Recent data released by the Guangdong Survey Team of the National Bureau of Statistics shows that in March, the consumer price index (CPI) in Guangdong increased by 0.7% compared to the same period last year. The growth rate slowed by 0.7 percentage points from the previous month, while on a monthly basis, it decreased by 1.1%. The core CPI, which excludes food and energy prices, rose by 0.8% year-on-year, down 1.4 percentage points from February, and fell by 1.5% month-on-month, representing a 3.0 percentage point difference in the change rate compared to February. On average, from January to March, Guangdong's CPI increased by 0.5% compared to the same period last year.
From a year-on-year perspective, food prices in March rose by 0.1%, with the growth rate slowing by 0.4 percentage points from February. Influenced by factors such as increased demand, prices of saltwater fish, shrimp and crabs, fresh fruits, and chicken rose by 7.6%, 6.5%, 3.9%, and 3.4%, respectively, collectively contributing approximately 0.19 percentage points to the CPI increase. Due to ample pork supply and declining slaughter prices, pork prices fell by 6.5%, with the decline widening by 1.4 percentage points from February, contributing approximately 0.15 percentage points to the CPI decrease.
Non-food prices increased by 0.9% year-on-year, with the growth rate slowing by 0.8 percentage points from February, contributing approximately 0.70 percentage points to the CPI increase. Prices of industrial consumer goods rose by 2.5%, contributing approximately 0.67 percentage points to the CPI increase. Among these, influenced by factors such as international tensions and rising precious metal prices, prices of other ornaments and gold jewelry increased by 79.9% and 64.2%, respectively, collectively contributing approximately 0.25 percentage points to the CPI increase. Prices of new energy cars and fuel-powered cars decreased by 1.1% and 0.6%, respectively. Service prices rose by 0.2%.
In March, influenced by factors such as high international commodity prices, rising energy costs, and changes in market supply and demand, Guangdong's producer price index (PPI) saw a narrowing year-on-year decline and a notable month-on-month increase. Year-on-year, the PPI fell by 0.3%, with the decline narrowing by 1.4 percentage points from February. Month-on-month, the PPI increased by 0.9%. Among these, prices of production materials shifted from being flat in February to rising by 1.3%, while prices of consumer goods rose by 0.1%, maintaining the same growth rate as in February.
Analysis indicates that due to ongoing U.S.-Iran conflicts and heightened geopolitical tensions in the Middle East, global supply chains have been disrupted, leading to sharp increases in international energy prices such as crude oil and natural gas. Prices in petroleum-related industries rose to varying degrees. Prices in the oil and natural gas extraction industry increased by 16.6%, while those in the petroleum, coal, and other fuel processing industry rose by 4.0%. Prices in the chemical raw materials and chemical products manufacturing industry increased by 2.5%, chemical fiber manufacturing prices rose by 1.0%, and rubber and plastic products prices increased by 0.7%.
Comments