China's CPI up 0.9%, PPI up 8.1% for 2021

Posted on 13 January 2022

For the whole year of 2021, China's Producer Price Index (PPI) grew 8.1% on year, while the country's Consumer Price Index (CPI) grew too but at a reasonably-low pace of 0.9% on year, and both being up on year but down on month for December, Mysteel Global noted from the data released by the country's National Bureau of Statistics (NBS) on January 12.

Both the annual PPI and CPI growths for 2021 were in contrast to 2020 when the former declined 1.8% on year and the latter went up 2.5% on year.

"In December, China's consumer goods market had bene in general stable despite the outbreak of COVID-19 in some Chinese cities, as the related local authorities had been able to maintain related supplies and prices when fighting against the spread of the pandemic," Dong Lijuan, senior statistician of NBS, was quoted commenting in a post on the same day.

Last month, China's CPI went up 1.5% on year but down 0.3% on month, and among the major consumer goods, vegetable price still went up 10.6% on year tough down 8.3% on month, and pork price fell 36.7% on year but up 0.4% on month, she noted, adding that petroleum and diesel fuel prices went up 23% and 25.4% respectively on year but both were down 5.4% and 5.8% on month respectively together with the on-month softening in the global crude oil price.

As for China's PPI in December, it went up 10.3% on year but down 1.2% on month, and among the 40 industrial sectors, 37 posted price rises on year, or the same as in November, Dong shared.

Last month, prices from the domestic coal mining and washing sector went up 66.8% on year and prices from the oil and natural gas drilling gained 45.6% on year, ranking the top and the second among all the sectors, though on the government intervention and global price easing, the former went down 8.3% on month and the latter eased 6.9% on month, Mysteel Global noted from the NBS data.

In December, the prices from the country's steelmaking and fabrication sector gained 21.4% on year but fell 4.4% on month, and the nonferrous smelting and fabrication sector performed similarly with the prices up 20% on year but down 1.4% on month, though the ferrous sector appeared in a better shape than its upstream, as the country's ferrous mining sector saw related prices fall 2.6% on year or 8.7% lower on month, according to the official data.

Due to the impact of wider fluctuation limits for the coal-fired power charges, the prices from China's power houses and heating service providers gained 4.8% on year or up 3% on month, Dong shared.

Source : Mysteel Global