The National Bureau of Statistics today released the national CPI (Consumer Price Index) and PPI (Ex-factory Price Index of Industrial Producers) data for July 2021. In this regard, Dong Lijuan, senior statistician of the City Department of the National Bureau of Statistics, explained.

　　 1. The CPI has changed from a drop to an increase month-on-month, and the year-on-year growth rate has fallen

　　 In July, all regions and departments coordinated efforts in epidemic prevention and control, flood prevention and disaster relief, and economic and social development, and actively implemented the policy of ensuring supply and stabilizing prices, and market supply and demand were generally stable.

　　 From a month-on-month perspective, the CPI went from a 0.4% drop last month to a 0.3% increase. Among them, food prices fell by 0.4%, 1.8 percentage points lower than the previous month, affecting the CPI drop by about 0.06 percentage points. In food, affected by extreme weather such as typhoons and heavy rainfall in some areas, the cost of fresh vegetable production, storage and transportation increased, and the price dropped from 2.3% last month to 1.3%; the supply of pork continued to increase, and the price continued to drop by 1.9%. Supported by the reserve pork purchasing and storage policy, the rate of decline was significantly narrowed by 11.7% from the previous month. Non-food prices changed from flat last month to an increase of 0.5%, which affected the increase of CPI by about 0.37 percentage points. Among non-food products, the price of industrial consumer goods rose by 0.4%, an increase of 0.3%, mainly because gasoline and diesel prices rose by 3.5% and 3.8% respectively; the price of services changed from a 0.1% drop in the previous month to a 0.6% increase. Affected by summer travel, the prices of air tickets, tourism and hotel accommodation increased by 24.3%, 7.3% and 3.8% respectively.

　　 From a year-on-year perspective, the CPI rose by 1.0%, a drop of 0.1% from the previous month. Among them, food prices fell by 3.7%, an increase of 2.0 percentage points from the previous month, affecting the CPI drop by about 0.69 percentage points. In food, the price of pork fell by 43.5%, an increase of 7.0 percentage points from the previous month; the price of freshwater fish rose by 30.9%, a drop of 2.6 percentage points; the prices of eggs and edible vegetable oil rose by 18.3% and 9.5%, respectively. Non-food prices rose by 2.1%, an increase of 0.4 percentage points from the previous month, affecting the CPI to rise by about 1.70 percentage points. Among non-food products, the price of industrial consumer goods rose by 2.8%, an increase of 0.3%. Among them, the prices of airline tickets, gasoline, diesel and liquefied petroleum gas rose by 53.5%, 25.4%, 28.2% and 13.5%, respectively, and the increase was all expanded; service prices An increase of 1.6%, an increase of 0.6%, of which the prices of hotel accommodation, travel and decoration and maintenance fees rose by 8.1%, 7.8% and 3.9% respectively.

According to estimates, of the 1.0% year-on-year increase in July, the carry-over impact of last year's price changes was about 0.5%, down 0.3% from the previous month; the impact of the new price increase was about 0.5%, an increase of 0.2% from the previous month percentage point. The core CPI, excluding food and energy prices, rose 1.3% year-on-year, an increase of 0.4 percentage points from the previous month.

　　 2. PPI increase slightly expanded

　　 In July, the price increase of industrial products increased slightly due to the sharp increase in the prices of crude oil, coal and related products.

　　 From a month-on-month perspective, PPI rose by 0.5%, an increase of 0.2 percentage points from the previous month. Among them, the price of means of production rose by 0.6%, an increase of 0.1%; the price of means of subsistence changed from a 0.2% drop in the previous month to an increase of 0.1%. The effect of the policy of maintaining the supply and stabilizing prices of bulk commodities has appeared. The prices of steel, non-ferrous metals and other industries have fallen slightly. Among them, the price of ferrous metal smelting and rolling processing industry fell by 0.2%, and the price of non-ferrous metal smelting and rolling processing industry fell by 0.1%. Affected by the high temperature weather, the demand for thermal coal is strong, and the price of coal mining and washing industry increased by 6.6%, an increase of 1.4 percentage points. The rise in international crude oil prices drove the increase in prices in domestic petroleum-related industries. Among them, the price of oil extraction rose by 7.1%, and the price of refined petroleum products rose by 3.0%, and the growth rate expanded by 4.1 and 0.5 percentage points respectively. The price of agricultural materials rose rapidly, among which the price of fertilizer manufacturing rose by 5.0%, and the price of pesticide manufacturing rose by 1.5%.

　　 From a year-on-year perspective, PPI rose by 9.0%, an increase of 0.2 percentage points from the previous month. Among them, the price of means of production rose by 12.0%, an increase of 0.2%; the price of means of living rose by 0.3%, the same as the previous month. Among the 40 major industrial sectors surveyed, 32 saw price increases, an increase of 2 over the previous month; 8 declined, a decrease of 2. Among the major industries, ferrous metal mining and dressing, which rose by more than 20% in price, rose by 54.6%; oil and natural gas mining, which rose by 48.0%; coal mining and washing, which rose by 45.7%; oil, coal and other fuels Industry, up 35.4%; ferrous metal smelting and rolling processing industry, up 33.0%; non-ferrous metal smelting and rolling processing industry, up 23.5%; chemical raw materials and chemical products manufacturing, up 21.3%; chemical fiber manufacturing, up 20.9% . The eight industries mentioned above affect the PPI increase by approximately 7.5 percentage points, which is more than 80% of the total increase.

　　According to estimates, of the 9.0% year-on-year increase in July, the carry-over impact of price changes last year was approximately 2.1 percentage points, a decrease of 0.3 percentage points from the previous month; the impact of the new price increase was approximately 6.9 percentage points, an increase of 0.5 percentage points.

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