The CPI rose 0.9 per cent year-on-year in January, while pork prices fell 41.6 per cent

2022-07-01 0 By

China’s consumer price index (CPI) rose 0.9% year-on-year in January 2022, according to the National Bureau of Statistics (NBS).The increase was 1.1 percent in cities and 0.4 percent in rural areas.Food prices fell 3.8 percent, while non-food prices rose 2.0 percent.Consumer prices rose 0.4 percent and services prices rose 1.7 percent.Consumer prices rose 0.4 percent month-on-month in January.The increase was 0.5 percent in urban areas and 0.3 percent in rural areas.Food prices rose 1.4%, while non-food prices rose 0.2%.Consumer prices rose 0.5 percent and services prices rose 0.3 percent.In January, prices of food, tobacco and alcohol fell 1.8 percent year on year, contributing 0.52 percentage points to the CPI drop.In food, the price of livestock and meat fell by 25.6 percent, affecting the CPI by 1.11 percentage points. The price of pork fell by 41.6 percent, affecting the CPI by 0.96 percentage points.Fresh vegetable prices fell by 4.1%, affecting the CPI by about 0.10 percentage points.Fresh fruit prices rose by 9.9%, contributing 0.19 percentage points to CPI growth.The price of aquatic products rose by 8.8%, affecting CPI growth by 0.16 percentage points.The price of eggs rose 1.9 percent, contributing about 0.01 percentage point to the CPI increase.Grain prices rose 1.6 percent, contributing about 0.03 percentage points to the CPI increase.The prices of the other seven categories rose and fell year-on-year.Transportation and communications, education, culture, entertainment, and housing prices rose by 5.2%, 2.9%, and 1.4%, respectively. Medical care, clothing, household goods, and services prices rose by 0.6%, 0.4%, and 0.4%, respectively.Prices for other goods and services fell 0.1 percent.Month-on-month changes in prices of goods and services In January, food, tobacco and alcohol prices rose 1.1% month-on-month, affecting about 0.30 percentage points of CPI growth.In food, the price of fresh fruit rose by 7.2%, contributing 0.14 percentage points to the CPI increase.The price of aquatic products rose by 4.1%, affecting CPI growth by about 0.08 percentage points.Fresh vegetable prices rose 3.1 percent, affecting about 0.07 percentage points of CPI growth.The price of eggs decreased by 1.1%, affecting CPI by about 0.01 percentage points.Livestock and meat prices dropped 0.8 percent, contributing about 0.03 percentage points to the CPI decline. Pork prices dropped 2.5 percent, contributing about 0.04 percentage points to the CPI decline.Other seven categories of prices rose four, one flat two fell.The prices of transportation, communications and other supplies and services rose by 1.1% and 0.9%, education, culture, entertainment and medical care by 0.2% and 0.1%, respectively.Housing prices are flat;Prices of clothing, household goods and services fell 0.5 percent and 0.1 percent respectively.Dong Lijuan, a senior statistician with the Urban department of the National Bureau of Statistics (NBS), said consumer prices remained stable in January as all regions and departments continued to supply important commodities ahead of the Spring Festival.On a month-on-month basis, the CPI rose 0.4 percent from a 0.3 percent decline last month.Among them, food prices increased 1.4% from a 0.6% drop in the previous month, contributing about 0.26 percentage points to the CPI increase.In food, the prices of fresh fruits, aquatic products and vegetables rose by 7.2%, 4.1% and 3.1% respectively due to the influence of the festival.The price of pork fell 2.5% after the end of the winter salting and the supply of pigs accelerated before the festival.Non-food prices rose 0.2% from a 0.2% decline in the previous month, contributing about 0.18 percentage points to the CPI increase.Among non-food items, prices of industrial consumer goods were unchanged from a 0.5 percent drop in the previous month, with gasoline prices up 2.2 percent, diesel prices up 2.4 percent and liquefied petroleum gas prices up 1.5 percent due to higher international energy prices.Service prices rose 0.3 percent from the previous month. Pre-holiday travel increased, with air ticket prices up 12.4 percent, vehicle rental prices up 9.8 percent and coach prices up 5.2 percent.Affected by the return of some urban migrant workers to their hometowns and the increasing demand for services, the prices of housekeeping services, maternal and child care services and hairdressing have all risen, with an increase of between 2.6% and 9.1%.Year-on-year, the CPI rose 0.9 percent, down 0.6 percentage points from the previous month.Among them, food prices fell 3.8 percent, 2.6 percentage points more than in the previous month, affecting about 0.72 percentage points of the CPI decline.In food, affected by the high base of the same period last year, pork prices fell 41.6%, the decline expanded by 4.9 percentage points;Fresh vegetable prices fell 4.1% from a 10.6% increase in the previous month.The prices of fresh fruit and aquatic products increased by 9.9 percent and 8.8 percent respectively, both of which expanded.Non-food prices rose by 2.0 percent, 0.1 percentage points lower than in the previous month, contributing about 1.64 percentage points to the CPI increase.Among non-food items, the price of industrial consumer goods rose by 2.5%, down 0.4 percentage points. Among them, the price of gasoline and diesel rose by 20.7% and 22.7%, respectively, which were both slower than in the previous month.Service prices rose 1.7 percent, an increase of 0.2 percentage points, including 20.8 percent for air tickets and 6.2 percent for family services, 2.7 percent for education services and 0.9 percent for medical services.Of the 0.9 per cent year-on-year increase in January, the carry-over effect of last year’s price changes is estimated to be about 0.5 percentage points, while the impact of new price increases is estimated to be about 0.4 percentage points.Core CPI, which excludes food and energy prices, rose 1.2 per cent from a year earlier, the same pace as the previous month.