.8 percentage points from the previous month, contributing about 0.03 percentage points to the month-on-month CPI decline. Service prices shifted from a decrease of 0.2% in the previous month to an increase of 0.1%, contributing about 0.04 percentage points to the month-on-month CPI increase. Among services, the number of people traveling during the National Day holiday increased. Hotel accommodation, air tickets and travel agency fees rose 6.5%, 3.3% and 2.4%, respectively, together contributing about 0.04 percentage points to the month-on-month CPI increase. Food prices shifted from an increase of 0.4% in the previous month to a decrease of 1.0%, contributing about 0.17 percentage points to the month-on-month CPI decline. Among food items, suitable weather conditions led prices of eggs, fresh vegetables and fresh fruit to fall 6.3%, 5.8% and 0.6%, respectively, together contributing about 0.13 percentage points to the month-on-month CPI decline. Ample market supply led aquatic products and pork prices to fall 1.3% and 1.0%, respectively, together contributing about 0.04 percentage points to the month-on-month CPI decline. Beef and mutton prices rose 1.6% and 0.8%, respectively, with both increases easing.
Year on year, the national CPI rose 0.7%, with the increase easing by 0.2 percentage points from the previous month. Gasoline prices rose 22.4%, with the increase widening by 5.8 percentage points from the previous month, contributing about 0.63 percentage points to the year-on-year CPI increase and driving the increase in energy prices to widen from 7.3% in the previous month to 9.9% this month. Prices of industrial consumer goods excluding energy rose 1.2%, with the increase easing by 0.4 percentage points from the previous month, contributing about 0.30 percentage points to the year-on-year CPI increase. Among these goods, prices of data storage devices, tablet computers, computers and mobile phones rose 45.4%, 29.3%, 23.0% and 16.7%, respectively; together, the four categories contributed about 0.26 percentage points to the year-on-year CPI increase. Prices of gold jewelry rose 4.5%, with the increase easing by 18.0 percentage points from the previous month, contributing about 0.02 percentage points to the year-on-year CPI increase. Service prices rose 0.7%, with the increase easing by 0.1 percentage points from the previous month, contributing about 0.34 percentage points to the year-on-year CPI increase. Among services, medical service prices rose 3.6%, with the increase easing by 0.4 percentage points from the previous month; travel service prices rose 1.5%, with the increase easing by 0.6 percentage points from the previous month. Food prices fell 2.9%, with the decline widening by 1.2 percentage points from the previous month, contributing about 0.49 percentage points to the year-on-year CPI decline. Among food items, prices of fresh vegetables, pork and fresh fruit fell 16.9%, 8.6% and 3.8%, respectively, together contributing about 0.54 percentage points to the year-on-year CPI decline. Prices of grain, edible oils and dairy products fell by between 0.5% and 1.2%, together contributing about 0.03 percentage points to the year-on-year CPI decline. Egg prices rose 12.3%, with the increase easing by 5.1 percentage points from the previous month, contributing about 0.05 percentage points to the year-on-year CPI increase. Beef and mutton prices rose 8.7% and 5.8%, respectively, together contributing about 0.09 percentage points to the year-on-year CPI increase.
II. The PPI month-on-month increase eased
Month on month, the national PPI rose 0.7%, with the increase easing by 0.5 percentage points from the previous month. The main characteristics of the PPI’s month-on-month performance this month were as follows. First, imported and seasonal factors pushed up prices in major energy-related industries. Rising international energy prices drove prices in the domestic oil and natural gas extraction industry and coal mining and washing industry up 6.0% and 2.7%, respectively. The pass-through of upstream basic energy prices, the release of demand for thermal coal and natural gas during the critical preparation period for peak winter heating, and other factors pushed up prices in downstream refined petroleum products manufacturing, organic chemical materials manufacturing, coal processing, and gas production and supply by 6.8%, 6.8%, 3.2% and 1.5%, respectively. Together, these 6 industries contributed about 0.61 percentage points to the month-on-month PPI increase, accounting for more than four-fifths of the total increase. Second, orderly efforts to manage production capacity and the rapid development of artificial intelligence pushed up prices in some raw materials and equipment manufacturing industries. Production capacity in some industries was adjusted in an orderly manner, improving supply-demand conditions. Prices in the non-metallic mineral products industry rose 0.8%, while prices in the automobile manufacturing industry were unchanged after falling for 3 consecutive months. The continued empowerment of industrial transformation by artificial intelligence increased demand for and prices in related industries; prices in the electrical machinery and equipment manufacturing industry and the computer, communications and other electronic equipment manufacturing industry both rose 0.1%. Third, supply in the consumer goods market was ample and demand steady, keeping prices generally stable. Prices in industries related to consumer goods manufacturing were generally stable. Prices in the textile industry and agricultural and sideline food processing industry rose 0.2% and 0.1%, respectively; prices in the paper and paper products industry and the alcohol, beverages and refined tea manufacturing industry fell 0.4% and 0.1%, respectively; prices in the furniture manufacturing industry and tobacco products industry were unchanged.
Year on year, the national PPI rose by 5.7%, and the increase was 0.7 percentage points larger than the previous month. By major industry, among industries where prices rose, prices increased by 36.6% in the coal mining and washing industry; by 35.0%, 29.9%, and 16.4%, respectively, in the oil and natural gas extraction industry, the petroleum, coal and other fuel processing industry, and the manufacture of chemical raw materials and chemical products; by 7.9% in the gas production and supply industry; and by 5.9% in the manufacture of computers, communications equipment and other electronic equipment. The increases in all these industries were larger than the previous month. Prices rose by 16.3% in the non-ferrous metal mining and dressing industry and by 18.6% in the smelting and pressing of non-ferrous metals industry, with both increases smaller than the previous month. Prices in the manufacture of electrical machinery and equipment rose by 6.2%, unchanged from the previous month. The above 9 industries together contributed about 6.14 percentage points to the year-on-year increase in the PPI, with their upward contribution 0.64 percentage points greater than the previous month. The 5 industries with the largest downward effects on prices were the manufacture of alcoholic beverages, beverages and refined tea; the manufacture of medicines; the manufacture of non-metallic mineral products; the manufacture of automobiles; and the production and supply of electricity and heat. Their declines ranged from 1.6% to 5.2%, and had all narrowed from the previous month. Together, they contributed about 0.60 percentage points to the year-on-year decline in the PPI, with their downward contribution 0.06 percentage points smaller than the previous month.