Xinhua News Agency, Beijing, November 9th: Question: October data is released, what is the current price trend?
Xinhua News Agency reporter Wang Yuxiao
Data released by the National Bureau of Statistics on the 9th showed that in October, the national consumer price index (CPI) rose by 0.7% year-on-year, and the increase was 0.2 percentage points lower than the previous month; the industrial producer price index (PPI) rose by 5.7% year-on-year, and the increase was 0.7 percentage points higher than the previous month... How do you view the current price trend in my country?
Since the beginning of this year, under the background of giving full play to the effectiveness of various existing policies and timely planning and issuing pragmatic and effective incremental policies, my country's overall prices have shown a moderate upward trend.
"In the first 10 months, CPI increased by 0.9% year-on-year, and core CPI increased by 1.1%. Compared with the whole year of the previous year and the same period last year, the growth rate rebounded significantly. In October, the CPI increased by 0.7% year-on-year, and consumer prices maintained a moderate recovery trend." said Liu Fang, a researcher at the Market and Price Research Institute of the National Development and Reform Commission.
Wang Guanhua, spokesperson of the National Bureau of Statistics, said that global inflationary pressure has increased significantly since the beginning of this year, and prices in major economies have risen sharply, while my country's price increases have been relatively mild. This is mainly due to my country's complete industrial system and stable and reliable industrial and supply chains, to my country's early deployment of new energy system construction, implementation of market diversification strategies, and to timely, powerful and effective policy measures to ensure supply and stable prices.
Looking specifically at October, what are the factors that affect CPI changes?
On the one hand, there are international imported factors. Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, said that in October, gasoline prices rose 22.4% year-on-year, an increase of 5.8 percentage points from the previous month, affecting the CPI to rise by about 0.63 percentage points year-on-year.
On the other hand, there is also domestic demand. The rapid development of artificial intelligence, computing and computer collaboration and other fields has led to increased demand and rising prices in related industries. In October, the prices of data storage equipment, tablets, computers and mobile phones increased by 45.4%, 29.3%, 23.0% and 16.7% respectively year-on-year. The four items combined affected the CPI to rise by approximately 0.26 percentage points year-on-year.
In October, the industrial producer price index (PPI) increased by 0.7% month-on-month, and the increase was 0.5 percentage points lower than the previous month; it rose by 5.7% year-on-year, and the increase was 0.7 percentage points larger than the previous month.
What are the characteristics of PPI operation this month?
Imported and seasonal factors affect price increases in major energy-related industries——
In October, driven by the rise in international energy prices, prices in the coal mining and washing industry increased by 36.6% year-on-year, and prices in the oil and natural gas mining industry increased by 35.0% year-on-year, both of which increased compared with the previous month. Affected by factors such as upstream basic energy price transmission and the release of demand for thermal coal and gas during the key preparation period for peak winter, prices in the downstream refined petroleum product manufacturing, organic chemical raw material manufacturing, coal processing, gas production and supply industries increased by 6.8%, 6.8%, 3.2% and 1.5% respectively month-on-month.
The orderly advancement of production capacity management and the rapid development of artificial intelligence have driven up prices in some industries——
With the orderly adjustment of the production capacity of some industries, the supply and demand relationship has improved. In October, the price of non-metallic mineral products industry increased by 0.8% month-on-month, and the price of automobile manufacturing industry turned to the same month-on-month basis after falling for three consecutive months. Artificial intelligence continues to empower industrial transformation, driving increased demand and rising prices in related industries. The prices of electrical machinery and equipment manufacturing, computer communications and other electronic equipment manufacturing industries all increased by 0.1% month-on-month.
The consumer goods market has sufficient supply, stable demand, and generally stable prices——
In October, prices in consumer goods manufacturing-related industries remained generally stable, with prices in the textile industry and agricultural and sideline food processing industries rising by 0.2% and 0.1% respectively month-on-month.
"In general, the mild rebound in prices this year has played a positive role in improving the profitability of enterprises. From January to September, the profits of industrial enterprises above designated size nationwide increased by 15.5% year-on-year, and have continued to maintain double-digit growth this year." Liu Fang said.
Liu Fang said that as relevant departments actively implement various policies to stabilize growth, expand domestic demand, and help companies bail out, and continue to smooth the economic cycle, the effectiveness of relevant policies is expected to gradually emerge, further supporting the continued moderate rise in prices. (over)
