Meat prices rose 21.9% YoY in September
2020-10-28 Source:Hangzhou China

The consumer price index in Hangzhou rose 1.1% YoY in September, compared to 1.6% in August, with the food prices rising 7.5%, according to the National Bureau of Statistics. The CPI rose 0.3% MoM, compared to 0.2% in August. 


The prices of foods, cigarettes, and wines rose 6.1% YoY, driving up the index by 1.74 percentage points. Specifically, meat prices rose 21.9%, driving up the index by 0.97 percentage points (pork up 24.7%, driving up the index by 0.71 percentage points); vegetable prices rose 12.8%, driving up the index by 0.3 percentage point; aqua product prices rose 4.8%, driving up the index by 0.11 percentage point; egg prices fell 6.0%, driving down the index by 0.02 percentage point; fruit prices fell 11.4%, driving down the index by 0.19 percentage point.


The prices of other products and services rose 3.9% YoY; prices of daily necessities and services rose 2.9%; transportation and telecommunication prices fell 3.8%; prices of education, culture, and entertainment fell 1.6%; clothes prices fell 1.1%; housing prices fell 0.4%; healthcare prices fell 0.2%.


From the MoM perspective, the prices of foods, cigarettes, and wines rose by 0.8%, driving up the index by 0.23 percentage points. Specifically, fruit prices rose 7.7%, driving up the index by 0.10 percentage point; vegetable prices rose 4.4%; egg prices rose 0.1%; meat prices rose 0.1%; aqua product prices fell 0.8%. 

The prices of education, culture, and entertainment rose 0.7% MoM; healthcare prices rose 0.4%; clothes prices rose 0.3%; prices of daily necessities and services rose 0.2%; prices of other products and services fell 1.1% YoY; transportation and telecommunication prices fell 0.2%; housing prices fell 0.1%.


Food prices determined the CPI trend in September. Due to seasonality and larger precipitation, the prices of vegetables and fruits rose 4.4% MoM and 7.7% MoM, respectively. In particular, the surge in mooncake sales pulled up the egg prices by 0.5% MoM.


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