In July 2020, China’s Consumer Price Index (CPI) went up by 2.7 percent year-on-year, with an increase of 2.4% in urban and 3.7% in rural.
The food prices went up by 13.2 percent, and the non-food prices unchanged. The prices of consumer goods went up by 4.3 percent, and that of services unchanged. From January to July, on average, the overall consumer prices were up by 3.7 percent from the same period of the previous year.
In July, national consumer prices rose by 0.6 percent month-on-month. Among them, the prices in urban and rural went up by 0.6 and 0.8 percent; the prices of foodstuff increased by 2.8 percent, that of non-foodstuff unchanged; that of consumer goods increased by 1.0 percent and that of services dropped by 0.1 percent.
In July, prices of food, tobacco and liquor went up by 10.2 percent year-on-year, affecting nearly 3.07 percentage points increase in the CPI. Of which, livestock meat price up by 61.1 percent, affecting nearly 2.90 percentage points increase in the CPI (price of pork was up by 85.7 percent, affecting nearly 2.32 percentage points increase in the CPI).
The price of fresh vegetable rose by 7.9 percent, affecting the CPI up by 0.19 percentage point in total; that of aquatic products rose by 4.7 percent, affecting nearly 0.09 percentage point increase in the CPI; that of grain rose by 1.6 percent, affecting nearly 0.03 percentage point increase in the CPI; that of fresh fruit dropped by 27.7 percent, affecting the CPI down by 0.60 percentage point in total; that of eggs went down by 14.5 percent, affecting the CPI down by about 0.09 percentage point.
8 Strategic segments of China’s online consumers
China CPI in H1 2020
In June 2020, China’s Consumer Price Index (CPI) went up by 2.5 percent year-on-year, with an increase of 2.2 percent in urban and 3.2 percent in rural areas.
The food prices in China went up by 11.1%, and the non-food prices increased by 0.3%. The prices of consumer goods went up by 3.5 percent, and that of services grew by 0.7 percent. In the first half of 2020, on average, the overall consumer prices were up by 3.8% from the same period of the previous year.
In June, China’s consumer prices dropped by 0.1 percent month-on-month.
The prices in urban went down by 0.1 percent, and in rural unchanged; the prices of foodstuff increased by 0.2 percent, that of non-foodstuff decreased by 0.1 percent; that of consumer goods unchanged and that of services dropped by 0.1 percent.
In June, prices of food, tobacco and liquor went up by 8.8 percent year-on-year, affecting nearly 2.64 percentage points increase in the CPI.
Livestock meat price up by 57.4 percent, affecting nearly 2.61 percentage points increase in the CPI (the price of pork was up by 81.6%, affecting nearly 2.05 percentage points increase in the CPI)
The price of aquatic products rose by 4.8 percent, affecting nearly 0.09 percentage point increase in the CPI; fresh vegetable prices rose by 4.2 percent, affecting the CPI up by 0.10 percentage point in total.
The price of grain rose by 1.6 percent, affecting nearly 0.03 percentage point increase in the CPI.
Fresh fruit prices dropped by 29.0 percent, affecting the CPI down by 0.67 percentage point in total.
The price of eggs went down by 13.6 percent, affecting the CPI down by about 0.08 percentage points.
Among non-food items, the prices of Education, Culture, Entertainment and Healthcare both increased by 1.9%, transportation and communication prices decreased by 4.6%, of which gasoline and diesel prices decreased by 19.4% and 21.2% respectively.
Excluding food and energy prices, the core CPI rose 0.9% year-on-year, down 0.2 percentage points from the previous month. It is estimated that among the 2.5% year-on-year increase in June, the tail effect of last year’s price change was about 3.3%, and the impact of new price rise was about – 0.8%. In the first half of the year, CPI rose by 3.8% over the same period last year.
