Consumer price refers toconsumerThe amount of money paid for goods.Consumer price, that is, consumer price index (CPI).
In 2021, the consumer price of residents will rise moderately, and the annual consumer price (CPI) will rise by 0.9% over the previous year.[4]
On February 28, 2023, the Statistical Bulletin of the National Economic and Social Development of the People's Republic of China in 2022 issued by the National Bureau of Statistics showed that in 2022, the consumer price of residents in the whole year would rise by 2.0% over the previous year.[5]
It is used to measure the price changes of a certain basket of goods and services that consumers often buy, and is published once a month.Among them, the prices of energy and food projects vary greatly, so the "Core Rate" can be obtained after deducting them, which can more truly reflect the changes in prices.Consumer Price IndexThe change of reflects the inflation pressure at the retail level.
Consumer price
The consumer price index is called the consumption index orCost of living indexIt is a relative number that measures the price level of a group of representative consumer goods and services over time, reflects the impact of the price level of consumer goods and services purchased by households on the monetary wages of employees, and is the basis for studying residents' lives, macroeconomic analysis and decision-making, monitoring and regulation of the overall price level
inflation
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The annual rate of change is usually regarded as an indicator of inflation or deflation.
Since 2001, China has adopted the international general practice to compile and publish the consumer price base index with the price level in 2000 as the base period month by month, which is the main indicator reflecting the inflation (or deflation) degree of China.With the approval of the State Council, the Urban Survey Team of the National Bureau of Statistics is responsible for the compilation of the national consumer price index and related work, and for organizing, guiding and managing the consumer price survey and statistics of provinces, autonomous regions and cities.
The commodity and service items for which the price index is compiled in China are determined according to the consumption expenditure composition data of nearly 110000 households in urban and rural areas of the country and relevant regulations, including eight categories of food, tobacco, alcohol and supplies, clothing, household equipment, supplies and services, medical care and personal supplies, transportation and communication, entertainment, education and cultural goods and services, and residence, with 251 basic classifications,About 700 representative varieties.Consumer Price IndexIt is calculated based on the price survey of nearly 30000 price collection points in 550 sample cities and counties across the country and according to international standard processes and formulas.
Indicator interpretation
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Statistical range
The consumer price survey covers 268 basic categories of commodity and service prices of food, alcohol, clothing, housing, daily necessities and services, transportation and communication, education, culture and entertainment, medical care, and other supplies and services consumed by urban and rural residents nationwide.
Base period rotation
According to the provisions of the statistical system, China's CPI will rotate in the base period every five years, and the CPI with 2020 as the base period will be compiled and released from January 2021.Compared with the previous base period, the survey classification catalogue, representative specifications and survey outlets in the new base period have been adjusted, and the classification weights have also changed to reflect the latest changes in the residents' consumption structure.It is estimated that the impact of this base period rotation on the CPI year-on-year index of each month is about 0.03 percentage points on average.[2]
Historical data
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2020
In 2020, the annual consumer price will rise by 2.5%, lower than the increase of 2.9% in 2019, and also lower than the annual expected target of about 3.5%[1]。
Among them, urban growth was 2.3%, and rural growth was 3.0%.By category, the prices of food, tobacco and alcohol increased by 8.3%, clothing decreased by 0.2%, housing decreased by 0.4%, daily necessities and services remained flat, transportation and communication decreased by 3.5%, education, culture and entertainment increased by 1.3%, medical care increased by 1.8%, and other supplies and services increased by 4.3%.Among the food, tobacco and alcohol prices, grain prices rose 1.2%, fresh vegetables prices rose 7.1%, and pork prices rose 49.7%.The core CPI excluding food and energy prices rose 0.8%.In December, consumer prices rose 0.2% year on year and 0.7% month on month.The factory prices of industrial producers in the whole year fell 1.8% over the previous year, and in December, they fell 0.4% year on year and rose 1.1% month on month.In the whole year, the purchase price of industrial producers fell by 2.3% compared with the previous year, and it was flat in December, up 1.5% month on month[1]。
2021
From January to February in 2021, on average, the national consumer price will drop by 0.3% compared with the same period in 2020.Including:In February 2021, consumer prices fell 0.2% year on year, and rose 0.6% month on month[2]
In the first half of 2021, the national consumer price (CPI) rose by 0.5% year on year, and remained flat in the first quarter.Among them, the national consumer price in June rose 1.1% year on year, 0.2 percentage points lower than that in May;A month on month decrease of 0.4%.In the first half of the year, the consumer price of urban residents rose by 0.6% and that of rural residents rose by 0.4%.By category, the price of food, tobacco and alcohol rose 0.4% year on year, the price of clothing remained flat, the price of housing rose 0.2%, the price of daily necessities and services rose 0.1%, the price of transportation and communication rose 1.9%, the price of education, culture and entertainment rose 0.9%, the price of medical care rose 0.3%, and the price of other supplies and services fell 1.1%.Among the food, tobacco and alcohol prices, pork prices dropped by 19.3%, grain prices rose by 1.2%, fresh fruit prices rose by 2.6%, and fresh vegetable prices rose by 3.2%.After deducting food and energy prices, the core CPI rose by 0.4%, and was flat in the first quarter.[3]
Consumer prices will rise moderately in 2021.The annual consumer price (CPI) rose 0.9% over the previous year.Among them, urban growth was 1.0%, and rural growth was 0.7%.By category, the prices of food, tobacco and alcohol fell by 0.3%, clothing rose by 0.3%, housing rose by 0.8%, household goods and services rose by 0.4%, transportation and communication rose by 4.1%, education, culture and entertainment rose by 1.9%, medical care rose by 0.4%, and other goods and services fell by 1.3%.Among the food, tobacco and alcohol prices, grain prices rose by 1.1%, fresh vegetable prices rose by 5.6%, and pork prices fell by 30.3%.The core CPI excluding food and energy prices rose 0.8%.[4]
2022
On February 28, 2023, the Statistical Bulletin of the National Economic and Social Development of the People's Republic of China in 2022 issued by the National Bureau of Statistics showed that in 2022, the consumer price of residents in the whole year would rise by 2.0% over the previous year.The ex factory price of industrial producers rose by 4.1%.The purchase price of industrial producers rose by 6.1%.Producer prices of agricultural products rose 0.4%.In December, among 70 large and medium-sized cities, the number of cities where the sales price of newly built commercial residential buildings rose year-on-year was 16, the number was flat, and the number dropped to 53;The number of cities in which the sales price of second-hand residential buildings increased year on year was 6, and the number of cities in which the sales price of second-hand residential buildings decreased was 64.[5]
On December 15, 2023, the National Bureau of Statistics announced that in November, the national consumer price (CPI) fell 0.5% year on year and 0.5% month on month.From January to November, the national consumer price rose 0.3% year on year.[6]
