pokermachinegames|3月PPI同比下降2.8%，降幅略有扩大但下降速度正逐渐减缓
Every reporter Chen Xing, every editor Zhang Yiming
April eleventhPokermachinegamesThe National Bureau of Statistics released national CPI (consumer price index) and PPI (producer price index) data for March. In March, consumer prices across the country rose 0% from a year earlier.Pokermachinegames.1%. From January to March, the average consumer price across the country was the same as that of the same period last year. The ex-factory prices of industrial producers across the country fell 2. 5% compared with the same period last year.Pokermachinegames.8%, down 0.1% from the previous month.
Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interpreted that in March, affected by factors such as the seasonal decline in post-holiday consumer demand and the overall adequacy of market supply, the national CPI declined month-on-month, with year-on-year increases falling somewhat. Core CPI, excluding food and energy prices, rose 0.6% from a year earlier, keeping a modest rise.
In addition, in March, with the resumption of post-holiday industrial production, the supply of industrial products was relatively adequate, with the national PPI falling 0.1% month-on-month, narrowing down from the previous month; and 2.8% lower than the same period last year, slightly expanding the decline.
CPI rose 0.1% in March from a year earlier.
CPI rose 0.1% in March from a year earlier, a relatively low increase, indicating that prices are rising slowly. CPI declined year-on-year in March compared with the previous month, indicating a steady decline in year-on-year price growth after a post-holiday adjustment.
From the overall trend, the year-on-year change of CPI in 2023 fluctuated greatly, experienced a transition from positive to negative, especially in July 2023, and then rebounded and fell to negative value again. This volatility may reflect the instability of the market or specific seasonal factors, such as consumption fluctuations caused by festivals and seasonal changes.
Dong Lijuan said that from a month-on-month point of view, CPI fell 1.0 per cent, mainly due to the seasonal decline in the prices of food and travel services. From a year-on-year point of view, the decline in CPI year-on-year growth is also mainly affected by the decline in the prices of food and travel services.
Ma Hong, a senior researcher at Guangkai Chief Industrial Research Institute, believes that in the short term, excluding holiday factors, domestic retail consumption as a whole has maintained a moderate recovery and has become an important force in driving economic growth.
In terms of food items, food CPI was-2.7% year-on-year, down 2.6% from February. Among them, the month-on-month decline in food prices such as meat and fresh vegetables has become the main factor dragging down food prices, mainly due to the gradual recovery of pork, vegetables and other food supply after the Spring Festival, promoting price stabilization. Alcohol prices fell for the sixth month in a row as major domestic wine companies adjusted the terminal sales prices of high-end brands.
Year-on-year decline in PPI expands
In terms of PPI, from the overall trend, PPI is negative year on year, indicating a general decline in producer prices during this period. This continued negative growth may reflect weak market demand. During this period, the year-on-year decline in PPI first increased and then narrowed, indicating that the downward pressure on producer prices has eased after a period of intensification.
From-5.40% in June 2023 to-2.80% in March 2024, this shows that the year-on-year decline in PPI is gradually slowing down. It may indicate that market conditions are beginning to stabilize and are no longer changing as sharply as they did in the previous period.
As of March 2024, the year-on-year decline was slightly larger than in previous months. This shows that producer prices still declined in early 2024 compared with the same period last year, and the rate of decline accelerated in March. This may mean that the market recovery is not as strong as expected in the spring of 2024 and producers are still under downward pressure on prices.
Yang Chang, chief analyst of the policy group of Zhongtai Securities Research Institute, analyzed that from the perspective of PPI, the year-on-year decline expanded, down 0.1 per cent from the previous month. The means of production and means of livelihood fell synchronously compared with the previous month; in the subdivided industry, coal mining in the upstream industry decreased for two consecutive months, and the decline increased; in the middle reaches, non-ferrous smelting, chemical fiber manufacturing, and chemical raw materials products rose month-on-month; from the perspective of the industrial chain, the profits of black smelting and power generation enterprises improved.
Dong Lijuan said it was estimated that in March-2.8 per cent year-on-year PPI changes, the tail-warping impact was about-2.3 percentage points, while the new impact of price changes this year was about-0.5 percentage points.
In addition, Ma Hong also believes that the high price scissors difference (CPI-PPI) fell, mainly because after the holidays, consumer prices returned to the trend value, but prices in the industrial sector rebounded slowly. CPI is expected to rise slightly in April, and the decline in PPI is expected to restrain quickly.
Ma Hong said that the price scissors difference (CPI-PPI) in March was 2.9 per cent year-on-year, converging 0.5 percentage points from the previous value. The price scissors difference converges again, showing the decline of CPI and the running situation at the bottom of PPI, which is the normal performance after the temporary factors such as holidays are removed. However, the price scissors gap is still at a multi-year high, indicating that domestic demand is generally weak.
Source of cover imagePokermachinegamesDaily economic news, photo by Liu Guomei
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