Macro political and economic news

The year-on-year growth rate of China's CPI narrowed to 0.1% in March, and the year-on-year decline in PPI widened to 2.8%

来源：国家统计局

中国3月CPI同比增长0.1%，前值增长0.7%；中国3月PPI同比下降2.8%，前值下降2.7%。

4月11日，国家统计局公布数据显示，3月份CPI同比增长0.1%，较前值0.7%明显缩窄；3月CPI环比下降1.0%，前值为上涨1.0%，时隔三个月再度转跌。

3月PPI同比下降2.8%，降幅为连续第二个月扩大，环比下降0.1%，较2月的下降0.2%有所好转。

国家统计局表示，3月份从环比看，国际输入性因素带动国内石油、有色金属相关行业价格上涨，石油和天然气开采业、石油煤炭及其他燃料加工业价格分别上涨1.1%、0.2%；有色金属冶炼和压延加工业价格上涨0.6%，其中金冶炼、铜冶炼价格分别上涨2.2%、1.6%。煤炭供应总体平稳，采暖用煤需求减少，煤炭开采和洗选业价格下降1.6%。钢材、水泥等行业市场需求恢复相对缓慢，黑色金属冶炼和压延加工业、水泥制造价格均下降1.2%。装备制造业中，新能源车整车制造、锂离子电池制造价格分别下降1.3%、0.9%；铁路船舶航空航天和其他运输设备制造业价格上涨0.3%；计算机通信和其他电子设备制造业价格持平。

3月CPI同比增速缩窄至0.1%

2024年3月份，全国居民消费价格同比上涨0.1%。其中，城市持平，农村上涨0.1%；食品价格下降2.7%，非食品价格上涨0.7%；消费品价格下降0.4%，服务价格上涨0.8%。1—3月平均，全国居民消费价格与上年同期持平。

3月份，全国居民消费价格环比下降1.0%。其中，城市下降1.0%，农村下降0.7%；食品价格下降3.2%，非食品价格下降0.5%；消费品价格下降0.9%，服务价格下降1.1%。

一、各类商品及服务价格同比变动情况

3月份，食品烟酒类价格同比下降1.4%，影响CPI（居民消费价格指数）下降约0.40个百分点。食品中，蛋类价格下降8.9%，影响CPI下降约0.06个百分点；鲜果价格下降8.5%，影响CPI下降约0.20个百分点；畜肉类价格下降4.3%，影响CPI下降约0.14个百分点，其中猪肉价格下降2.4%，影响CPI下降约0.03个百分点；鲜菜价格下降1.3%，影响CPI下降约0.03个百分点；水产品价格上涨1.2%，影响CPI上涨约0.03个百分点；粮食价格上涨0.5%，影响CPI上涨约0.01个百分点。

其他七大类价格同比六涨一降。其中，其他用品及服务、教育文化娱乐、衣着价格分别上涨2.7%、1.8%和1.6%，医疗保健、生活用品及服务、居住价格分别上涨1.5%、1.0%和0.2%；交通通信价格下降1.3%。

二、各类商品及服务价格环比变动情况

3月份，食品烟酒类价格环比下降2.2%，影响CPI下降约0.61个百分点。食品中，鲜菜价格下降11.0%，影响CPI下降约0.27个百分点；鲜果价格下降4.2%，影响CPI下降约0.09个百分点；畜肉类价格下降3.9%，影响CPI下降约0.12个百分点，其中猪肉价格下降6.7%，影响CPI下降约0.09个百分点；蛋类价格下降3.8%，影响CPI下降约0.02个百分点；水产品价格下降3.5%，影响CPI下降约0.07个百分点。

其他七大类价格环比四涨一平两降。其中，衣着、其他用品及服务价格均上涨0.6%，居住、医疗保健价格均上涨0.1%；生活用品及服务价格持平；教育文化娱乐、交通通信价格分别下降2.1%和1.4%。

2024年3月份，全国工业生产者出厂价格同比下降2.8%，环比下降0.1%；工业生产者购进价格同比下降3.5%，环比下降0.1%。一季度，工业生产者出厂价格比上年同期下降2.7%，工业生产者购进价格下降3.4%。

PPI同比降幅扩大至2.8%

一、3月份工业生产者价格同比变动情况

工业生产者出厂价格中，生产资料价格下降3.5%，影响工业生产者出厂价格总水平下降约2.58个百分点。其中，采掘工业价格下降5.8%，原材料工业价格下降2.9%，加工工业价格下降3.6%。生活资料价格下降1.0%，影响工业生产者出厂价格总水平下降约0.26个百分点。其中，食品价格下降1.3%，衣着价格上涨0.3%，一般日用品价格下降0.1%，耐用消费品价格下降1.8%。

工业生产者购进价格中，建筑材料及非金属类价格下降7.2%，农副产品类价格下降6.0%，化工原料类价格下降5.4%，燃料动力类价格下降4.9%，黑色金属材料类价格下降4.1%；有色金属材料及电线类价格上涨0.7%，纺织原料类价格上涨0.5%。

二、3月份工业生产者价格环比变动情况

工业生产者出厂价格中，生产资料价格下降0.1%，影响工业生产者出厂价格总水平下降约0.08个百分点。其中，采掘工业价格下降0.8%，原材料工业价格上涨0.3%，加工工业价格下降0.2%。生活资料价格下降0.1%，影响工业生产者出厂价格总水平下降约0.04个百分点。其中，食品价格下降0.4%，衣着、一般日用品和耐用消费品价格均持平。

工业生产者购进价格中，黑色金属材料类价格下降1.6%，建筑材料及非金属类、农副产品类价格均下降0.6%，化工原料类价格下降0.1%；有色金属材料及电线类价格上涨0.8%，燃料动力类价格上涨0.7%，纺织原料类价格上涨0.3%。

编辑/lambor

Source: National Bureau of Statistics

China's CPI rose 0.1% year on year in March, up 0.7% from the previous value; China's March PPI fell 2.8% year on year, down 2.7% from the previous value.

On April 11, the National Bureau of Statistics released data showing that in March, CPI increased 0.1% year on year, which is significantly narrower than the previous value of 0.7%; CPI fell 1.0% month-on-month in March, up 1.0% from the previous value, and turned down again after a lapse of three months.

PPI fell 2.8% year on year in March. The decline widened for the second month in a row, falling 0.1% month-on-month, improving from the 0.2% decline in February.

The National Bureau of Statistics said that from a month-on-month perspective in March, international import factors drove up prices in domestic petroleum and non-ferrous metals-related industries. Prices in the oil and gas extraction industry, petroleum coal and other fuel processing industries rose 1.1% and 0.2% respectively; prices in the non-ferrous metal smelting and rolling processing industry rose 0.6%. Among them, the prices of gold smelting and copper smelting rose 2.2% and 1.6% respectively. The overall coal supply was stable, demand for heating coal decreased, and prices in the coal mining and washing industry fell 1.6%. The recovery in market demand in industries such as steel and cement was relatively slow, and prices in ferrous metal smelting, rolling processing, and cement manufacturing all fell by 1.2%. In the equipment manufacturing industry, the manufacturing prices of new energy vehicles and lithium-ion batteries fell by 1.3% and 0.9%, respectively; prices in the railway, ship, aerospace and other transportation equipment manufacturing industries increased by 0.3%; and prices in the computer communications and other electronic equipment manufacturing industries remained flat.

The year-on-year CPI growth rate narrowed to 0.1% in March

In March 2024, national consumer prices rose 0.1% year on year. Among them, cities remained flat, with rural areas rising 0.1%; food prices fell 2.7%, non-food prices rose 0.7%; consumer goods prices fell 0.4%, and service prices rose 0.8%. On average from January to March, the national consumer price was the same as the same period last year.

In March, consumer prices across the country fell 1.0% month-on-month. Among them, urban prices fell 1.0%, rural areas fell 0.7%; food prices fell 3.2%, non-food prices fell 0.5%; consumer goods prices fell 0.9%, and service prices fell 1.1%.

I. Year-on-year changes in prices of various goods and services

In March, food, tobacco and alcohol prices fell 1.4% year on year, affecting the CPI (Consumer Price Index) decline by about 0.40 percent. In food, egg prices fell 8.9%, affecting the CPI decline by about 0.06 percentage points; fresh fruit prices fell by 8.5%, affecting the CPI decline by about 0.20 percentage points; livestock and meat prices fell 4.3%, affecting the CPI decline by about 0.14 percentage points, of which pork prices fell 2.4%, which affected the CPI decline by about 0.03 percentage points; the price of fresh vegetables fell by 1.3%, affecting the CPI decline by about 0.03 percentage points; the price of aquatic products rose by about 0.03 percentage points; the price of food increased by 0.5%, affecting the CPI increase by about 0.20 percentage points; the impact of the increase in food prices by 0.5% The CPI rose by about 0.01 percent.

Prices in the other seven categories rose and fell six times over the same period last year. Among them, prices of other goods and services, education, culture and entertainment, and clothing increased by 2.7%, 1.8%, and 1.6% respectively; prices of health care, household goods and services, and housing increased by 1.5%, 1.0% and 0.2%, respectively; and transportation and communication prices decreased by 1.3%.

II. Month-on-month changes in prices of various goods and services

In March, food, tobacco and alcohol prices fell 2.2% month-on-month, affecting the CPI decline by about 0.61 percent. Among food products, the price of fresh vegetables fell by 11.0%, affecting the CPI decline by about 0.27 percentage points; the price of fresh fruit fell by 4.2%, affecting the CPI drop by about 0.09 percentage points; the price of livestock and meat fell by 3.9%, affecting the CPI decline by about 0.12 percentage points, of which pork price fell 6.7%, which affected the CPI drop by about 0.09 percentage points; the price of eggs fell by 3.8%, affecting the CPI decline by about 0.07 percentage points.

Prices in the other seven categories rose, 1 flat, and fell 2 times over the previous quarter. Among them, the prices of clothing, other goods and services all increased by 0.6%; the prices of housing and health care all increased by 0.1%; the prices of daily necessities and services remained flat; and the prices of education, culture, entertainment, transportation and communication decreased by 2.1% and 1.4%, respectively.

In March 2024, the ex-factory price of industrial producers across the country fell 2.8% year on year, down 0.1% month on month; the purchase price of industrial producers fell 3.5% year on year, down 0.1% month on month. In the first quarter, the ex-factory price of industrial producers decreased by 2.7% compared to the same period last year, and the purchase price of industrial producers decreased by 3.4%.

The year-on-year decline in PPI increased to 2.8%

Year-on-year changes in industrial producer prices in January and March

Among the ex-factory prices of industrial producers, the price of means of production fell by 3.5%, affecting the overall ex-factory price level of industrial producers falling by about 2.58 percentage points. Among them, the price of the extractive industry fell by 5.8%, the price of the raw materials industry decreased by 2.9%, and the price of the processing industry decreased by 3.6%. The price of living materials fell by 1.0%, affecting the overall level of ex-factory prices of industrial producers by about 0.26 percentage points. Among them, the price of food decreased by 1.3%, the price of clothing increased by 0.3%, the price of general daily necessities decreased by 0.1%, and the price of durable consumer goods decreased by 1.8%.

Among the purchase prices of industrial producers, the price of construction materials and non-metals fell by 7.2%, the price of agricultural and sideline products decreased by 6.0%, the price of chemical raw materials decreased by 5.4%, the price of fuel power by 4.9%, and the price of ferrous metal materials decreased by 4.1%; the price of non-ferrous metal materials and wires increased by 0.7%, and the price of textile raw materials increased by 0.5%.

Month-on-month changes in industrial producer prices in February and March

Among the ex-factory prices of industrial producers, the price of means of production fell by 0.1%, affecting the overall ex-factory price level of industrial producers falling by about 0.08 percentage points. Among them, the price of the extractive industry decreased by 0.8%, the price of the raw materials industry increased by 0.3%, and the price of the processing industry decreased by 0.2%. The price of living materials fell by 0.1%, affecting the overall level of ex-factory prices of industrial producers by about 0.04 percentage points. Among them, food prices fell by 0.4%, while prices for clothing, general daily necessities, and durable consumer goods all remained flat.

Among the purchase prices of industrial producers, the price of ferrous metal materials decreased by 1.6%, the price of construction materials, non-metals, agricultural and sideline products all decreased by 0.6%, and the price of chemical raw materials decreased by 0.1%; the price of non-ferrous metal materials and wires increased by 0.8%, the price of fuel power products increased by 0.7%, and the price of textile raw materials increased by 0.3%.

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