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MIL OSI Translation. Region: Peoples Republic of China-China Statistical Information Network-Chinese-

   Since the beginning of this year, all regions and departments have coordinated efforts to promote epidemic prevention and control and economic and social development. The market supply and demand relationship has been generally stable. In the first three quarters, the year-on-year increase in CPI fell, and the decline in PPI narrowed.

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   1. The year-on-year price increase in the consumer sector has fallen

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   The monthly increase in CPI year-on-year was high and low. In the first three quarters, the CPI rose by 3.3% from the same period last year, and the increase was 0.5% lower than the first half of the year. On a monthly basis, the year-on-year increase in CPI showed a downward trend. Affected by the new crown pneumonia epidemic and the Spring Festival and other factors, the increase in January and February increased by 5.4% and 5.2% respectively; as the epidemic prevention and control situation continued to improve, the market supply and demand situation gradually recovered, and the CPI increased from 3 The 4.3% of the month fell to 2.4% in May; June and July, affected by high temperature, rainfall and flood disasters in many places, the increase slightly expanded; as the production capacity of pigs gradually recovered, the impact of tail lift gradually weakened. The year-on-year growth rate dropped again and fell further to 1.7% in September.

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   Food prices are the main factor affecting the trend of CPI. In the first three quarters, food prices rose by 14.3% over the same period last year, and the increase was 1.9 percentage points lower than that in the first half of the year. This affected the increase in CPI by about 2.92 percentage points, accounting for nearly 90% of the total increase in CPI. Among them, pork prices rose by 82.4%, a drop of 21.9 percentage points from the first half of the year, affecting the CPI increase by about 2.24 percentage points, accounting for nearly 70% of the total CPI increase. In the first two months of this year, pork prices rose rapidly, with a year-on-year increase of 135.2%. As the production of live pigs continues to improve and various measures to ensure supply and price stability continue to be exerted, the year-on-year increase in pork prices has gradually fallen back to 25.5% in September. Driven by the increase in pork prices, the prices of beef, mutton, chicken and duck have also risen, rising by 17.9%, 10.3%, 5.8% and 4.5% respectively in the first three quarters, affecting the CPI increase by approximately 0.19%. During the flood season this year, the precipitation was excessive and floods occurred in many places, which was not conducive to the growth, storage and transportation of fresh vegetables. In recent months, the price of fresh vegetables has increased rapidly, with an average increase of 6.1% in the first three quarters, affecting the CPI increase by about 0.16 percentage points. Affected by the high comparison base in the same period last year, the price of fresh fruits has continued to decline year-on-year since the beginning of this year, with an average drop of 15.1% in the first three quarters, affecting the CPI by about 0.30 percentage points. Among other foods, the price of aquatic products rose by 3.4%, the price of eggs fell by 8.7%, and the prices of grain and edible vegetable oil were basically stable.

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  Non-food prices have changed slightly. In the first three quarters, non-food prices rose by 0.5% over the same period last year, and the increase was 0.2 percentage points lower than that in the first half of the year, affecting the CPI’s rise by about 0.39 percentage points. Among them, the production and operation of the service industry gradually recovered, and the price of services rose by 0.6%, which affected the increase of CPI by about 0.24 percentage points. Among services, medical services, education services, and elderly care services were relatively less affected by the epidemic, with prices increasing by 2.4%, 2.3%, and 2.0% respectively; travel services were affected to a certain extent, and the prices of air tickets, scenic spots and hotel accommodation fell by 20.0 respectively %, 4.9% and 4.8%. The price of industrial consumer goods fell by 0.8%, which affected the CPI drop by about 0.24 percentage points. Among industrial consumer products, the number of customers in shopping malls affected by the epidemic has decreased. Some businesses have increased their discounts and promotions to attract customers. The prices of household appliances, footwear, clothing, furniture and interior decorations have dropped by 1.9%, 0.8%, and 0.1 respectively. % And 0.1%; Affected by changes in international crude oil prices, the prices of gasoline, diesel and LPG dropped by 13.2%, 14.4% and 4.7% respectively. In the first three quarters, the core CPI, which excludes food and energy prices, rose by 0.9%, 0.3 percentage points lower than that in the first half of the year.

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   2. The price decline in the production sector has narrowed

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   The monthly decline in PPI has slowed down year-on-year. In the first three quarters, PPI fell by 2.0% compared with the same period last year, of which the third quarter narrowed by 1.0 percentage point from the second quarter. On a monthly basis, the PPI in January rose slightly by 0.1% year-on-year. Since February, due to factors such as the new crown pneumonia epidemic, domestic production and investment have been suppressed, and the demand for industrial products has been weak. The decline reached 3.7%. With the major strategic results achieved in domestic epidemic prevention and control, market demand continued to recover. After June, the year-on-year decline in PPI narrowed month by month, and narrowed to 2.0% in August. In September, the PPI fell by 2.1% year-on-year. The lowest point in May narrowed by 1.6 percentage points.

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   The prices of the means of production have fallen more. In the first three quarters, the price of the means of production fell by 3.0% over the same period last year, the same rate of decline as in the first half of the year, affecting PPI to drop by about 2.20 percentage points. Under the combined influence of multiple factors such as the impact of the epidemic and the “price war” of oil-producing countries, international crude oil prices have fluctuated and fallen, leading to a greater drop in prices in domestic oil-related industries. The price of oil and natural gas extraction industry fell by 26.8%, the price of chemical fiber manufacturing industry fell by 14.4%, the price of petroleum, coal and other fuel processing industries fell by 13.8%, and the price of chemical raw materials and chemical products manufacturing industry fell by 6.8%. The total impact of the above four industries PPI fell by about 1.31 percentage points. As the domestic epidemic prevention and control situation continues to improve, the real estate and automobile industries have gradually recovered, and the demand for metal products has increased, which has led to the narrowing of the price drop in related industries. In the first three quarters, the price of ferrous metal smelting and rolling processing industry fell by 3.5%, and the price of non-ferrous metal smelting and rolling processing industry fell by 0.7%, and the rate of decline was 0.6 and 1.5 percentage points respectively lower than the first half of the year.

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   The prices of subsistence materials have generally risen. In the first three quarters, the price of means of subsistence increased by 0.8% over the same period last year, and the increase was 0.2% lower than that in the first half of the year, which affected the increase in PPI by approximately 0.21%. Among them, affected by the price increase in the slaughtering and meat processing industries, the price of the agricultural and sideline food processing industry rose the most, up 6.0%, affecting the PPI’s rise by about 0.35 percentage points. The prices of other means of living have risen and fallen. The prices of cultural, educational, industrial and beauty, sports and entertainment products manufacturing industry rose by 3.7%, the pharmaceutical manufacturing industry prices rose by 0.7%; the textile industry prices fell by 4.7%, and the textile, apparel and apparel industry prices fell by 1.0%.

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   (The author is the main person in charge of the City Department of the National Bureau of Statistics)

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   (Original link: http://www.ce.cn/xwzx/gnsz/gdxw/202010/20/t20201020_35910272.shtml)

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI