On February 11, data released by the Guangdong Investigation Team of the National Bureau of Statistics showed that affected by factors such as rising food prices, Guangdong’s consumer price index (CPI) rose by 2.7% year-on-year and 1.0% month-on-month in January. Affected by international crude oil price fluctuations and other factors, Guangdong’s industrial producer price index (PPI) in January rose by 0.6% year-on-year and fell by 0.7% month-on-month.
CPI: The price of fresh vegetables rose by 8.3% month-on-month
In January, due to factors such as the Spring Festival effect and the optimization and adjustment of epidemic prevention and control policies, the increase in consumer prices in Guangdong expanded.
From a month-on-month perspective, the CPI rose by 1.0%, an increase of 0.9 percentage points over the previous month. Among them, food prices rose by 2.0% month-on-month, an increase of 1.1 percentage points from the previous month, which affected the increase of CPI by about 0.39 percentage points. In terms of food prices, due to the intensive slaughter of live pigs before the Spring Festival and the increase in market supply, the price of live pigs across the country continued to decline. At the same time, due to the impact of the winter holiday and the Spring Festival, large orders from schools and work canteens decreased, and the price of pork fell by 4.0%, which was a decrease compared with the previous month. Increased by 0.3 percentage points; Affected by multiple rounds of severe cold waves and increased demand since December last year, the price of fresh vegetables rose by 8.3%; the prices of fresh mushrooms, fresh fruits, aquatic products, and potatoes rose by 8.8%, 6.2%, and 4.7% respectively and 4.2%. Non-food prices changed from a decrease of 0.2% in the previous month to an increase of 0.8%, which affected the increase of CPI by about 0.63 percentage points. Affected by the optimization and adjustment of epidemic prevention and control policies and holiday factors, residents’ demand for travel and tourism has increased significantly, and the prices of transportation rental fees, air tickets, and travel agency fees have increased by 39.2%, 26.7%, and 15.9% respectively; affected by fluctuations in international crude oil and precious metal prices , diesel and gasoline prices fell by 2.5% and 2.4% respectively; affected by the Spring Festival, the prices of hairdressing, housekeeping services, takeaway, movie and performance tickets, and maternal and child care services rose by 14.5%, 9.9%, 6.7%, 5.6% and 5.2% respectively %.
From a year-on-year perspective, the CPI rose by 2.7%, an increase of 0.5 percentage points over the previous month. Among them, food prices rose by 8.6% year-on-year, an increase of 1.6 percentage points over the previous month, which affected the increase of CPI by about 1.60 percentage points. In terms of food prices, the prices of fresh vegetables, fresh fruits, other livestock meat and by-products, fresh mushrooms, potatoes and eggs rose by 18.7%, 17.0%, 14.1%, 13.7%, 12.2% and 8.9% respectively. Non-food prices rose by 1.4% year-on-year, an increase of 0.3 percentage points over the previous month, which affected the increase of CPI by about 1.12 percentage points. Among them, the prices of air tickets, travel agency fees, vehicle maintenance, other tourism, movie and performance tickets, and transportation rental fees increased by 28.9%, 20.0%, 14.4%, 12.7%, 11.4% and 10.3% respectively; The price of petroleum gas rose by 6.1%, 5.6% and 3.7% respectively; the price of gold jewelry rose by 12.8%, and the price of platinum jewelry rose by 11.9%.
According to estimates, in Guangdong’s 2.7% year-on-year increase in CPI in January, the carryover effect of last year’s price changes was about 1.7 percentage points, and the impact of new price increases was about 1.0 percentage points. The core CPI excluding food and energy prices rose by 1.2% year-on-year, an increase of 0.6 percentage points from the previous month.
PPI: Prices of petrochemical-related industries fell by 2.3% month-on-month
In January, affected by international crude oil price fluctuations and other factors, the price trend of industrial products in Guangdong declined as a whole.
From a month-on-month perspective, PPI fell by 0.7%, and the rate of decline expanded by 0.3 percentage points from the previous month. Among them, the price of means of production decreased by 0.9%, and the rate of decline increased by 0.5 percentage points from the previous month; the price of means of living decreased by 0.4%, and the rate of decrease increased by 0.1 percentage point from the previous month. The prices of the 38 major industries surveyed by the PPI “7 rose 28 fell 3 flats” month-on-month, and the industry rose by 18.4%, a decrease of 2.7 percentage points from the previous month. Affected by the decline in raw material prices and other factors, the prices of computers, communications, and other electronic equipment manufacturing industries fell by 1.2 percent, an increase of 0.6 percentage points from the previous month, which affected PPI by about 0.34 percentage points and contributed nearly 50 percent. Imported factors affected the price of petrochemical-related industries to drop by 2.3%, an increase of 1.5 percentage points from the previous month, and affected the PPI to drop by about 0.23 percentage points, with a contribution rate of about 30%. In addition, the prices of the agricultural and sideline food processing industry decreased by 1.4%, an increase of 1.2 percentage points from the previous month.
From a year-on-year perspective, PPI rose by 0.6%, a drop of 0.3 percentage points from the previous month. Among them, the price of means of production increased by 0.5%, a decrease of 0.1 percentage points from the previous month; the price of living materials increased by 0.7%, a decrease of 0.7 percentage points from the previous month. The prices of the 38 major industries surveyed “17 rose 19 fell 2 flats” year-on-year, and the industry rose by 44.7%, a decrease of 10.6 percentage points from the previous month. Among the major industries, the price fluctuations are relatively large: the price of petroleum, coal and other fuel processing industry increased by 17.2%, the price of electricity, heat production and supply industry increased by 7.0%, the price of textile industry increased by 6.6%, and the price of agricultural and sideline food processing industry increased. 6.0%, the prices of culture, education, industrial arts, sports and entertainment products manufacturing industries increased by 5.7%; the prices of chemical fiber manufacturing industries decreased by 17.2%, the prices of non-metallic mineral products decreased by 6.7%, and the prices of non-ferrous metal smelting and rolling processing industries decreased by 6.0%. The price of ferrous metal mining and dressing industry fell by 5.1%.
According to estimates, in Guangdong’s 0.6% year-on-year increase in PPI in January, the carryover effect of last year’s price changes was about 1.29 percentage points, and the impact of new price increases was about -0.70 percentage points.
Nanfang Daily reporter Huang Yinglai correspondent Cantonese Dialogue
