Consumer prices rose 0.4% year-on-year in September 2024
In September 2024, the national consumer price rose by 0.4% year-on-year. Among them, the urban area increased by 0.4%, and the rural area increased by 0.6%; Food prices rose by 3.3% and non-food prices decreased by 0.2%; Consumer goods prices rose by 0.5 per cent and services by 0.2 per cent. From January to September, the national consumer price rose by 0.3 percent over the same period of last year.
In September, consumer prices across the country were flat month-on-month. Among them, the urban area decreased by 0.1%, and the rural area increased by 0.1%; Food prices rose by 0.8 per cent and non-food prices by 0.2 per cent; Consumer goods prices rose by 0.2 per cent and services fell by 0.3 per cent.
1. Year-on-year changes in the prices of various commodities and services
In September, the prices of food, tobacco and alcohol rose by 2.3% year-on-year, affecting the CPI (consumer price index) to rise by about 0.66 percentage points. Among the foodstuffs, the price of fresh vegetables rose by 22.9%, affecting the CPI by about 0.48 percentage points, the price of fresh fruits rose by 6.7%, affecting the CPI by about 0.13 percentage points, the price of livestock and meat rose by 3.8%, affecting the CPI by about 0.12 percentage points, of which the price of pork rose by 16.2%, affecting the CPI by about 0.21 percentage points, the price of aquatic products rose by 2.0%, affecting the CPI by about 0.04 percentage points, and the price of eggs decreased by 4.1%. The impact of the CPI was about 0.03 percentage points, and the decline in food prices was 0.7%, which affected the CPI to drop by about 0.01 percentage points.
The prices of the other seven categories rose five times year-on-year and fell two times. Among them, the prices of other articles and services, clothing and medical care increased by 3.5%, 1.3% and 1.2% respectively, and the prices of education, culture and entertainment, daily necessities and services increased by 0.6% and 0.1% respectively. Prices for transportation, communications, and housing fell by 4.1 percent and 0.1 percent, respectively.
2. Month-on-month changes in the prices of various goods and services
In September, the prices of food, tobacco and alcohol rose by 0.5% month-on-month, affecting the CPI to rise by about 0.15 percentage points. Among the foodstuffs, the price of fresh vegetables rose by 4.3%, affecting the CPI by about 0.11 percentage points, the price of fresh fruits rose by 2.1%, affecting the CPI by about 0.04 percentage points, the price of eggs rose by 2.1%, affecting the CPI by about 0.01 percentage points, the price of livestock and meat rose by 0.4%, affecting the CPI by about 0.01 percentage points, of which the price of pork rose by 0.4%, affecting the CPI by about 0.01 percentage points, and the price of aquatic products decreased by 0.5%. The impact of CPI fell by about 0.01 percentage points.
The prices of the other seven categories rose month-on-month, flattened three and fell three times. Among them, the price of clothing rose by 0.8%; Prices of daily necessities and services, health care and other articles and services were flat; The prices of transportation and communications, education, culture and entertainment, and housing fell by 1.3 percent, 0.3 percent, and 0.1 percent, respectively.
Key data on consumer prices for September 2024
| Month-on-month change （%） | Year-on-year change （%） | January-September Year-on-year change (%) | |
| Consumer prices | 0.0 | 0.4 | 0.3 |
| Where: the city | -0.1 | 0.4 | 0.2 |
| countryside | 0.1 | 0.6 | 0.3 |
| Among them: food | 0.8 | 3.3 | -1.2 |
| Non-food | -0.2 | -0.2 | 0.6 |
| Among them: consumer goods | 0.2 | 0.5 | -0.1 |
| serve | -0.3 | 0.2 | 0.8 |
| Where: excludes food and energy | -0.1 | 0.1 | 0.5 |
| By category | |||
| 1. Food, tobacco and alcohol | 0.5 | 2.3 | -0.4 |
| Food | -0.2 | -0.7 | 0.2 |
| Edible oil | -0.3 | -3.7 | -4.7 |
| Fresh vegetables | 4.3 | 22.9 | 3.3 |
| Meat | 0.4 | 3.8 | -1.1 |
| Where: pork | 0.4 | 16.2 | 5.8 |
| Beef meat | 0.4 | -13.1 | -10.9 |
| Lamb | -0.3 | -6.4 | -6.3 |
| Aquatic products | -0.5 | 2.0 | 0.9 |
| Eggs | 2.1 | -4.1 | -5.5 |
| Milk | -0.4 | -1.9 | -1.6 |
| Fresh fruit | 2.1 | 6.7 | -4.7 |
| Cigarettes | 0.0 | 0.8 | 1.1 |
| Alcohol | -0.9 | -1.9 | -1.3 |
| 2. Clothing | 0.8 | 1.3 | 1.5 |
| Clothing | 0.8 | 1.6 | 1.7 |
| Footwear | 0.6 | 0.3 | 0.7 |
| 3. Residence | -0.1 | -0.1 | 0.1 |
| Rental room rent | -0.1 | -0.4 | -0.1 |
| Hydroelectric fuels | 0.0 | 0.4 | 0.6 |
| 4. Daily necessities and services | 0.0 | 0.1 | 0.7 |
| Household utensils | -0.2 | -2.0 | -1.0 |
| Family Services | 0.0 | 1.5 | 1.8 |
| 5. Transportation and communications | -1.3 | -4.1 | -1.3 |
| vehicle | -0.1 | -5.3 | -5.2 |
| Fuel for transportation tools | -2.8 | -7.6 | 1.7 |
| Use and maintenance of vehicles | 0.1 | 0.6 | 0.5 |
| Communication tools | -0.6 | -2.8 | -2.2 |
| Communication Services | 0.0 | 0.0 | -0.2 |
| Postal service | 0.0 | -0.6 | -0.4 |
| 6. Education, culture and entertainment | -0.3 | 0.6 | 1.7 |
| Educational services | 0.9 | 1.2 | 1.7 |
| Tourism | -6.3 | -2.1 | 4.8 |
| 7. Health care | 0.0 | 1.2 | 1.4 |
| Chinese medicine | -0.1 | 0.9 | 4.1 |
| Western medicine | 0.0 | -1.0 | -0.7 |
| Medical services | 0.0 | 1.8 | 1.8 |
| 8. Other supplies and services | 0.0 | 3.5 | 3.4 |
Industrial producer prices for September 2024
The year-on-year decline widened The month-on-month decline narrowed
In September 2024, the national industrial producer prices fell by 2.8% year-on-year and 0.6% month-on-month; The purchasing prices of industrial producers fell by 2.2 percent year-on-year and 0.8 percent month-on-month. From January to September, the ex-factory prices of industrial producers decreased by 2.0 percent over the same period of the previous year, and the purchase prices of industrial producers decreased by 2.1 percent.
1. Year-on-year changes in industrial producer prices in September
Among the ex-factory prices of industrial producers, the prices of means of production fell by 3.3 percent, affecting the overall level of ex-factory prices of industrial producers by about 2.41 percentage points. Among them, the prices of extractive industries fell by 2.5%, the prices of raw materials industries decreased by 3.2%, and the prices of processing industries decreased by 3.3%. The price of means of subsistence fell by 1.3 percent, affecting the overall level of ex-factory prices of industrial producers by about 0.35 percentage points. Among them, the price of food fell by 1.6 percent, the price of clothing and general daily necessities both decreased by 0.3 percent, and the price of durable consumer goods decreased by 2.1 percent.
Among the purchase prices of industrial producers, the prices of ferrous metal materials decreased by 6.8%, the prices of building materials and non-metallic materials decreased by 4.2%, the prices of fuel and power decreased by 4.1%, the prices of agricultural and sideline products decreased by 3.8%, the prices of chemical raw materials decreased by 3.3%, and the prices of textile raw materials decreased by 1.7%; The price of non-ferrous metal materials and wires rose by 7.4%.
2. Month-on-month changes in industrial producer prices in September
Among the ex-factory prices of industrial producers, the prices of means of production decreased by 0.8 percent, affecting the overall level of ex-factory prices of industrial producers by about 0.61 percentage points. Among them, the prices of the extractive industry decreased by 1.6%, the price of the raw material industry decreased by 1.2%, and the price of the processing industry decreased by 0.6%. The prices of means of subsistence fell by 0.1 percent, affecting the overall level of ex-factory prices of industrial producers by about 0.03 percentage points. Among them, the prices of food, general daily necessities and durable consumer goods all fell by 0.2%, and the price of clothing rose by 0.2%.
Among the purchase prices of industrial producers, the prices of ferrous metal materials decreased by 2.4 percent, the prices of fuel and power decreased by 1.4 percent, the prices of chemical raw materials decreased by 1.1 percent, the prices of building materials and non-metallic materials decreased by 0.8 percent, the prices of non-ferrous metal materials and wires decreased by 0.6 percent, the prices of textile raw materials decreased by 0.5 percent, and the prices of agricultural and sideline products decreased by 0.4 percent.
Key data on industrial producer prices for September 2024
| Month-on-month change （%） | Year-on-year change （%） | January-September Year-on-year change (%) | |
| 1. Ex-factory prices of industrial producers | -0.6 | -2.8 | -2.0 |
| Production | -0.8 | -3.3 | -2.4 |
| excavate | -1.6 | -2.5 | -2.2 |
| raw materials | -1.2 | -3.2 | -1.2 |
| processing | -0.6 | -3.3 | -2.9 |
| Livelihood | -0.1 | -1.3 | -1.0 |
| foodstuff | -0.2 | -1.6 | -0.9 |
| clothes | 0.2 | -0.3 | 0.0 |
| General daily necessities | -0.2 | -0.3 | -0.1 |
| Consumer durables | -0.2 | -2.1 | -2.0 |
| 2. The purchase price of industrial producers | -0.8 | -2.2 | -2.1 |
| Fuel, power | -1.4 | -4.1 | -3.4 |
| Ferrous metal materials | -2.4 | -6.8 | -3.3 |
| Non-ferrous metal materials and wires | -0.6 | 7.4 | 5.9 |
| Chemical raw materials | -1.1 | -3.3 | -3.2 |
| Wood and pulp | -0.4 | -0.1 | -2.5 |
| Building materials and non-metallic products | -0.8 | -4.2 | -6.5 |
| Other industrial raw materials and semi-finished products | -0.2 | -1.7 | -1.6 |
| Agricultural and sideline products | -0.4 | -3.8 | -4.2 |
| Textile raw materials | -0.5 | -1.7 | -0.3 |
| Third, the ex-factory price of the main industry | |||
| Coal mining and washing industry | -1.3 | -2.6 | -8.7 |
| Oil and gas extraction industry | -3.2 | -10.1 | 3.5 |
| Ferrous metal mining and dressing industry | -4.2 | -6.5 | 4.8 |
| Non-ferrous metal mining and dressing industry | 0.6 | 15.9 | 11.6 |
| Non-metallic mineral mining and dressing industry | 0.2 | 1.2 | -1.1 |
| Agricultural and sideline food processing industry | -0.3 | -4.9 | -3.7 |
| Food manufacturing | -0.2 | -1.6 | -1.2 |
| Wine, beverages and refined tea manufacturing | -0.4 | -1.2 | -0.1 |
| Tobacco products industry | 0.0 | 0.2 | 0.6 |
| textiles | -0.3 | -1.5 | -0.9 |
| Textile, garment, apparel industry | 0.2 | 0.0 | 0.2 |
| Wood processing and wood, bamboo, rattan, palm and grass products | -0.3 | -0.4 | -0.8 |
| Paper and paper products industry | -0.5 | -2.6 | -3.9 |
| Reproduction of printing and recording media | -0.3 | -1.7 | -1.3 |
| Petroleum, coal and other fuel processing industries | -3.7 | -9.4 | -1.8 |
| Manufacture of chemical raw materials and chemical products | -1.0 | -4.1 | -3.8 |
| Pharmaceutical manufacturing | -0.3 | -1.2 | -0.8 |
| Chemical fiber manufacturing | -1.7 | -2.0 | 0.2 |
| Rubber and plastic products industry | -0.2 | -1.7 | -2.4 |
| Non-metallic mineral products industry | -0.8 | -5.1 | -7.2 |
| Ferrous metal smelting and rolling processing industry | -3.3 | -11.1 | -5.8 |
| Non-ferrous metal smelting and rolling processing industry | -0.4 | 5.9 | 5.4 |
| Metal products industry | -0.6 | -2.1 | -1.7 |
| General equipment manufacturing | 0.0 | -1.0 | -0.8 |
| Automobile manufacturing | -0.2 | -2.3 | -1.9 |
| Railway, marine, aerospace and other transport equipment manufacturing | -0.2 | 0.5 | 0.0 |
| Manufacture of computers, communications and other electronic equipment | -0.1 | -2.8 | -2.4 |
| Electricity, heat production and supply | 0.1 | -2.2 | -1.9 |
| Gas production and supply industry | 0.6 | 0.4 | -0.8 |
| Water production and supply | 0.1 | 0.8 | 0.9 |
Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for September 2024
In September 2024, the CPI was flat month-on-month, and the month-on-month decline in PPI narrowed
——Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for September 2024
The National Bureau of Statistics (NBS) today released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for September 2024. In this regard, Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted.
1. The CPI was flat month-on-month, and the year-on-year increase fell
In September, the consumer market was generally stable, prices were basically stable, and the national CPI was flat month-on-month, up 0.4% year-on-year.
On a month-on-month basis, the CPI was flat, up 0.4% from the previous month. Among them, food prices rose by 0.8%, down 2.6 percentage points from the previous month, affecting the CPI to rise by about 0.16 percentage points month-on-month. In terms of food, the prices of fresh vegetables, eggs, fresh fruits and pork increased by 4.3%, 2.5%, 2.1% and 0.4% respectively, and the total impact of the CPI increased by about 0.17 percentage points month-on-month.
Non-food prices fell by 0.2%, 0.1 percentage points narrower than the previous month, affecting the CPI to fall by about 0.18 percentage points month-on-month. Among the non-food items, the prices of air tickets, hotel accommodation and tourism decreased by 14.8%, 7.4% and 6.3% respectively after the end of the summer vacation. Affected by fluctuations in international oil prices, domestic gasoline prices fell by 2.9%; Affected by the start of the new semester, the price of education services rose by 0.9%; Autumn clothing is new, and clothing prices have risen by 0.8%.
On a year-on-year basis, the CPI rose by 0.4%, down 0.2 percentage points from the previous month, mainly due to the higher base of comparison in the same period last year. Among them, food prices rose by 3.3%, an increase of 0.5 percentage points over the previous month, affecting the CPI to rise by about 0.61 percentage points year-on-year. Among the food products, the prices of fresh vegetables, pork and fresh fruits increased by 22.9%, 16.2% and 6.7% respectively, and the increase rate expanded. The price decline of beef, lamb, eggs, chicken and milk ranged from 1.9 per cent to 13.1 per cent, with a slight increase in the decline. Non-food prices fell by 0.2% from a 0.2% increase in the previous month, affecting the CPI by about 0.19 percentage points year-on-year. Among non-food items, energy prices fell by 3.5 percent, an increase of 2.5 percentage points from the previous month. The price of industrial consumer goods excluding energy fell by 0.2%, the same decline as the previous month, of which the prices of new energy cars and fuel cars fell by 6.9% and 6.1% respectively, and the decline rate narrowed; The prices of Chinese herbal medicines, home textiles and gold jewelry rose between 3.9% and 22.5%. Service prices rose by 0.2%, down by 0.3 percentage points, of which tourism prices fell by 2.1% from a 0.9% increase in the previous month; The prices of air tickets and hotel accommodation fell by 14.1% and 5.6% respectively, with the decline widening.
It is estimated that in the 0.4% year-on-year change in CPI in September, the carryover effect was about -0.5 percentage points, compared with -0.3 percentage points in the previous month, and the new impact of this year's price changes was about 0.9 percentage points, the same as the previous month.
Second, the month-on-month decline in PPI narrowed, and the year-on-year decline expanded
In September, affected by factors such as fluctuations in international commodity prices and insufficient effective demand in the domestic market, the month-on-month decline in PPI narrowed and the year-on-year decline expanded.
On a month-on-month basis, PPI fell by 0.6%, 0.1 percentage points narrower than the previous month. Among them, the prices of means of production fell by 0.8 percent, a decrease of 0.2 percentage points from the previous month, and the prices of means of subsistence turned from flat to 0.1 percent.
The decline in international oil prices led to a 3.2% decline in domestic oil and gas extraction prices. International non-ferrous metal prices fell first and then rose, affecting the domestic non-ferrous metal smelting and rolling processing industry prices to fall by 0.4%, a decrease of 1.9 percentage points compared with the previous month.
The real estate market is still in a period of adjustment, superimposed on the strong wind and rain weather in some areas, the overall demand for building materials is weak, and the price of non-metallic mineral products industry fell by 0.8%. Affected by the expectation of policy boost, steel demand showed signs of recovery in the second half of September, but the price of ferrous metal smelting and rolling processing industry still fell by 3.3% in the whole month, 1.1 percentage points narrower than the previous month. Coal production remained stable in the country, coal reserves in winter were relatively sufficient, and the price of coal mining and washing industry fell by 1.3%.
In the equipment manufacturing industry, the manufacturing price of lithium-ion batteries decreased by 0.3%, and the manufacturing price of new energy vehicles decreased by 0.1%; The manufacturing price of power electronic components rose by 1.8%, and the manufacturing price of industrial robots increased by 0.6%.
In the consumer goods manufacturing industry, the price of agricultural and sideline food processing industry decreased by 0.3%, and the price of food manufacturing industry decreased by 0.2%; The price of cultural, educational, articular, sports and recreational goods manufacturing rose by 0.4 percent, and the price of textile, garment and apparel rose by 0.2 percent.
From a year-on-year perspective, PPI fell by 2.8%, a month-on-month decline and a higher base of comparison in the same period last year, and the decline this month was 1.0 percentage points larger than that of the previous month. Among them, the prices of means of production fell by 3.3 percent, an increase of 1.3 percentage points over the previous month, and the prices of means of subsistence fell by 1.3 percent, an increase of 0.2 percentage points. Among the 40 industrial sectors surveyed, the prices of ferrous metal smelting and rolling processing industry decreased by 11.1 percent, the price of oil and gas extraction industry decreased by 10.1 percent, the price of petroleum, coal and other fuel processing industry decreased by 9.4 percent, the price of non-metallic mineral products industry decreased by 5.1 percent, the price of agricultural and sideline food processing industry decreased by 4.9 percent, the price of chemical raw materials and chemical products manufacturing industry decreased by 4.1 percent, the price of electrical machinery and equipment manufacturing industry decreased by 3.1 percent, and the price of coal mining and washing industry decreased by 2.6 percent. The total impact of the above eight industries on PPI fell by about 2.04 percentage points year-on-year, more than 70% of the total decline, and the pull-down effect on PPI increased by 0.74 percentage points compared with the previous month. The price of non-ferrous metal smelting and rolling processing industry rose by 5.9 percent, the price of cultural, educational, articular, sports and recreational products manufacturing rose by 4.6 percent, and the price of railway, ship, aerospace and other transportation equipment manufacturing rose by 0.5 percent.
According to estimates, in the year-on-year change of PPI of -2.8% in September, the carryover effect was about -0.5 percentage points, compared with -0.1 percentage points in the previous month, and the new impact of price changes this year was about -2.3 percentage points, compared with -1.7 percentage points in the previous month.
Source: China Fund News
Editor: Xiaoya