Macro Flash

Macro Flash: China CPI and PPI for March 2021

China’s Consumer prices in March 2021 increased by 0.4% year-on-year and decreased by 0.5% month-on-month. China’s Ex-factory prices of industrial producers in March 2021 increased by 4.4% year-on-year and 1.6% month-on-month.

Consumer prices

Consumer prices in March 2021 increased by 0.4% year-on-year and decreased by 0.5% month-on-month

In March 2021, the national consumer prices rose by 0.4% year-on-year. Prices in urban areas rose by 0.5% , and prices in rural areas rose by 0.4% ; food prices fell by 0.7% , non-food prices rose by 0.7% ; consumer goods prices rose by 0.6% , and prices of services rose by 0.2% . In the first quarter, the national consumer prices were the same as the same period last year.

In March , the national consumer prices fell by 0.5% month-on-month. Urban prices fell by 0.5% and prices in rural areas fell by 0.6% ; food prices fell by 3.6% , non-food prices rose by 0.2% ; consumer goods prices fell by 0.8% , and prices of services fell by 0.1%.

Year-on-year changes in prices of various goods and services:

In March , the prices of food, tobacco and alcohol rose by 0.1% year-on-year , affecting the CPI (Consumer Price Index) by about 0.03 percentage points. In food, the price of aquatic products rose by 8.1% , which affected the increase of CPI by about 0.14 %; the price of fresh fruit rose by 4.0% , which affected the increase of CPI by about 0.08 %; the price of eggs rose by 3.4% , which affected the increase of CPI by about 0.02 %; the price of food increased by about 0.02 %. 1.4% , affecting the CPI increase by about 0.02 %; the price of livestock meat fell by 9.1% , affecting the CPI by about 0.40 %, of which the price of pork fell by 18.4% , affecting the CPI by about 0.45 %.

Prices of the other seven categories rose five years, one leveled and one fell year-on-year. Among them, the prices of transportation and communication, education, culture and entertainment, and medical care increased by 2.7% , 0.4% and 0.2% respectively ; the prices of housing and clothing increased by 0.2% and 0.1% respectively ; the prices of daily necessities and services remained the same; the prices of other articles and services decreased by 1.5%.

 Month-on-Month change ( % )Year-on-year change( % )Jan-Mar. Year-on-year change ( % )
Consumer price-
  Of which: city-0.50.5-0.1
     Rural area-
  Of which: Food-3.6-0.70.2
  Of which: consumer goods-
  Including: Excluding food and energy0.00.30.0
By category   
1. Food, tobacco and alcohol-
  Food with oil0.66.96.4
  Fresh vegetables-
  Livestock meat category-6.5-9.1-5.7
   Of which: pork-10.9-18.4-12.5
  Fresh fruit-
2. Clothing0.40.1-0.2
3. Residence0.20.2-0.2
  Hydroelectric fuel0.00.40.0
4. Daily necessities and services-0.10.0-0.1
  Household appliances0.3-0.2-0.5
  Home service-
5. Transportation and communication1.32.7-1.4
  Fuel for transportation6.411.5-3.0
  Use and maintenance of vehicles-
  Communication tool0.16.05.1
  Communication service0.0-0.3-0.3
  Mail service-0.8-0.6-0.4
6. Education, Culture and Entertainment-
  Education service0.21.91.7
7. Medical care0.00.20.3
  traditional Chinese medicine0.01.51.6
  Western medicine-0.1-1.9-1.8
  medical service0.10.70.8
8. Other supplies and services-0.8-1.5-1.1

Source: National Bureau of Statistics, see original press release

Producer prices

Ex-factory prices of industrial producers in March 2021 increased by 4.4% year-on-year and 1.6% month-on-month.

Month-on-Month Producer prices change for various items:

Among the ex-factory prices of industrial producers, the prices of means of production rose by 2.0%, an increase of 0.9 percentage points from the previous month, affecting the overall increase in the ex-factory prices of industrial producers by about 1.52 percentage points. Among them, the price of mining and quarrying industry increased by 1.0%, the price of raw material industry increased by 3.9%, and the price of processing industry increased by 1.3% . The price of means of subsistence rose by 0.2%, affecting the overall level of factory prices for industrial producers to increase by about 0.05 %. Among them, food prices rose by 0.2% , clothing and durable consumer goods prices rose by 0.3%  and the prices of general daily necessities remained flat.

Among the purchasing prices of industrial producers, the prices of chemical raw materials rose 4.8% , the prices of non-ferrous metal materials and wires rose 3.8% , the prices of ferrous metal materials rose 3.0%, and the prices of fuel and power rose 1.4% .

 Month -on-Month change ( % )Year-on-year change ( % )Jan-Mar. Year-on-year change ( % )
1. Ex-factory price of industrial producers1.64.42.1
  Means of production2.05.82.8
   Raw materials3.910.14.0
  Living materials0.20.1-0.1
   General daily necessities0.00.00.0
   Consumer durables0.3-1.4-1.7
2. Purchase price of industrial producers1.85.22.8
  Fuel and power1.42.7-1.1
  Ferrous metal materials3.015.612.0
  Non-ferrous metal materials and wires3.817.311.9
  Chemical raw materials4.87.12.0
  Wood and pulp2.12.51.1
  Building materials and non-metals-0.4-1.4-1.9
  Other industrial raw materials and semi-finished products0.51.00.6
  Agricultural and sideline products0.56.25.5
  Textile raw materials1.31.40.1
3. Ex-factory prices of major industries   
Coal mining and washing industry-
Oil and gas extraction industry9.823.7-3.8
Ferrous metal mining and dressing industry4.434.728.8
Non-ferrous metal mining and dressing industry1.113.310.9
Non-metallic mining and dressing industry0.00.80.9
Agricultural and sideline food processing industry0.25.65.0
Food manufacturing0.40.80.6
Liquor, beverage and refined tea manufacturing0.32.01.8
Tobacco products industry0.10.40.5
Textile industry1.90.1-1.4
Textile and Apparel, Apparel Industry0.3-0.5– 1.0
Wood processing and wood, bamboo, rattan, palm and grass products industry0.00.10.0
Paper and Paper Products Industry2.32.31.0
Printing and recording media reproduction industry0.5-0.6-0.9
Petroleum, coal and other fuel processing industries5.713.91.0
Chemical raw materials and chemical products manufacturing5.311.45.5
Pharmaceutical manufacturing-0.1-0.30.0
Chemical fiber manufacturing8.710.52.1
Rubber and plastic products industry1.11.2-0.1
Non-metallic mineral products industry-0.1-1.7-2.2
Ferrous metal smelting and rolling processing industry4.721.515.1
Non-ferrous metal smelting and rolling processing industry4.521.314.0
Metal products industry1.23.52.2
General equipment manufacturing0.40.20.0
Automotive Manufacturing0.0-0.8-0.8
Railway, shipbuilding, aerospace and other transportation equipment manufacturing0.10.00.1
Computer, communications and other electronic equipment manufacturing0.4-1.8-1.9
Electricity and heat production and supply industry0.2-0.8-1.3
Gas production and supply industry-
Water production and supply industry0.00.90.5

Source: National Bureau of Statistics. Cf. original press release.