According to Jinshi, Wang Youjuan, director of the Urban Social and Economic Survey Department of the National Bureau of Statistics, said that in the first quarter, the CPI was the same as the same period last year, and the operation was generally stable. Affected by factors such as the Spring Festival being in a different month, the monthly CPI fluctuated year-on-year. In January, the CPI fell by 0.8% year-on-year; in February, the Spring Festival factor affected the CPI to rise by 0.7% year-on-year; in March, the CPI year-on-year growth rate fell back to 0.1%. In the first quarter, the core CPI, excluding food and energy prices, rose by 0.7% year-on-year, maintaining a moderate increase.
Prices in the production sector were running at a low level. In the first quarter, PPI fell by 2.7% year-on-year. Month by month, the month-on-month decline narrowed, while the year-on-year decline widened. In January and February, affected by factors such as the Spring Festival holiday, PPI fell by 0.2% month-on-month. In March, industrial production resumed after the holiday, and the month-on-month decline of PPI narrowed to 0.1%; the year-on-year decline of PPI widened from 2.5% in January to 2.8% in March.