On January 11, 2022, the first financial China high frequency economic activity index (yhei) was 0.98, an increase of 0.07 compared with a week ago. The "coastal coal freight rate index" stopped its downward trend and rose 0.07 in the week ending January 11. The "30 city commercial housing sales index" also rebounded by 0.17 during the week, which is the primary factor driving the rise of the index.
Steel prices picked up this week. The price of steel billets in Tangshan rose by 3.07% in the week ending January 11, 0.92% in the past month and 14.70% over the same period last year. Cement and coal prices continued to decline. The cement price index fell by 2.32% in the week ended January 11, 9.09% in the past month and 15.51% higher than the same period last year. The price of thermal coal decreased by 1.74% in the past month and increased by 23.61% compared with the same period last year.
As of the week of January 11, the net withdrawal of funds from the central bank through the open market was 390 billion yuan. The inter-bank overnight interest rate rose 6 basis points in the week ended January 11, 18 basis points in the past month and 77 basis points over the same period last year. The seven day repo rate was flat with the past week, down 7 basis points in the past month and up 15 basis points over the same period last year.
The National Bureau of statistics released the factory price (PPI) and consumer price index (CPI) data of industrial producers in December 2021. In December, PPI decreased by 1.2% month on month and increased by 10.3% year-on-year. The year-on-year growth rate slowed down by 2.6 percentage points compared with the previous month, continuing the slowdown trend of the previous month. On a month on month basis, PPI of means of production entered the contraction range in December; The price of extractive industries fell by 6.8%, 4.7 percentage points faster than that of the previous month; The industrial price of raw materials changed from the rise of last month to decline, down 1.7% month on month; The price of processing industry has decreased for two consecutive months month on month (- 0.9%). When the demand for industrial products was still shrinking in December, the decline in the prices of mining and raw material industries was the main reason for the month on month decline of PPI.
In December 2021, CPI increased by 1.5% year-on-year, down 0.8 percentage points from the previous month and down 0.3% month on month; The core CPI index was the same as that of the previous month, with a year-on-year increase of 1.2%, and the growth rate was also consistent with that of the previous month. By consumer price category, the year-on-year increase in food, tobacco and alcohol prices this month decreased by 1.8 percentage points from 1.7% last month to - 0.1%, down 0.3% month on month, dragging down the growth of CPI. Among them, the price of fresh vegetables changed greatly, with a month on month decrease of 8.3%, and the year-on-year increase slowed down by 20 percentage points to 10.6% compared with the previous month; Pork is also one of the main factors affecting the CPI of food, tobacco and alcohol. In December, the price of pork decreased by 36.7% year-on-year, accelerated by 4 percentage points compared with the previous month, and the month on month growth slowed by 11.8 percentage points compared with the previous month.
