Dong Lijuan stated that in December 2024, the Consumer market is generally running smoothly, with the national CPI remaining unchanged from the previous month and increasing by 0.1% year-on-year.
According to the Zhituo Finance APP, the National Bureau of Statistics released the nationwide CPI (Consumer Price Index) and PPI (Producer Price Index) data for December 2024 on January 9. Dong Lijuan, the chief statistician of the Urban Division of the National Bureau of Statistics, provided an interpretation. Dong Lijuan stated that in December 2024, the overall operation of the consumer market was stable, with a month-on-month CPI holding steady and a year-on-year increase of 0.1%. The core CPI, excluding food and energy prices, continued to rise year-on-year by 0.4%, with the growth rate increasing by 0.1 percentage points compared to the previous month. Affected by some industries entering the traditional production off-season and fluctuations in international CSI Commodity Equity Index prices, the nationwide PPI decreased by 0.1% month-on-month and fell by 2.3% year-on-year, with the year-on-year decline narrowing by 0.2 percentage points compared to the previous month.
The original text is as follows:
In December 2024, CPI rose slightly year-on-year while the decline in PPI narrowed.
——Interpretation of December 2024 CPI and PPI data by Dong Lijuan, chief statistician of the Urban Division of the National Bureau of Statistics.
The National Bureau of Statistics announced today the nationwide CPI (Consumer Price Index) and PPI (Producer Price Index) data for December 2024. In response, Dong Lijuan, the chief statistician of the Urban Division of the National Bureau of Statistics, provided an interpretation.
1. The month-on-month CPI turned from decline to stabilization, with a slight year-on-year increase.
In December, the consumer market was generally stable, with the national CPI unchanged month-on-month, and a year-on-year increase of 0.1%. The core CPI, excluding food and Energy prices, continued to rise, with a year-on-year increase of 0.4%, an expansion of 0.1 percentage points compared to last month.
In terms of month-on-month comparison, CPI remained unchanged, compared to a decrease of 0.6% last month. Among them, food prices fell by 0.6%, with the decline narrowing by 2.1 percentage points compared to last month, affecting the month-on-month decrease in CPI by about 0.12 percentage points. In food, due to favorable weather conditions that aided the production and transportation of Shenzhen Agricultural Products Group, prices for fresh vegetables and fruits fell by 2.4% and 1.0% respectively, collectively influencing the month-on-month decrease in CPI by about 0.07 percentage points; due to prior retaining and speculative holding back of supply, as well as secondary fattening, Pork supply was ample, leading to a price drop of 2.1%, with the decline narrowing by 1.3 percentage points from last month, influencing the month-on-month decrease in CPI by about 0.03 percentage points. Non-food prices shifted from a decrease of 0.1% last month to an increase of 0.1%, influencing the month-on-month rise in CPI by about 0.12 percentage points. Among non-food items, with the upcoming New Year's Day holiday, demand for travel, Entertainment, and household services increased, leading to a shift in the price of air tickets from a decrease of 8.6% last month to an increase of 4.6%, while prices for housekeeping services, movie tickets, and performance tickets increased by 0.9% and 0.7% respectively; some new brand models were launched, with prices for communication tools rising by 3.0%.
In terms of year-on-year comparison, CPI rose by 0.1%, with the growth rate falling by 0.1 percentage points compared to last month. Among them, food prices shifted from an increase of 1.0% last month to a decrease of 0.5%, influencing the year-on-year decrease in CPI by about 0.09 percentage points. Within food, the prices of Pork and fresh vegetables rose by 12.5% and 0.5%, with both growth rates declining; fresh fruit, beef, lamb, cooking oil, and grain prices dropped between 1.3% and 13.8%. Non-food prices shifted from unchanged last month to an increase of 0.2%, influencing the year-on-year rise in CPI by about 0.14 percentage points. Among non-food items, Energy prices dropped by 1.7%, with the decline narrowing by 2.1 percentage points from last month; prices for industrial consumer goods excluding Energy continued to remain stable, with prices for gold trinkets increasing by 27.2%, while prices for RBOB Gasoline and Electric Vehicles fell by 4.7% and 6.0% respectively; service prices rose by 0.5%, with the increase expanding by 0.1 percentage points compared to last month.
Second, PPI fell month-on-month, with the year-on-year decline narrowing.
In December, due to certain industries entering the traditional production off-season, along with the transmission of international commodity price fluctuations, the national PPI fell by 0.1% month-on-month and decreased by 2.3% year-on-year, with the year-on-year decline narrowing by 0.2 percentage points compared to last month.
In terms of month-on-month comparison, PPI shifted from an increase of 0.1% last month to a decrease of 0.1%. Among them, the prices of production materials shifted from an increase of 0.1% last month to unchanged; the prices of living materials shifted from unchanged to a decrease of 0.1%. Coal inventory at power plants was relatively sufficient, and new demand for coal was limited, resulting in a price decrease of 1.9% for Coal Mining and washing industries. The real estate and Infrastructure projects are gradually halting due to off-season, leading to a decline in steel demand, with black metal smelting and rolling industry prices decreasing by 0.6%. Influenced by the transmission of international commodity price fluctuations, domestic Petroleum Extraction and prices of Nonferrous Metals smelting and rolling industries remained unchanged from last month, where Copper smelting prices fell by 1.7%, and gold smelting prices increased by 0.4%. The Cement and Glass industries are gradually implementing capacity replacement, with prices in the non-metal mineral products industry increasing by 0.6%. Gas and Electrical Utilities demand seasonally increased, leading to a price increase of 1.2% in the gas production and supply industry, and prices rose by 0.9% in the thermal power production and supply industry. In the equipment manufacturing industry, prices for Photovoltaic Equipment and components fell by 0.6%, and prices for lithium-ion Battery manufacturing fell by 0.3%; the manufacturing prices for Electric Vehicles rose by 0.7%, and prices for Aviation-related equipment manufacturing increased by 0.5%. In the consumer goods manufacturing industry, prices for Food Processing industries fell by 0.4%, textile industry prices fell by 0.3%; prices for Papermaking and paper products rose by 0.9%, and prices for cultural, educational, sports and Entertainment products manufacturing rose by 0.7%.
In terms of year-on-year comparison, PPI decreased by 2.3%, with the decline narrowing by 0.2 percentage points compared to last month. Among them, production material prices fell by 2.6%, with the decline narrowing by 0.3 percentage points compared to last month; living material prices fell by 1.4%, with the decline remaining the same as last month. Among the main industries surveyed, prices in the oil, coal and other fuel processing industries dropped by 8.7%, prices in the Oil & Gas extraction industry fell by 6.2%, prices in the Chemical Raw Materials and Chemicals manufacturing industries dropped by 4.8%, prices in the Shenzhen Agricultural Products Group processing industries fell by 4.3%, prices in the non-metal mineral products industry dropped by 3.0%, prices in electrical machinery and equipment manufacturing fell by 2.1%, prices in computer, communication and other Electric Appliances manufacturing fell by 1.9%, and prices in Electrical Utilities production and supply dropped by 0.7%, with the above eight industries all showing a narrowing of decline compared to last month. Prices in the black metal smelting and rolling industries fell by 9.5%, prices in Coal Mining and washing industries fell by 8.0%, and automotive manufacturing prices dropped by 3.8%, with the decline expanding by 1.3, 1.7 and 0.7 percentage points compared to last month, respectively. Prices in the Nonferrous Metals smelting and rolling industries rose by 10.0%, prices in the cultural, educational, sports and Entertainment products manufacturing sector rose by 6.4%, with the increase narrowing by 0.3 and 0.4 percentage points compared to last month, respectively.
This article is compiled from the "National Bureau of Statistics official website," edited by Xu Wenqiang of Zhitong Finance.
