Interpretation: In August 2021, CPI Is Generally Stable And PPI Growth Is Expanding

The National Bureau of statistics released today the national CPI (consumer price index) and PPI (producer price index) data for August 2021. In this regard, Dong Lijuan, Senior Statistician of the city Department of the National Bureau of statistics, made an interpretation.

　　 1、 CPI is generally stable

In August, all regions and departments continued to do a good job in ensuring supply and price stability, and the overall supply of the consumer market was sufficient and the prices were running smoothly.

On a month on month basis, CPI rose 0.1%, down 0.2 percentage points from the previous month. Among them, the food price decreased from 0.4% in the previous month to 0.8% higher, which affected the CPI rise by about 0.14%. Among the food products, the prices of fresh vegetables and eggs rose by 8.6% and 8.4% respectively, 7.3% and 7.4% higher than that of the previous month; Pork supply continued to increase, and the price continued to drop by 1.4%, 0.5 percentage points lower than that of the previous month; The prices of freshwater fish and shrimp and crab decreased by 3.3% and 4.0% respectively. Non food prices increased from 0.5% in the previous month to a decrease of 0.1%, which affected the CPI decrease by about 0.05%. Among non food products, the price of industrial consumer goods increased from 0.4% in the previous month to a decrease of 0.2%, which was mainly affected by the decline of international crude oil price, and the price of gasoline and diesel oil was driven by the change from up to down; The service price has changed from a 0.6% increase in the previous month to a flat level, mainly due to the impact of the epidemic. The consumption of travel services such as air tickets, tourism and hotel accommodation has been restrained, and the price has changed from up to down.

On a year-on-year basis, CPI rose by 0.8%, down 0.2 percentage points from the previous month. Among them, the food price dropped by 4.1%, with a decrease rate of 0.4 percentage points larger than that of the previous month, which affected the CPI decline by about 0.77%. In food, pork price decreased by 44.9%, 1.4 percentage points higher than that of the previous month; The price of freshwater fish increased by 25.4% and fell by 5.5%; The prices of eggs and edible vegetable oil rose by 15.9% and 9.4% respectively, and their prices fell back. Non food prices rose by 1.9%, down 0.2% from the previous month, affecting the CPI rise of about 1.58%. Among the non food products, the price of industrial consumer goods rose by 2.5%, and the rise fell by 0.3%. The price of gasoline and diesel rose by 22.7% and 25.2% respectively, and both of them fell back; Service prices rose by 1.5% and fell by 0.1%. Among them, the prices of air tickets and hotel accommodation rose by 31.6% and 2.8% respectively.

It is estimated that among the 0.8% year-on-year increase in August, the tail effect of last year's price change was about 0.2 percentage points, down 0.3 percentage points from the previous month; The impact of the new price increase was about 0.6 percentage points, 0.1 percentage points larger than that of the previous month. Excluding food and energy prices, the core CPI rose 1.2% year-on-year, down 0.1 percentage point from the previous month.

　　 2、 PPI growth expanded

In August, affected by the rising prices of coal, chemical and steel products, the price of industrial products increased both month on month and year-on-year.

On a month on month basis, PPI rose by 0.7%, an increase of 0.2 percentage points over the previous month. Among them, the price of means of production rose by 0.9% and the increase was increased by 0.3%; The price of means of living was flat. From the perspective of major industries, due to strong demand and overall tight supply, the price of coal mining and washing industry increased by 6.5%; In the early stage, the prices of crude oil and coal rose a lot, which promoted the prices of domestic middle and lower reaches industries to continue to rise. Among them, the prices of chemical raw materials and chemical products manufacturing industry increased by 1.9% and 1.1% respectively; Driven by the recent rapid rise in the price of imported natural gas, the price of domestic gas production and supply industry increased by 1.7% and 1.5% respectively; The prices of ferrous metal smelting and calendering industry, nonferrous metal smelting and calendering industry increased by 2.2% and 1.4% respectively.

On a year-on-year basis, PPI rose by 9.5%, an increase of 0.5 percentage points over the previous month. Among them, the price of means of production rose by 12.7%, with an increase of 0.7 percentage points; The price of means of living rose 0.3%, the same as last month. Among the major industries, coal mining and washing industry, ferrous metal mining and dressing industry, oil and natural gas mining industry, petroleum and coal and other fuel processing industry, ferrous metal smelting and rolling processing industry, nonferrous metal smelting and rolling processing industry, chemical raw materials and chemical products manufacturing industry, and chemical fiber manufacturing industry increased by 21.8% - 57.1%, The total impact on PPI rose by about 7.9 percentage points, more than 80% of the total increase. Among them, the price increase of coal mining and washing industry, chemical raw materials and chemical products manufacturing industry, ferrous metal smelting and calendering industry increased by 11.4%, 2.7% and 1.1% respectively, which was the main reason for the expansion of year-on-year increase.

It is estimated that among the 9.5% year-on-year increase in August, the tail effect of last year's price change was about 1.8 percentage points, down 0.3 percentage points from the previous month; The impact of the new price increase was about 7.7 percentage points, with an increase of 0.8 percentage points.