At a press conference held on May 18 to discuss the national economic performance from January to April, a spokesperson for the National Bureau of Statistics addressed questions regarding recent international oil price movements. The spokesperson stated that the impact of these fluctuations on domestic consumer prices is limited and manageable.
Wang Guanhua, the spokesperson and Deputy Director-General of the Department of Comprehensive Statistics of the National Economy, noted that in April, China's consumer prices experienced a moderate increase. The influence of international crude oil price volatility on domestic consumer prices is constrained and controllable, displaying a relatively clear structural pattern.
In April, domestic energy prices rose by 5.7% month-on-month, with the increase expanding by 0.9 percentage points compared to the previous month, primarily due to higher international crude oil prices. To mitigate the effects of international oil price fluctuations, China has continued to implement temporary regulatory measures on refined oil product prices. As a result, the increase in domestic gasoline prices has been smaller than the rise in international oil prices.
Looking ahead, Wang Guanhua indicated that fluctuations in international energy prices will inevitably exert some influence on domestic prices. However, China maintains ample supply of goods and services, a robust foundation for basic energy security, stable and reliable industrial and supply chains, a relatively smooth circulation system, and continuous effectiveness of measures to ensure the supply and stabilize prices of essential livelihood commodities and energy resources. The foundation for maintaining price stability remains unchanged.
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