The National Bureau of Statistics announced on October 13th that in September 2024, the national consumer price index for residents increased by 0.4% year-on-year. In September, the national consumer price index for residents remained unchanged month-on-month.

In September 2024, the national consumer price index for residents increased by 0.4% year-on-year. Among this, urban areas saw a 0.4% increase, and rural areas saw a 0.6% increase; food prices rose by 3.3%, while non-food prices fell by 0.2%; consumer goods prices increased by 0.5%, and service prices increased by 0.2%. From January to September, on average, the national consumer price index for residents was 0.3% higher than the same period last year.

In September, the national consumer price index for residents remained unchanged month-on-month. Among this, urban areas saw a 0.1% decrease, and rural areas saw a 0.1% increase; food prices rose by 0.8%, while non-food prices fell by 0.2%; consumer goods prices increased by 0.2%, and service prices decreased by 0.3%.

I. Year-on-year price changes for various goods and services

In September, the price of food and tobacco increased by 2.3% year-on-year, affecting the CPI (Consumer Price Index) increase by approximately 0.66 percentage points. Among the food items, the price of fresh vegetables increased by 22.9%, affecting the CPI increase by approximately 0.48 percentage points; the price of fresh fruits increased by 6.7%, affecting the CPI increase by approximately 0.13 percentage points; the price of livestock meat increased by 3.8%, affecting the CPI increase by approximately 0.12 percentage points, among which the price of pork increased by 16.2%, affecting the CPI increase by approximately 0.21 percentage points; the price of aquatic products increased by 2.0%, affecting the CPI increase by approximately 0.04 percentage points; the price of eggs decreased by 4.1%, affecting the CPI decrease by approximately 0.03 percentage points; the price of grains decreased by 0.7%, affecting the CPI decrease by approximately 0.01 percentage points.

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The other seven major categories of prices saw five increases and two decreases year-on-year. Among these, other goods and services, clothing, and medical care prices increased by 3.5%, 1.3%, and 1.2% respectively, while education, culture, and entertainment, and living supplies and services prices increased by 0.6% and 0.1% respectively; transportation and communication, and housing prices decreased by 4.1% and 0.1% respectively.

II. Month-on-month price changes for various goods and services

In September, the price of food and tobacco increased by 0.5% month-on-month, affecting the CPI increase by approximately 0.15 percentage points. Among the food items, the price of fresh vegetables increased by 4.3%, affecting the CPI increase by approximately 0.11 percentage points; the price of fresh fruits increased by 2.1%, affecting the CPI increase by approximately 0.04 percentage points; the price of eggs increased by 2.1%, affecting the CPI increase by approximately 0.01 percentage points; the price of livestock meat increased by 0.4%, affecting the CPI increase by approximately 0.01 percentage points, among which the price of pork increased by 0.4%, affecting the CPI increase by approximately 0.01 percentage points; the price of aquatic products decreased by 0.5%, affecting the CPI decrease by approximately 0.01 percentage points.

The other seven major categories of prices saw one increase, three unchanged, and three decreases month-on-month. Among these, clothing prices increased by 0.8%; living supplies and services, medical care, and other goods and services prices remained unchanged; transportation and communication, education, culture, and entertainment, and housing prices decreased by 1.3%, 0.3%, and 0.1% respectively.

At the same time, the National Bureau of Statistics also announced that in September 2024, the year-on-year decrease in industrial producer prices expanded, while the month-on-month decrease narrowed.In September 2024, the national industrial producer出厂 price index decreased by 2.8% year-on-year and by 0.6% month-on-month; the industrial producer purchase price index decreased by 2.2% year-on-year and by 0.8% month-on-month. From January to September, on average, the industrial producer出厂 price index decreased by 2.0% compared to the same period last year, and the industrial producer purchase price index decreased by 2.1%.

I. Year-on-year price changes for industrial producers in September

Among the industrial producer出厂 prices, the price of production materials decreased by 3.3%, affecting the overall level of industrial producer出厂 prices to decrease by approximately 2.41 percentage points. Specifically, the price in the mining industry decreased by 2.5%, the price in the raw material industry decreased by 3.2%, and the price in the processing industry decreased by 3.3%. The price of consumer goods decreased by 1.3%, affecting the overall level of industrial producer出厂 prices to decrease by approximately 0.35 percentage points. Specifically, the price of food decreased by 1.6%, the price of clothing and general daily necessities both decreased by 0.3%, and the price of durable consumer goods decreased by 2.1%.

Among the industrial producer purchase prices, the price of black metal materials decreased by 6.8%, the price of building materials and non-metals decreased by 4.2%, the price of fuel and power decreased by 4.1%, the price of agricultural and sideline products decreased by 3.8%, the price of chemical raw materials decreased by 3.3%, and the price of textile raw materials decreased by 1.7%; the price of non-ferrous metal materials and wire and cable increased by 7.4%.

II. Month-on-month price changes for industrial producers in September

Among the industrial producer出厂 prices, the price of production materials decreased by 0.8%, affecting the overall level of industrial producer出厂 prices to decrease by approximately 0.61 percentage points. Specifically, the price in the mining industry decreased by 1.6%, the price in the raw material industry decreased by 1.2%, and the price in the processing industry decreased by 0.6%. The price of consumer goods decreased by 0.1%, affecting the overall level of industrial producer出厂 prices to decrease by approximately 0.03 percentage points. Specifically, the prices of food, general daily necessities, and durable consumer goods all decreased by 0.2%, while the price of clothing increased by 0.2%.

Among the industrial producer purchase prices, the price of black metal materials decreased by 2.4%, the price of fuel and power decreased by 1.4%, the price of chemical raw materials decreased by 1.1%, the price of building materials and non-metals decreased by 0.8%, the price of non-ferrous metal materials and wire and cable decreased by 0.6%, the price of textile raw materials decreased by 0.5%, and the price of agricultural and sideline products decreased by 0.4%.