CCTV News: The National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Industrial Producer Factory Price Index) data for December 2024 today. In this regard, Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, gave an explanation.

1. CPI turned from a decrease to a flat month-on-month, with a slight increase year-on-year

In December, the consumer market was generally stable, and the national CPI remained flat month-on-month, with a year-on-year increase of 0.1%. The core CPI, excluding food and energy prices, continued to rebound, up 0.4% year-on-year, an increase of 0.1 percentage point from the previous month.

From the month-on-month, CPI remained flat, down 0.6% last month. Among them, food prices fell by 0.6%, a decrease of 2.1 percentage points from the previous month, affecting the CPI decrease by about 0.12 percentage points month-on-month. Among foods, due to the good weather conditions, which are conducive to the production, storage and transportation of agricultural products, the prices of fresh vegetables and fresh fruits fell by 2.4% and 1.0% respectively, which affected the CPI by about 0.07 percentage points month-on-month; affected by factors such as early penis and secondary fattening, the supply of pork was sufficient, and the price fell by 2.1%, a decrease of 1.3 percentage points from the previous month, which affected the CPI by about 0.03 percentage points month-on-month. Non-food prices turned from a decrease of 0.1% last month to a rise of 0.1%, affecting the CPI increase by about 0.12 percentage points month-on-month. Among non-foods, demand for travel, entertainment and family services increased as the New Year's Day holidays increased, with air ticket prices turning from a decrease of 8.6% last month to a rise of 4.6%, while domestic services, movies and performance tickets rose by 0.9% and 0.7% respectively; some brands were launched, and the prices of communication tools rose by 3.0%.

From the year-on-year perspective, CPI rose 0.1%, a decrease of 0.1 percentage point from the previous month. Among them, food prices changed from a 1.0% increase last month to a 0.5% decline, affecting the year-on-year decline of CPI by about 0.09 percentage points. Among foods, the prices of pork and fresh vegetables rose by 12.5% ​​and 0.5% respectively, with both declines; the prices of fresh fruits, beef, mutton, edible oil and grain fell between 1.3% and 13.8%. Non-food prices turned from flat last month to rising 0.2%, affecting the year-on-year increase of about 0.14 percentage points. Among non-foods, energy prices fell by 1.7%, a decrease of 2.1 percentage points from the previous month; prices of industrial consumer goods deducted from energy continued to remain the same, among which the prices of gold jewelry rose by 27.2%, prices of fuel vehicles and new energy vehicles fell by 4.7% and 6.0% respectively; service prices rose by 0.5%, a increase of 0.1 percentage points from the previous month.

2. PPI fell month-on-month, and the year-on-year decline narrowed

In December, affected by factors such as some industries entering the traditional off-season of production and the fluctuations of international commodity prices, the national PPI fell 0.1% month-on-month and 2.3% year-on-year, and the year-on-year decline narrowed by 0.2 percentage points from the previous month.

From the month-on-month perspective, PPI turned from a 0.1% increase last month to a 0.1% decline. Among them, the price of means of production changed from an increase of 0.1% last month to a constant decrease of 0.1%. The power plant has sufficient coal storage, limited demand for coal, and the prices of coal mining and washing industries have fallen by 1.9%. Real estate and infrastructure projects have been suspended one after another in the off-season, steel demand has declined, and the prices of ferrous metal smelting and rolling processing industries have fallen by 0.6%. Affected by the fluctuations in international commodity prices, the prices of domestic oil extraction, non-ferrous metal smelting and rolling processing industries were the same as last month, with copper smelting prices falling by 1.7% and gold smelting prices rising by 0.4%. The capacity replacement of the cement and glass industry is gradually advancing, and the prices of non-metallic mineral products industry have risen by 0.6%. The demand for gas and electricity increased seasonally, with prices in gas production and supply rising by 1.2%, and prices in electricity and heat production and supply rising by 0.9%. In the equipment manufacturing industry, the manufacturing price of photovoltaic equipment and components fell by 0.6%, and the manufacturing price of lithium-ion batteries fell by 0.3%; the manufacturing price of new energy vehicles rose by 0.7%, and the manufacturing price of aviation-related equipment rose by 0.5%. In the consumer goods manufacturing industry, the prices of agricultural and sideline food processing industries fell by 0.4%, and the prices of textile industries fell by 0.3%; the prices of paper and paper products rose by 0.9%, and the prices of culture, education, arts, sports and entertainment products manufacturing industries rose by 0.7%.

From the year-on-year perspective, PPI fell by 2.3%, a decrease of 0.2 percentage points from the previous month. Among them, the price of means of production fell by 2.6%, a decrease of 0.3 percentage points from the previous month; the price of means of living fell by 1.4%, a decrease of the same as last month. Among the major industries surveyed, the prices of petroleum, coal and other fuel processing industries fell by 8.7%, the prices of oil and gas mining industries fell by 6.2%, the prices of chemical raw materials and chemical products manufacturing industries fell by 4.8%, the prices of agricultural and sideline food processing industries fell by 4.3%, the prices of non-metallic mineral products fell by 3.0%, the prices of electrical machinery and equipment manufacturing industries fell by 2.1%, the prices of computer communications and other electronic equipment manufacturing industries fell by 1.9%, and the prices of electricity and heat production and supply industries fell by 0.7%. The declines of the above eight industries narrowed from the previous month. The prices of ferrous metal smelting and rolling processing industries fell by 9.5%, the prices of coal mining and washing industries fell by 8.0%, and the prices of automobile manufacturing industries fell by 3.8%, an increase of 1.3, 1.7 and 0.7 percentage points from the previous month, respectively. The prices of non-ferrous metal smelting and rolling processing industries rose by 10.0%, while the prices of cultural, educational, artistic, sports and entertainment products manufacturing industries rose by 6.4%, an increase of 0.3 and 0.4 percentage points respectively over the previous month.