According to the national statistical office, the national consumer price index (cpi) rose by 0. 3 per cent in may 2024, the same amount as last month, and for four consecutive months it remained positive. The ring ratio decreased by 0. 1 per cent, slightly less than the average of 0. 2 per cent during the same period of the last decade。
From the trajectories of the cpi since this year, the cpi rose by 0. 7 per cent in february, ending a negative growth pattern of four consecutive months. This was 0. 1 per cent in march and 0. 3 per cent in april and may. Overall, our overall price level has risen steadily. In may, out of the eight categories of goods and services that make up the cpi, the prices of the other six categories increased on a year-on-year basis, except for food and transport communications. Food prices declined by 2. 0 per cent, by 0. 7 percentage points less than last month, affecting the cpi by about 0. 37 percentage points. The price increases for pork, freshwater fish and vegetables have been increased, the prices for eggs, fresh fruit and cooking oil have been narrowed, and the prices for beef, lamb and poultry have continued to increase. By comparison, the prices of food and services have fallen evenly。
The performance of industrial producers in the ppi is of concern. The ppi ring ratio declined from 0. 2 per cent last month to 0. 2 per cent in may, the first positive since november last year; it decreased by 1. 4 per cent the same year, a 1. 1 percentage point reduction from the previous month. As an important indicator of price changes in the production sector, the increase in the ppi ring and the marked narrowing of the year-on-year decline indicate a further increase in positive factors in the industrial sector。
At present, the overall price level is still operating at a low level, reflecting the continuing challenges of effective demand and high corporate pressure for economic performance. In the next phase, as the economic performance of the country continues to improve, policies such as large-scale equipment upgrades and consumer goods in exchange for old ones come into effect, domestic demand will be further restored and the overall price level is expected to remain warm and uptight. In the medium to long term, the country is in a critical period of economic transformation and industrial upgrading, with the prospect of a sustained improvement in supply and demand conditions, reasonable and moderate monetary conditions, an expected stabilization of the population and a solid foundation for the maintenance of basic stability in prices。
