The National Bureau of Statistics released the CPI and PPI data for November 2024 today.
In November 2024, the consumer price index (CPI) rose by 0.2% year-on-year.
In November 2024, the national consumer price index rose 0.2% year-on-year. Among them, urban areas increased by 0.1%, and rural areas increased by 0.2%; food prices rose by 1.0%, while non-food prices remained stable; consumer goods prices remained stable, and service prices rose by 0.4%. From January to November, the average national consumer price index rose by 0.3% compared to the same period last year.
In November, the national consumer price index fell by 0.6% month-on-month. Among them, urban areas fell by 0.6%, and rural areas fell by 0.6%; food prices dropped by 2.7%, and non-food prices fell by 0.1%; consumer goods prices decreased by 0.7%, while service prices declined by 0.3%.
Year-on-year changes in prices of various commodities and services.
In November, the prices of food, tobacco, and alcohol rose by 0.9% year-on-year, impacting the CPI (Consumer Price Index) to rise by about 0.26 percentage points. Among food, fresh vegetable prices increased by 10.0%, impacting the CPI to rise by about 0.20 percentage points; livestock meat prices rose by 2.4%, impacting the CPI to rise by about 0.07 percentage points, with pork prices increasing by 13.7%, impacting the CPI to rise by about 0.17 percentage points; aquatic product prices rose by 1.8%, impacting the CPI to rise by about 0.03 percentage points; grain prices fell by 1.1%, impacting the CPI to decline by about 0.02 percentage points; fresh fruit prices decreased by 0.3%, impacting the CPI to decline by about 0.01 percentage points.
Prices in seven other major categories increased in four and decreased in three year-on-year. Among them, the prices of other goods and services, and clothing rose by 5.2% and 1.1% respectively, while medical care, education, and entertainment prices rose by 1.1% and 1.0% respectively; transportation and communication, daily necessities and services, and housing prices fell by 3.6%, 0.3%, and 0.1% respectively.
Month-on-month changes in prices of various commodities and services.
In November, the prices of food, tobacco, and alcohol decreased by 1.7% month-on-month, affecting the CPI decrease by approximately 0.48 percentage points. Within food, fresh vegetable prices dropped by 13.2%, influencing the CPI reduction by about 0.33 percentage points; fresh fruit prices fell by 3.0%, affecting the CPI by approximately 0.06 percentage points; pork prices decreased by 1.9%, impacting the CPI by about 0.06 percentage points, among which pork prices declined by 3.4%, affecting the CPI by about 0.05 percentage points; aquatic product prices dropped by 1.3%, impacting the CPI by about 0.02 percentage points; egg prices fell by 0.8%, affecting the CPI by about 0.01 percentage points.
In the other seven major categories, prices increased in one, remained stable in two, and decreased in four. Among them, clothing prices rose by 0.6%; housing and medical care prices remained stable; prices in education, culture, entertainment, and daily necessities and services decreased by 0.7% and 0.6% respectively, while transportation, communication, and other goods and services prices both dropped by 0.1%.
In November 2024, the year-on-year decline in the producer price index (PPI) for industrial products narrowed, and the month-on-month trend shifted from a decline to an increase.
In November 2024, the national industrial producer's ex-factory prices fell by 2.5% year-on-year, a decrease of 0.4 percentage points compared to last month. Month-on-month, it shifted from a decline of 0.1% last month to an increase of 0.1%; the industrial producer's purchase prices declined by 2.5% year-on-year and fell by 0.1% month-on-month. From January to November, on average, industrial producer's ex-factory prices decreased by 2.1% compared to the same period last year, while industrial producer's purchase prices fell by 2.2%.
Year-on-year changes in producer prices for industrial products in November.
Among the industrial producer's ex-factory prices, the prices of production materials dropped by 2.9%, affecting the total level of industrial producer's ex-factory prices by approximately 2.12 percentage points. Among them, the mining industry's prices fell by 4.9%, raw materials industry prices dropped by 2.9%, and processing industry prices decreased by 2.7%. Living material prices fell by 1.4%, affecting the total level of industrial producer's ex-factory prices by about 0.36 percentage points. Among these, food prices decreased by 1.5%, clothing prices declined by 0.3%, general daily necessities prices increased by 0.2%, and durable goods prices fell by 2.7%.
Among the industrial producer's purchase prices, the prices of black metals decreased by 7.1%, fuel and power prices fell by 6.5%, chemical raw material prices decreased by 5.0%, agricultural and sideline product prices dropped by 3.8%, building materials and non-metallic prices decreased by 2.7%, and textile raw material prices fell by 1.7%; nonferrous metal materials and wire prices rose by 11.0%.
Month-on-month changes in producer prices for industrial products in November.
In the industrial producer's ex-factory price, the price of production materials rose by 0.1%, which affected the overall level of the industrial producer's ex-factory price to increase by about 0.10 percentage points. Among them, the price in the extraction industry decreased by 0.1%, the price in the raw materials industry increased by 0.2%, and the price in the processing industry increased by 0.1%. The price of consumer goods remained stable. Specifically, food prices decreased by 0.2%, clothing prices remained flat, general daily necessities prices rose by 0.1%, and durable consumer goods prices increased by 0.2%.
In the industrial producer's purchase prices, the prices of agricultural and sideline products decreased by 0.7%, chemical raw materials prices decreased by 0.6%, fuel and power prices decreased by 0.4%, and textile raw materials prices decreased by 0.2%; building materials and non-metallic materials prices increased by 1.6%, nonferrous metal materials and wire prices increased by 1.2%, and black metal materials prices increased by 0.1%.
Editor/Rocky
