The local epidemic repeatedly superimposed the imported inflation pressure, and the CPI rose year-on-year in March. In March, affected by tight supply, increased demand and base effect, the year-on-year decline of food prices narrowed this month, and the year-on-year increase of non food prices continued to expand driven by the rebound of industrial consumer goods prices. CPI rose 1.5% year-on-year in the month, up 0.6 percentage points from the previous value. The month on month increase of 0.6% was flat. Excluding energy and food, the core CPI was 1.1%, which was the same as the previous value. The new price increase factor this month was 1.1%, and the influence of tail warping factor was 0.4%.
The year-on-year growth rate of food prices continued to fall, but the decline narrowed. Under the influence of the narrowing decline in pork prices and the sharp rise in fresh vegetable prices against the seasonality, food prices fell by 1.5% year-on-year in March, 2.4 percentage points lower than the previous month, affecting the CPI to decline by about 0.28 percentage points. Among them, the price of livestock meat decreased by 24.8%, narrowed by 1.2 percentage points compared with the previous month, and the price decline of pork narrowed by 1.1 percentage points to 41.4%, mainly due to the low price base in the same period last year. At present, the price of pork is still in the process of bottoming. Affected by the rise of international wheat, corn and other prices, the price of flour rose by 4.6% and expanded by 1.9 percentage points this month. Superimposed on the rise of oil price and the limited transportation since the epidemic, the price of vegetables rebounded sharply over the season, and the price of fresh vegetables increased by 17.2% from a decrease of 0.1% last month.
The price increase of industrial consumer goods continued to expand, and the price of non food items increased slightly year-on-year. In March, non food prices rebounded by 0.1 percentage point to 2.2% compared with the previous value. Among them, the rise in the price of industrial consumer goods continued to widen, rising 0.4 percentage points to 3.5% from the previous month. Under the influence of the conflict between Russia and Ukraine, the prices of crude oil and other international commodities continued to run at a high level. Affected by this, the prices of gasoline, diesel and LPG rose by 24.6%, 26.9% and 27.2% respectively this month. From the eight categories, the prices of seven categories except food increased year-on-year: among them, the prices of transportation and communication, education, culture and entertainment and housing increased by 5.8%, 2.6% and 1.3% respectively, and the prices of medical care and clothing increased by 0.7% and 0.6% respectively; The price of other supplies and services increased by 2.1%.
Under the interaction of China's supply and price stabilization policy, base effect and the rise of international commodity prices, the year-on-year growth rate of PPI continued to decline, but increased month on month. In March, the PPI fell by 0.5 percentage points to 8.3% compared with the previous value, continuing the downward trend since the end of last year; It rose 1.1% month on month, 0.6 percentage points higher than the previous value, and the month on month growth rate rebounded for two consecutive months. Among them, the price of means of production was 10.7% year-on-year, an increase of 0.7 percentage points lower than that of the previous month; The price of means of subsistence was 0.9% year-on-year, the increase was the same as the previous value. The tail raising factor of PPI is 6.8%, and the impact of new price rise is 1.5%.
The price increase of means of production continues to decline under the effective effect of the policy of ensuring supply and stabilizing price, but it is still at a historical high, and the price of means of living is stable as a whole. From the perspective of industry, the price increase of oil related industries has expanded, among which the oil and gas exploitation industry has increased by 47.4%, an increase of 5.5 percentage points; The oil, coal and other fuel processing industry rose 32.8%, expanding by 2.6 percentage points. In addition, the coal mining and washing industry rose 53.9%, expanding by 8.5 percentage points.
