Data release
In November 2021, the national consumer price rose by 2.3% year-on-year, 0.8% higher than that of the previous month, and 0.4% higher than that of the previous month. (National Bureau of Statistics)
Comments: the rise in food prices promoted the year-on-year expansion of CPI. In November, CPI increased by 2.3% year-on-year, 0.8 percentage points higher than that of the previous month. The year-on-year increase of this month was more expanded, and the rising price of energy products had an obvious pulling effect on CPI. From the month on month data, CPI rose 0.4% month on month, down 0.3 percentage points from the previous month, mainly due to the guaranteed supply of vegetables, the increase in the number of vegetables on the market, the sharp drop in the price increase of fresh vegetables by 9.8 percentage points from the previous month, and the month on month growth of CPI slowed down.
Focusing on the structure, in October, the price of food items increased by 1.6% from a year-on-year decrease of 2.4% in the previous month, affecting the CPI increase by about 0.30 percentage points, of which the price of vegetables was the main driving factor. From the year-on-year data, the price of pork decreased by 32.7% in November, 11.3 percentage points lower than that of the previous month; On a month on month basis, with the advent of winter, the demand for pork consumption increased, and the short-term supply of fat pigs was tight, resulting in a rebound in pork prices, with a month on month increase of 12.2%. It is expected that pork prices will drive CPI up after the second quarter of next year.
Key macro dynamics
1. The China Association of small and medium-sized enterprises released on the 9th that the development index of China's small and medium-sized enterprises in November was 86.3, up 0.2 points from October. Multiple sub indicators picked up simultaneously, indicating the enhancement of enterprise confidence. In November, the macroeconomic feeling index and comprehensive operation index reflecting enterprise confidence rebounded significantly. (CCTV News)
2. The State Council recently issued the plan for promoting agricultural and rural modernization in the 14th five year plan. It is proposed that by 2025, the agricultural foundation will be more stable, the Rural Revitalization Strategy will be promoted in an all-round way, important progress will be made in agricultural and rural modernization, and qualified areas will take the lead in basically realizing agricultural and rural modernization; We will strive to make decisive progress in the overall revitalization of rural areas and basically realize agricultural and rural modernization by 2035. （Wind）
