#美联储利率决策即将公布 #cpi的数据公布 #美联储利率决策即将公布

The National Bureau of Statistics today (12th) released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for May 2024.


In May, the CPI rose by 0.3% year-on-year and fell by 0.1% month-on-month.

In May, the national consumer price index rose by 0.3% year-on-year and fell by 0.1% month-on-month; on average from January to May, the national consumer price index rose by 0.1% year-on-year.

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PPI fell 1.4% year-on-year and rose 0.2% month-on-month

In May, the national ex-factory prices of industrial producers decreased by 1.4% year-on-year, 1.1 percentage points narrower than that of the previous month, and increased by 0.2% month-on-month, compared with a decrease of 0.2% in the previous month; the purchase prices of industrial producers decreased by 1.7% year-on-year, and increased by 0.3% month-on-month. On average from January to May, the ex-factory prices of industrial producers decreased by 2.4% compared with the same period last year, and the purchase prices of industrial producers decreased by 3.0%.

　

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Interpretation: CPI is generally stable and PPI decline narrows

Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, said that the CPI fell slightly month-on-month due to seasonal factors, and the year-on-year growth rate was the same as last month. In May, the consumer market was generally stable, and the national CPI fell seasonally month-on-month, and the year-on-year growth rate was the same as last month. The core CPI, excluding food and energy prices, rose by 0.6% year-on-year, continuing to maintain a moderate increase.

From a month-on-month perspective, CPI fell by 0.1%, slightly less than the average decline of 0.2% in the same period of the past decade. Among them, food prices remained unchanged from a decline of 1.0% last month. Among food items, affected by factors such as heavy rain in the south, the decline in egg production in summer of laying hens and the reduction in pig production capacity, the prices of fresh fruit, eggs and pork rose by 3.0%, 2.7% and 1.1% respectively; the market supply was relatively sufficient, and the prices of shrimps and crabs, beef and fresh vegetables fell by 4.3%, 3.6% and 2.5% respectively. Non-food prices fell by 0.2% from a rise of 0.3% last month, affecting the CPI to fall by about 0.14 percentage points month-on-month. Among non-food items, the popularity of travel declined seasonally after the short holiday, and the prices of air tickets, vehicle rental fees and long-distance buses fell by 9.4%, 7.9% and 2.7% respectively; affected by changes in international oil prices, domestic gasoline prices fell by 0.8%; summer clothes were replaced with new ones, and clothing prices rose by 0.4%.

It is estimated that in the 0.3% year-on-year change in CPI in May, the lag effect was about 0, and the new impact of price changes this year was about 0.3 percentage points.

PPI rose from a month-on-month decline, and the year-on-year decline narrowed. In May, affected by the upward trend of some international bulk commodity prices and the improvement of the supply and demand relationship in the domestic industrial product market, the national PPI rose from a month-on-month decline, and the year-on-year decline narrowed. From a month-on-month perspective, PPI rose from a 0.2% decline in the previous month, changing the continuous downward trend of the previous six months.