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Driven by non food prices, C PI returns to the "1" era. In March, the rise of international bulk commodity prices continued to expand the year-on-year increase of non food prices, forming an upward driving force for CPI. At the same time, the year-on-year decrease of food prices narrowed, and the suppression effect on the upward CPI weakened. The year-on-year increase of CPI increased by 0.6 percentage points to 1.5% compared with the previous month, slightly exceeding the market expectation. Among them, food prices fell by 1.5% year-on-year, affecting the decline of CPI by about 0.28 percentage points, but the decline was 2.4 percentage points narrower than that of the previous month; Non food prices rose by 2.2%, an increase of 0.1 percentage points over the previous month, affecting the increase of CPI by about 1.77 percentage points. The price of industrial consumer goods in China rose by 3.5%, an increase of 0.4 percentage points, and the price of industrial consumer goods excluding energy rose by only 0.7%. The prices of the seven categories rose year-on-year. Except that the clothing price was the same as that of the previous month and the increase of housing price narrowed by 0.1 percentage points, the year-on-year increase of the other five categories expanded. Among them, affected by the fluctuation of international crude oil prices, the price increase of gasoline, diesel and liquefied petroleum gas has expanded, which continues to drive the year-on-year increase of vehicle fuel. In March, transportation and communication increased by 5.8% year-on-year and 0.3 percentage points; Under the epidemic, the cost of domestic services increased, and the year-on-year increase in the price of family services increased by 2.0 percentage points to 2.7%; The year-on-year increase of other supplies and services increased by 1.8 percentage points to 2.1% over the previous month; However, due to the weakening effect of the Spring Festival and the severe situation of epidemic prevention in China, the service price rose by 1.1%, down 0.1 percentage points from the previous month. Among them, the price of air tickets changed from rise to fall, and the price increase of scenic spot tickets and accommodation outside fell. CPI rose from. 6% last month to flat. Affected by factors such as the fall in consumer demand after the Spring Festival, food prices fell by 1.2% from a 1.4% rise in the previous month, non food prices fell by 0.1 percentage points to 0.3% from the previous month, and prices of seven major categories rose and fell month on month. Among them, the rise in energy prices pushed up the price of industrial consumer goods to 1.1%, and the rise was 0.3 percentage points higher than the previous month. The fall in demand after the Spring Festival combined with the impact of the epidemic, and service prices fell by 0.2% from the same level in the previous month, Air tickets, film and performance tickets, transportation rental fees and tourism prices decreased by 10.0%, 7.6%, 3.5% and 2.6% respectively. In March, the core CPI excluding food and energy prices rose by 1.1% year-on-year, which was the same as that of the previous month.
Fresh vegetable prices rose sharply year-on-year, and the year-on-year decline in pig prices narrowed. On a year-on-year basis, the price of livestock meat decreased by 24.8% in March, 1.2 percentage points lower than that of the previous month. Generally, the price of fresh vegetables will drop with the increase of supply in March as the weather warms up, but the transportation cost has increased, and the epidemic has hindered the logistics in some areas. Superimposed on the low base effect, the price of fresh vegetables has increased by 17.2% year-on-year and expanded by 17.3 percentage points, while the price of fresh fruits has decreased by 2.3 percentage points to 4.3% year-on-year due to the weakening of consumer demand after the festival. With the decline in demand and sufficient supply, pork prices fell by 41.4%, narrowing by 1.1 percentage points. On a month on month basis, the prices of food, tobacco and alcohol subcategories fluctuated. Except that the prices of livestock and meat, aquatic products and fresh fruits fell and the prices of cigarettes were flat, the prices of the other six categories increased. The price of livestock meat decreased by 4.9% month on month, and the decline expanded by 3.4 percentage points, of which the decline of pork price expanded by 4.7 percentage points to - 9.3%; The price of fresh vegetables rose 0.4% month on month (MOM) against the season, but the increase narrowed by 5.6 percentage points due to the warmer weather and the increase in the number of vegetables on the market. This year, three batches of pork with a total of 18000 tons have been started. On April 8, the national development and Reform Commission said that it will also start the fourth batch of central frozen pork reserves in the near future. It plans to collect and store another 40000 tons of frozen pork and guide local governments to pay close attention to the collection and storage. In addition, the national development and Reform Commission also said in late March that it should ensure sufficient supply and stable price of "vegetable basket" products, and the logistics in areas seriously affected by the epidemic is also recovering recently, Vegetable prices may gradually return to the normal trend. High frequency data in April showed that the prices of 28 key monitored vegetables continued to rise year-on-year, and the year-on-year decline in pork prices continued to narrow. It is expected that the food CPI will still pick up in April.
