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China's CPI rises 2.9% in 2019 to achieve annual price control target

来源:中国新闻网 January 9, 2020 13:34 Source: China News Network

China News Agency, Beijing, January 9 (Reporter Wang Enbo) Data released by the National Bureau of Statistics of China on the 9th showed that in December 2019, the consumer price of Chinese residents (CPI) rose 4.5% year-on-year, the same increase as last month. For the whole of 2019, China's CPI rose by 2.9% over the previous year, achieving the official price control target of "about 3%" set by the government.

Analysing the year-on-year CPI data in December last year, food prices are still the main factor driving up prices, but their rise has slowed. Shen Yan, a senior statistician in the Urban Department of the National Bureau of Statistics, said that that month, food prices rose 17.4% year-on-year, a decrease of 1.7 percentage points, which affected the CPI increase of about 3.43 percentage points.

In food, the price of fresh fruits dropped by 8.0%, and the decline was expanded by 1.2 percentage points. The price of pork rose by 97.0%, and the growth rate dropped by 13.2 percentage points. The prices of beef, lamb, chicken, duck and eggs rose between 7.3% and 20.4%, all falling to varying degrees. The price of fresh vegetables increased by 10.8%, and the increase was expanded.

Among non-food products, medical care, education, culture and entertainment, and clothing prices rose 2.1%, 1.8%, and 0.8% year-on-year, respectively, and transportation and communications prices fell 0.7%. The core CPI excluding food and energy prices rose 1.4% year-on-year, the same increase as last month.

From a month-on-month basis, in December 2019, China's CPI rose from 0.4% last month to flat. Among them, food prices rose from a 1.8% increase last month to a 0.4% decrease, which affected the CPI by about 0.08 percentage points.

Shen Ying pointed out that with the positive changes in pig production, the central and local reserves of pork have been put on the market, the import volume has increased, and the tight supply of pork has eased. The CPI dropped by approximately 0.27 percentage points.

Affected by the decline in pork prices, the prices of beef and mutton also fell from 2.8% and 1.3% to 0.1% and 0.2%, respectively. The prices of chicken and duck meat rose from 4.3% and 3.6% to 4.9% and 1.9%, respectively. Egg supply was plentiful, with prices falling by 5.5% and the decline increasing by 4.8 percentage points. (Finish)

(Responsible Editor: Yang Miao)

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