Posted on 10 Mar 2022
For February, China's Consumer Price Index (CPI) went up 0.9% on year, or up 0.6% on month, while Producer Price Index (PPI) rose more substantially by 8.8% on year and it also grew 0.5% on month, mainly due to the Chinese New Year holiday in the first week of the month and the surges in the global energy prices, according to the data released by the country's National Bureau of Statistics (NBS) on March 9.
As for CPI, most of the consumer goods saw their prices rise by single digits on month and on year for February, though pork prices, on abundant supplies, fell by 4.6% on month and down 42.5% on year while energy products such as gasoline and diesel prices grew by 6.2% and 6.7% on month respectively or up 23.9% and 26.3% on year, according to NBS.
As for PPI in February, it reversed the downtrend on month in January with the on-month modest incline, mainly due to the ripple effect of the rising global crude oil prices on Chinese products, as it led to a 13.5% on-month rise in the prices in the oil drilling industry or a 6.5% on-month price rise in the domestic refined oil products, and the on-year comparison also showed that the prices in China's oil and natural gas drilling sector surged 41.9% on year, and the prices in the oil, coal, and other fuels processing sector surged 30.2% on year.
In contrast, Chinese government's efforts to cool down the coal market since last September-October saw that the prices in the domestic coal mining, washing and processing fell 2.4% on month, though the on-year comparison still posted a substantial 45.4% gain in coal mining and washing, both for February, according to NBS.
In February, China's ferrous mining and processing industry saw its ex-works price up 5% on month but down 6.9% on year, while steelmaking and fabrication sector saw the ex-works price up 0.7% on month or 12.9% higher on year.
As for nonferrous sector, the mining and processing industry saw the ex-works price up 1.4% on month or 12.3% on year, though for the smelting and fabrication sector, the ex-works price grew 2% on month or up 20.4% on year, all for February.
Over January-February, China's CPI grew 0.9% on year, and the PPI gained 8.9% on year, according to the NBS statistics.
Source:Mysteel Global
