National Bureau of Statistics interpretation: CPI month-on-month growth rate expands, year-on-year change from decline to increase.

In February 2024, the Chief Statistician of the Urban Department of the National Bureau of Statistics, Dong Lijuan, interpreted the CPI and PPI data. The CPI rose month-on-month, with the year-on-year change turning from a decrease to an increase. The PPI saw a month-on-month decrease similar to the previous month, with a slightly larger year-on-year decrease. The full interpretation is as follows: In February 2024, CPI rose year-on-year and PPI fell year-on-year - Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for February 2024 The National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for February 2024 today. Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, provided an interpretation. 1. CPI rose month-on-month, with the year-on-year change turning from a decrease to an increase In February, the national CPI rose by 1.0% month-on-month, an increase of 0.7 percentage points compared to the previous month; the year-on-year change turned from a decrease of 0.8% to an increase of 0.7%, showing significant recovery. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, an increase of 0.8 percentage points compared to the previous month, marking the highest increase since February 2022. Looking at the month-on-month change, CPI increased by 1.0%, with the main reason being a significant rise in food and service prices. Food prices increased by 3.3%, a 2.9 percentage point increase from the previous month, contributing to a 0.59 percentage point increase in CPI. During the Spring Festival period, increased consumer demand, combined with adverse weather affecting supply in some regions, led to price increases of 12.7% for fresh vegetables, 7.2% for pork, 6.2% for seafood, and 4.3% for fresh fruits, contributing to a 0.58 percentage point increase in CPI. Non-food prices rose by 0.5%, a 0.3 percentage point increase from the previous month, contributing to a 0.44 percentage point increase in CPI. The significant increase in travel and entertainment consumption during the Spring Festival period led to price increases of 12.5% to 23.0% for plane tickets, transportation rental fees, tourism, movies, and performances, contributing to a 0.30 percentage point increase in CPI. Due to the rise in international oil prices, domestic gasoline prices rose by 2.0%, from a 1.0% decrease in the previous month, contributing to a 0.07 percentage point increase in CPI. Looking at the year-on-year change, CPI increased by 0.7%, turning from a 0.8% decrease in the previous month t...The new impact is approximately -0.4 percentage points.This article is from the National Bureau of Statistics, GMTEight Editor: Li Cheng.