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The People's Bank of China stated in the first quarter monetary policy implementation report that these three factors are: First, pressures on the price adjustment of public services such as water, electricity, fuel, and urban transportation; Second, the rapid rise in the prices of international crude oil and major raw materials. The pressure on prices of downstream products; Third, the pressure of rising labor costs.
According to statistics, in the first quarter, the producer price increase (PPI) was higher than last year, and the purchase price of industrial raw materials, fuels, and power rose by 10.1% year-on-year, an increase of 1.8 percentage points over the same period of last year. The continuous rise in international oil prices has led to another increase in domestic oil prices. Import prices continued to rise, rising faster than export prices. Export prices rose by 7.6% and import prices rose by 10.1%, up 2.3 and 4.1 percentage points over the same period of last year. It is estimated that the GDP reduction index is higher than the same period of last year. In the first quarter, China's nominal GDP growth rate was 15.5%, and real GDP growth rate was 9.4%. The difference between the two reached 6.1%.
Although inflation is still under pressure, the People's Bank of China initially estimated that the year-on-year CPI will remain stable in the second quarter and the third quarter, and will increase slightly in the fourth quarter. The annual CPI is expected to be controlled within the target of 4%.
People's Bank of China: Current inflationary pressure in China comes from three factors
The People's Bank of China stated on the 26th that although the consumer price (CPI) in the first quarter of this year increased by 2.8% from the same period of last year, the increase was within the control range, but the current inflationary pressures still need attention, and inflationary pressures mainly come from three factors.