Source: Finance Association
In April 2024, national consumer prices rose 0.3% year on year. In April 2024, the ex-factory price of industrial producers across the country fell 2.5% year on year, and the purchase price of industrial producers fell 3.0% year on year. The declines were 0.3 and 0.5 percentage points narrower than the previous month, respectively.
According to data released by the National Bureau of Statistics, consumer prices across the country rose 0.3% year on year in April. Among them, cities rose 0.3%, rural areas rose 0.4%; food prices fell 2.7%, non-food prices rose 0.9%; consumer goods prices remained flat, and service prices rose 0.8%. On average from January to April, national consumer prices rose 0.1% over the same period last year. In April, consumer prices across the country rose 0.1% month-on-month. Among them, cities rose 0.1%, while rural areas remained flat; food prices fell 1.0%, non-food prices rose 0.3%; consumer goods prices fell 0.1%, and service prices rose 0.3%.
In April 2024, the ex-factory price of industrial producers across the country fell 2.5% year on year, and the purchase price of industrial producers fell 3.0% year on year. The declines were 0.3 and 0.5 percentage points narrower than the previous month, respectively; the ex-factory price and purchase price of industrial producers fell 0.2% and 0.3%, respectively. On average from January to April, 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 3.3%.
National consumer prices rose 0.3% year on year in April
In April 2024, national consumer prices rose 0.3% year on year. Among them, cities rose 0.3%, rural areas rose 0.4%; food prices fell 2.7%, non-food prices rose 0.9%; consumer goods prices remained flat, and service prices rose 0.8%. On average from January to April, national consumer prices rose 0.1% over the same period last year.
In April, consumer prices across the country rose 0.1% month-on-month. Among them, cities rose 0.1%, while rural areas remained flat; food prices fell 1.0%, non-food prices rose 0.3%; consumer goods prices fell 0.1%, and service prices rose 0.3%.
I. Year-on-year changes in prices of various goods and services
In April, food, tobacco and alcohol prices fell 1.4% year on year, affecting the CPI (Consumer Price Index) decline by about 0.39 percent. Among food products, egg prices fell 10.6%, affecting the CPI decline by about 0.07 percent; fresh fruit prices fell 9.7%, affecting the CPI decline by about 0.22 percent; livestock and meat prices fell by 3.2%, affecting the CPI decline by about 0.10 percent. Among them, pork prices rose 1.4%, which affected the CPI increase by about 0.02 percent; fresh vegetable prices rose 1.3%, affecting the CPI increase by about 0.03 percent; food prices rose 0.5%, affecting the CPI increase by about 0.01 percent.
Prices in the other seven categories all increased year over year. Among them, the prices of other goods and services, education, culture and entertainment increased by 3.8% and 1.8% respectively, the prices of clothing and medical care all increased by 1.6%, and the prices of daily necessities and services, housing, transportation and communication increased by 1.4%, 0.2% and 0.1%, respectively.
II. Month-on-month changes in prices of various goods and services
In April, food, tobacco and alcohol prices fell 0.7% month-on-month, affecting the CPI decline by about 0.19 percent. Among food products, the price of fresh vegetables fell by 3.7%, affecting the CPI decline by about 0.08 percentage points; the price of fresh fruit fell 2.0%, affecting the CPI drop by about 0.04 percentage points; the price of eggs fell 2.0%, affecting the CPI decline by about 0.01 percentage points; the price of livestock and meat fell 0.8%, affecting the CPI decline by about 0.02 percentage points; and the price of aquatic products fell by 0.5%, affecting the CPI decline by about 0.01 percentage points.
Prices in the other seven categories rose, flat, and fell from the fifth to the fifth. Among them, prices of other goods and services, transportation and communication increased by 2.0% and 1.0%, respectively; prices of education, culture and entertainment, daily necessities and services, and health care increased by 0.5%, 0.4%, and 0.2%, respectively; housing prices remained flat; and clothing prices decreased by 0.1%.
Main consumer price data for April 2024
PPI fell 2.5% year on year in April, and the decline was 0.3 percentage points narrower than the previous month
In April 2024, the ex-factory price of industrial producers across the country fell 2.5% year on year, and the purchase price of industrial producers fell 3.0% year on year. The declines were 0.3 and 0.5 percentage points narrower than the previous month, respectively; the ex-factory price and purchase price of industrial producers fell 0.2% and 0.3%, respectively. On average from January to April, 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 3.3%.
I. Year-on-year changes in industrial producer prices in April
Among the ex-factory prices of industrial producers, the price of means of production fell by 3.1%, affecting the overall ex-factory price level of industrial producers falling by about 2.32 percentage points. Among them, the price of the extractive industry fell by 4.8%, the price of the raw materials industry decreased by 1.9%, and the price of the processing industry decreased by 3.6%. The price of living materials fell by 0.9%, affecting the overall level of ex-factory prices of industrial producers by about 0.22 percentage points. Among them, the price of food decreased by 0.8%, the price of clothing increased by 0.3%, the price of general daily necessities increased by 0.1%, and the price of durable consumer goods decreased by 1.9%.
Among the purchase prices of industrial producers, the price of construction materials and non-metals fell by 8.5%, the price of ferrous metal materials decreased by 5.5%, the price of agricultural and sideline products decreased by 5.2%, the prices of fuel power and chemical raw materials all fell by 4.3%; the price of non-ferrous metal materials and wires increased by 3.3%, and the price of textile raw materials increased by 0.5%.
The month-on-month changes in industrial producer prices in February and April
Among the ex-factory prices of industrial producers, the price of means of production fell by 0.2%, affecting the overall ex-factory price level of industrial producers falling by about 0.17 percentage points. Among them, the price of the extractive industry fell by 1.0%, the price of the raw materials industry increased by 0.3%, and the price of the processing industry decreased by 0.4%. The price of living materials fell by 0.1%, affecting the overall level of ex-factory prices of industrial producers by about 0.03 percentage points. Among them, food prices fell 0.1%, clothing prices remained flat, general daily necessities prices rose 0.3%, and durable consumer goods fell 0.5%.
Among the purchase prices of industrial producers, the price of ferrous metal materials fell 1.8%, the price of fuel power decreased by 1.4%, the price of construction materials and non-metals decreased by 1.2%, the price of agricultural and sideline products decreased by 0.3%; the price of non-ferrous metal materials and wires increased by 2.8%, the price of chemical raw materials increased by 0.1%; and the price of textile raw materials remained flat.
Key data on industrial producer prices for April 2024
The year-on-year increase in CPI was steady in April 2024, and the year-on-year decline in PPI narrowed
——Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interprets the CPI and PPI data for April 2024
The National Bureau of Statistics today released the national CPI (Consumer Price Index) and PPI (Industrial Producer Ex-Factory Price Index) data for April 2024. Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, explained this.
1. CPI changed from decline to increase month-on-month, and the year-on-year increase increased slightly
In April, consumer demand continued to recover, and the national CPI changed from decline to increase month-on-month, and the year-on-year increase increased. Excluding food and energy prices, the core CPI rose 0.2% month-on-month, down 0.6% last month; it rose 0.7% year-on-year, up 0.1 percentage points from the previous month.
On a month-on-month basis, CPI rose 0.1% and fell 1.0% last month. Among them, food prices fell 1.0%, and the decline was 2.2 percentage points narrower than the previous month, affecting the CPI decline by about 0.19 percentage points month-on-month.
Among food products, the market supply was sufficient. Prices of fresh vegetables, shrimp and crab, beef, eggs and fresh fruit fell by 3.7%, 2.8%, 2.7%, 2.3%, and 2.0% respectively, which together affected the CPI decline by about 0.16 percentage points from month to month. Non-food prices changed from a 0.5% decline last month to a 0.3% increase, affecting the CPI increase by about 0.27 percent month-on-month.
Among non-food products, due to increased travel during the short and long holidays, air tickets, transportation rental fees, hotel accommodation, and travel prices all changed from decline to increase, with increases of 15.3%, 9.0%, 4.0%, and 2.7% respectively, which together affected the CPI increase by about 0.12 percent month-on-month. Affected by rising international gold prices and oil prices, domestic gold jewelry and gasoline prices rose 8.7% and 3.0% respectively, which together affected the CPI increase by about 0.15 percent month-on-month.
On a year-on-year basis, CPI rose 0.3%, an increase of 0.2 percentage points over the previous month. Among them, food prices fell 2.7%, the same rate as last month, affecting the year-on-year decline in CPI by about 0.49 percent.
Among foodstuffs, the prices of eggs, beef, fresh fruit, lamb and poultry fell by 12.4%, 10.4%, 9.7%, 6.8% and 2.6%, respectively, and the decline increased; the prices of pork and fresh vegetables increased by 1.4% and 1.3%, respectively, from 2.4% and 1.3% in the previous month. Non-food prices rose 0.9%, an increase of 0.2 percentage points over the previous month, affecting the CPI increase by about 0.77 percent year on year.
Among non-food products, energy prices rose 3.6%, an increase of 2.3 percentage points; prices of industrial consumer goods excluding energy rose 0.4%, an increase of 0.3 percentage points. Among them, the prices of fuel cars and new energy cars fell 4.8% and 6.5%, respectively, and the decline narrowed; service prices rose 0.8%, the same increase as last month.
According to estimates, of the 0.3% year-on-year change in CPI in April, the tipping effect was about -0.1 percentage points, and the new impact of this year's price change was about 0.4 percentage points.
2. PPI declined month-on-month, and the year-on-year decline narrowed
In April, industrial production continued to recover, demand in some industries declined in stages, and the country's PPI declined month-on-month, and the year-on-year decline narrowed.
On a month-on-month basis, PPI fell 0.2%, an increase of 0.1 percentage points over the previous month. Among them, the price of means of production fell by 0.2%, an increase of 0.1 percentage points; the price of means of living fell by 0.1%, the same rate as last month.
Affected by the rise in international crude oil and non-ferrous metal prices, domestic oil and gas extraction, petroleum coal and other fuel processing industry prices rose 3.4% and 1.0% respectively; prices in the non-ferrous metal smelting and rolling processing industry rose 3.2%, with gold smelting and copper smelting prices rising 8.0% and 5.8% respectively. The supply of coal is sufficient, demand for electricity and coal falls seasonally, and prices in the coal mining and washing industry have dropped by 3.0%.
Since mid-April, supply and demand in the steel market have improved slightly, and prices have risen. The monthly average is still declining. Prices in the ferrous metal smelting and rolling processing industry have dropped 2.5%. In the equipment manufacturing industry, gasoline and diesel vehicle manufacturing and NEV vehicle manufacturing prices fell by 0.9% and 0.2%, respectively, while computer communications and other electronic equipment manufacturing prices fell by 0.2%. In the consumer goods manufacturing industry, prices in the cultural, education, industrial, and American sports and entertainment manufacturing industries, and textile, clothing and apparel industries rose 1.7% and 0.1%, respectively.
On a year-on-year basis, PPI fell 2.5%, and the decline was 0.3 percentage points narrower than the previous month. Among them, the price of the means of production fell by 3.1%, and the decline narrowed by 0.4 percentage points; the price of the means of living fell by 0.9%, and the decline narrowed by 0.1 percentage points.
Among the major industries, the price of the coal mining and washing industry fell by 14.2%, the price of chemical raw materials and chemical products manufacturing fell by 5.4%, the price of the electrical machinery and equipment manufacturing industry fell by 4.2%, the price of the agricultural and sideline food processing industry fell by 3.6%, the price of computer communication and other electronic equipment manufacturing industry fell 2.0%, and the price of petroleum coal and other fuel processing industry fell 1.0%, and the decline in the price of the non-metallic mineral products industry fell by 9.0%, the price of the ferrous metal smelting and rolling processing industry fell by 8.5%, and the price of the automobile manufacturing industry fell 2.0%, and the decline increased; Prices in the oil and gas extraction industry rose 9.4%, and prices in the non-ferrous metal smelting and rolling processing industry rose 3.6%, all of which increased.
According to estimates, in the PPI year-on-year change of -2.5% in April, the tipping effect was about -1.8 percentage points, and the new impact of this year's price change was about -0.7 percentage points.
editor/tolk