National Bureau of Statistics interpretation: CPI continued to rise in August, while PPI declined slightly.

On September 9th, Dong Lijuan, Chief Statistician of the City Bureau of the National Bureau of Statistics, interpreted the CPI and PPI data for August 2024. In August, influenced by factors such as high temperatures and heavy rainfall, the national CPI rose seasonally compared to the previous month, with the year-on-year increase continuing to expand. From a month-on-month perspective, the CPI rose by 0.4%, a decrease of 0.1 percentage points from the previous month. Looking at the year-on-year perspective, the CPI increased by 0.6%, an increase of 0.1 percentage points from the previous month. In August, due to insufficient market demand and the decline in prices of some international bulk commodities, the national PPI both decreased month-on-month and year-on-year. From a month-on-month perspective, the PPI decreased by 0.7%, a 0.5 percentage point larger decrease... The original text continues with more detailed analysis of the CPI and PPI data for August 2024.Percentage points. Prices in the non-ferrous metal smelting and rolling processing industry rose by 7.6%, while prices in the culture, education, art, physical education, and recreational goods manufacturing industry rose by 4.9%. Prices in the chemical fiber manufacturing industry rose by 0.8%, and prices in the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry rose by 0.6%.According to calculations, the tail influence accounted for approximately -0.1 percentage points of the -1.8% year-on-year change in PPI in August, compared to 0.1 percentage points in the previous month; the new impact of price changes this year is estimated to be around -1.7 percentage points, compared to -0.9 percentage points in the previous month. This article is selected from the National Bureau of Statistics, edited by GMTEight: Chen Wenfang.