GuShiio.com ① In January, national consumer prices rose by 0.5% year-on-year and 0.7% month-on-month;
② In January, the ex-factory prices and purchase prices of industrial producers across the country both fell by 2.3% year-on-year, and both fell by 0.2% month-on-month;
③ Official interpretation: In January 2025, CPI growth expanded, and PPI fell year-on-year.
Financial Union, February 9, data from the National Bureau of Statistics showed that in January 2025, national consumer prices rose by 0.5% year-on-year and 0.7% month-on-month. In January, the ex-factory prices and purchase prices of industrial producers across the country fell by 2.3% year-on-year, the same declines as the previous month, and both fell by 0.2% month-on-month.
Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for January 2025.
Consumer prices rose 0.5% year-on-year in January 2025
In January 2025, national consumer prices rose by 0.5% year-on-year. Among them, cities rose by 0.6%, rural areas rose by 0.3%, food prices rose by 0.4%, and non-food prices rose by 0.5%, consumer goods prices rose by 0.1%, and service prices rose by 1.1%.
In January, national consumer prices rose 0.7% month-on-month. Among them, cities increased by 0.8%, rural areas increased by 0.5%; food prices increased by 1.3%, and non-food prices increased by 0.6%; consumer goods prices increased by 0.6%, and service prices increased by 0.9%.
1. Year-on-year changes in the prices of various goods and services
In January, the prices of food, tobacco and alcohol rose by 0.6% year-on-year, affecting the CPI (Consumer Price Index) increase by about 0.16 percentage points. Among foods, the price of livestock and meat increased by 2.5%, which affected the CPI increase by about 0.08 percentage points. Among them, the price of pork increased by 13.8%, which affected the CPI increase by about 0.17 percentage points; the price of fresh vegetables increased by 2.4%, which affected the CPI increase by about 0.05 percentage points; the price of aquatic products increased by 1.2%, which affected the CPI increase by about 0.02 percentage points; the price of fresh fruits increased by 0.6%, which affected the CPI increase by about 0.01 percentage points; Grain prices fell by 1.4%, affecting a decline in CPI by about 0.03 percentage points.
Prices in the other seven categories rose five times and fell two times year-on-year. Among them, the prices of other supplies and services, education, culture and entertainment, and clothing increased by 5.4%, 1.7% and 1.1% respectively; the prices of medical care and housing increased by 0.7% and 0.1% respectively; the prices of daily necessities and services, and transportation and communications decreased by 1.1% and 0.6% respectively.
2. Month-on-month changes in the prices of various goods and services
In January, the prices of food, tobacco and alcohol rose by 0.9% month-on-month, affecting the CPI increase by about 0.26 percentage points. Among foods, the price of fresh vegetables increased by 5.9%, which affected the CPI increase by about 0.12 percentage points; the price of fresh fruits increased by 3.3%, which affected the CPI increase by about 0.07 percentage points; the price of aquatic products increased by 2.7%, which affected the CPI increase by about 0.05 percentage points; The price of livestock and meat increased by 0.4%, which affected the CPI increase by about 0.01 percentage points. Among them, the price of pork increased by 1.0%, which affected the CPI increase by about 0.01 percentage points.
Prices in the other seven categories rose four times month-on-month, two were flat and one fell. Among them, the prices of transportation, communications, other supplies and services increased by 1.7% and 1.6% respectively, and the prices of education, culture, entertainment, daily necessities and services increased by 1.5% and 0.7% respectively; housing and medical care prices were all flat; clothing prices fell by 0.4%.
Ex-factory prices of industrial producers fell by 2.3% year-on-year in January 2025
In January 2025, the ex-factory prices and purchase prices of industrial producers across the country both fell by 2.3% year-on-year, with the same declines as the previous month; both fell by 0.2% month-on-month.
1. Year-on-year changes in industrial producer prices
In January, among the ex-factory prices of industrial producers, the price of means of production fell by 2.6%, affecting the overall level of ex-factory prices of industrial producers by about 1.95 percentage points. Among them, the price of the extractive industry fell by 4.9%, the price of the raw material industry fell by 1.9%, and the price of the processing industry fell by 2.7%. The price of means of living fell by 1.2%, affecting the overall level of ex-factory prices of industrial producers by about 0.31 percentage points. Among them, food prices fell by 1.4%, clothing prices fell by 0.1%, general daily necessities prices rose by 0.5%, and consumer durables prices fell by 2.6%.
Among the purchase prices of industrial producers, the price of ferrous metal materials fell by 8.9%, the price of fuel power fell by 5.2%, the price of chemical raw materials fell by 4.1%, the price of agricultural and sideline products fell by 3.3%, and the price of building materials and non-metals fell by 2.3%, the price of textile raw materials fell by 1.4%; the price of non-ferrous metal materials and wires rose by 10.9%.
2. Month-on-month changes in industrial producer prices
In January, among the ex-factory prices of industrial producers, the price of means of production fell by 0.2%, affecting the overall level of ex-factory prices of industrial producers by about 0.17 percentage points. Among them, the price of the extractive industry fell by 0.2%, the price of the raw material industry remained flat, and the price of the processing industry fell by 0.3%. The price of living means is flat. Among them, food prices fell 0.2%, clothing prices fell 0.2%, general daily necessities prices fell 0.1%, and consumer durables prices rose 0.2%.
Among the purchase prices of industrial producers, the prices of agricultural and sideline products fell by 0.4%, the prices of ferrous metal materials fell by 0.3%, the prices of chemical raw materials and textile raw materials fell by 0.2%, and the prices of fuel power, non-ferrous metal materials and wires, construction materials and non-metals both fell by 0.1%.
CPI growth expands in January 2025, PPI declines year-on-year
–Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interprets CPI and PPI data for January 2025
The National Bureau of Statistics today released national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for January 2025. Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interpreted this.
1. CPI increase expands
In January, affected by the Spring Festival factor, the national CPI increase expanded, from a flat month-on-month increase of 0.7%, and the year-on-year increase of 0.1% in the previous month to 0.5%. The core CPI excluding food and energy prices rebounded for the fourth consecutive month, rising 0.5% month-on-month and 0.6% year-on-year, both expanding from the previous month.
From a month-on-month perspective, rising service and food prices are the main factors affecting the month-on-month increase in CPI. Service prices rose by 0.9%, an increase of 0.8 percentage points from the previous month, affecting the CPI month-on-month increase by about 0.37 percentage points, accounting for more than 50% of the total CPI increase. Among services, demand for travel and entertainment consumption increased significantly during the Spring Festival. The prices of air tickets, transportation rental fees, travel, movies and performance tickets increased by 27.8%, 16.0%, 11.6% and 9.6% respectively, which together affected the CPI month-on-month increase by approximately 0.28 percentage points; Affected by the return of migrant workers and increased demand for services, the prices of domestic services and hairdressing increased by 9.3% and 9.2% respectively. The 1.3% increase in food prices affected the CPI increase by about 0.24 percentage points month-on-month, accounting for more than 30% of the total CPI increase. Among food, the Spring Festival factors combined with the impact of falling temperatures have increased the prices of fresh vegetables, fresh fruits and aquatic products by 5.9%, 3.3% and 2.7% respectively. In addition, affected by rising international gold and crude oil prices, domestic gold jewelry and gasoline prices rose by 3.0% and 2.5% respectively, which together affected the CPI month-on-month increase of approximately 0.10 percentage points.
From a year-on-year perspective, service and food prices increased significantly due to the staggered month of the Spring Festival. In addition, gasoline prices rebounded, which jointly affected the year-on-year increase in CPI. Service prices rose by 1.1%, an increase of 0.6 percentage points from the previous month, affecting the CPI to increase by about 0.42 percentage points year-on-year, which was 0.22 percentage points higher than the previous month. Among services, air ticket and travel prices increased by 8.9% and 7.0% respectively; movie and performance tickets, housekeeping services and hairdressing prices increased by 11.0%, 6.9% and 5.8% respectively. The 0.4% increase in food prices affected CPI by about 0.07 percentage points year-on-year. Last month, it affected CPI by about 0.09 percentage points. Among foods, the prices of pork and fresh vegetables rose by 13.8% and 2.4% respectively, which together affected the CPI increase by about 0.22 percentage points year-on-year; the prices of beef, mutton, edible oil and grain fell by 13.1%, 5.6%, 2.5% and 1.4%, respectively, which together affected the CPI dropped by about 0.15 percentage points year-on-year. The price of industrial consumer goods fell by 0.2%, of which the decline in gasoline prices narrowed from 4.0% in the previous month to 0.6%, and the downward impact on CPI decreased by 0.12 percentage points from the previous month; in addition, the prices of fuel cars and new energy cars fell by 4.6% and 5.8% respectively, and the price of gold jewelry rose by 30.0%.
According to estimates, among the 0.5% year-on-year CPI change in January, the impact of the hikes was about-0.2 percentage points, and the new impact of price changes this year was about 0.7 percentage points.
2. PPI fell year-on-year
In January, due to factors such as the Spring Festival holiday, industrial production was in the off-season. The national PPI fell 0.2% month-on-month and 2.3% year-on-year.
On a month-on-month basis, PPI fell by 0.2%, an increase of 0.1 percentage points from the previous month. Among them, the prices of means of production turned from flat last month to a decrease of 0.2%; the prices of means of living turned from a decrease of 0.1% in the previous month to flat. During the Spring Festival, coal supply was strongly guaranteed, power plants had sufficient coal reserves, and prices in coal mining and washing industries dropped by 2.2%. Affected by factors such as holidays and low-temperature weather, some real estate and infrastructure projects were suspended, and demand for building materials and other materials fell. Prices in the ferrous metal smelting and rolling processing industry fell by 0.9%, and prices in the non-metallic mineral products industry fell by 0.6%. Affected by fluctuations in international non-ferrous metal prices, prices in the domestic non-ferrous metal smelting and rolling processing industry fell by 0.4%. The rise in international crude oil prices has driven up the prices of domestic oil-related industries. Among them, the prices of oil and natural gas exploration industries rose by 4.5%, and the prices of oil, coal and other fuel processing industries rose by 1.0%. In the equipment manufacturing industry, the manufacturing price of complete computers fell by 0.7%, and the manufacturing price of lithium-ion batteries fell by 0.6%; the manufacturing price of aircraft increased by 1.1%, the manufacturing price of gasoline and diesel vehicles increased by 0.8%, and the manufacturing price of photovoltaic equipment and components increased by 0.5%. Among the consumer goods manufacturing industries, the prices of agricultural and sideline food processing industries fell by 0.5%, and the prices of the textile industry fell by 0.4%. The prices of culture, education, industry, beauty, sports and entertainment products manufacturing industries rose by 0.3%, and the prices of paper washi products industries rose by 0.2%.
On a year-on-year basis, PPI fell by 2.3%, the same decline as the previous month. Among them, the price of means of production fell by 2.6%, the same decrease as the previous month; the price of means of daily necessities fell by 1.2%, a decrease of 0.2 percentage points from the previous month. In terms of industries, the price of non-ferrous metal mining and dressing industry rose by 18.9%, the price of non-ferrous metal smelting and rolling processing industry rose by 9.3%, and the price of culture, education, industry, beauty, sports and entertainment products manufacturing industry rose by 6.7%. Among the industries with falling prices, the ferrous metal smelting and rolling processing industry fell by 10.7%, the coal mining and washing industry fell by 10.1%, the petroleum, coal and other fuel processing industry fell by 6.2%, the chemical raw materials and chemical products manufacturing industry fell by 4.0%, the automobile manufacturing industry fell by 3.1%, the non-metallic mineral products industry fell by 3.0%, the computer communications and other electronic equipment manufacturing industry fell by 1.8%, and the textile industry fell by 1.7%. The electrical machinery and equipment manufacturing industry fell by 1.6%, and the oil and natural gas extraction industry fell by 1.3%. The combined impact of the above 10 industries on PPI fell by about 2.11 percentage points year-on-year, more than 90% of the total decline.
