In March, food prices fell by 0.7% year-on-year, and the decline was 0.5 percentage points higher than that of the previous month. In food, the price of pork decreased by 18.4% year-on-year, with a decrease of 3.5 percentage points; The prices of chicken and duck meat continued to drop by 8.6% and 2.6% respectively, while the prices of beef, mutton, eggs and fresh fruits continued to rise by 3.3% to 8.2%. The prices of aquatic products and edible vegetable oil increased by 8. 1% and 7.5% respectively.
Non-food prices changed from a year-on-year decrease of 0.2% last month to a year-on-year increase of 0.7%. Among non-food products, the price of industrial consumer goods rose by 1%, which was the first year-on-year increase, mainly driven by the price increases of gasoline and diesel by 1 1.9% and 12.8% respectively.
Extended data:
Imported inflation has limited direct impact on CPI.
On April 8, the the State Council Financial Stability and Development Committee held a meeting and proposed to keep prices basically stable, especially paying attention to the trend of commodity prices. Zhaowei, chief economist of open source securities, said that imported inflation brought by commodity price increases has limited direct impact on CPI, and more indirectly affects CPI by affecting the cost of raw materials.
There are two main ways for the price increase of international commodities such as crude oil to affect domestic CPI: first, it directly affects the prices of some consumer goods, for example, the price increase of crude oil directly raises the prices of related fuels, affecting CPI hydropower fuel, vehicle fuel and other sub-items; Second, it indirectly affects the production and service costs, and then it is transmitted to the terminal consumption. Most consumer goods in China are mainly supplied domestically, and the goods that are more dependent on imports account for a relatively low weight in CPI, which makes the direct impact of imported inflation on CPI relatively limited.
Zhaowei said that in the second quarter, the upward pressure of CPI increase was mainly caused by low base and offline consumption repair after the epidemic, which was not sustainable. From the perspective of the hikes, CPI may rise in the second quarter, and then rise again in the fourth quarter after falling back in the third quarter. At the same time, offline consumption activities are gradually repaired, or the core CPI will pick up; However, under the suppression of residents' income, the core CPI may still be mainly repaired, and the increase may be relatively limited.
Xinhuanet client-March CPI rose by 0.4% year-on-year