Prices in 9 regions have dropped, and CPI in 31 provinces was released in May. The increase in CPI in 11 regions is lower than the year-on-year increase in the national CPI. | Expected | Shanghai | Price | National | Province | Increase | CPI

Release time:Apr 13, 2024 21:20 PM

Recently, the National Bureau of Statistics released the Consumer Price Index for May 2023 in 31 provinces. According to China News Service, the CPI of 9 provinces decreased year-on-year in May. Among them, Shanghai and Jilin continue to rank among the top two in terms of decline.

The year-on-year increase in 11 regions is lower than that in the whole country

Nine cities including Shanghai saw a year-on-year decline

According to data from the National Bureau of Statistics, in May 2023, the national CPI decreased by 0.2% month on month and increased by 0.2% year-on-year. The year-on-year growth rate of CPI continued to be lower than market expectations, but stopped at "three consecutive declines".


Prices in 9 regions have dropped, and CPI in 31 provinces was released in May. The increase in CPI in 11 regions is lower than the year-on-year increase in the national CPI. | Expected | Shanghai | Price | National | Province | Increase | CPI

According to a review by China News Service, the CPI of 31 provinces in May showed a coexistence of year-on-year fluctuations. Among them, 22 provinces saw a year-on-year increase, 9 provinces saw a year-on-year decrease, and the number of provinces experiencing fluctuations increased by 4 and 2 respectively compared to the previous month. In terms of growth rate, 16 provinces saw an increase in growth rate, 13 provinces saw a decline in growth rate, and all 31 provinces saw a decline in growth rate last month.

Specifically, 13 provinces including Gansu, Hebei, Inner Mongolia, Hunan, Ningxia, Xinjiang, Jiangsu, Hainan, Qinghai, Heilongjiang, Shaanxi, Yunnan, Guangdong, etc. have seen higher growth rates than the national level and are all in the "0 era"; The growth rate of seven provinces, including Liaoning, Zhejiang, Beijing, Fujian, Jiangxi, Sichuan, and Hubei, is on par with the national level; The growth rate of 11 provinces including Anhui, Shandong, Shanxi, Guizhou, Henan, Chongqing, Tianjin, Xizang, Guangxi, Jilin, and Shanghai was lower than the national level, of which 9 provinces including Shanghai declined year on year, and the number of declining provinces increased by 2 from last month,

In addition, from the perspective of increase and decrease, the largest increase in Jilin was 0.5 percentage points, but CPI continued to decline year-on-year; Xinjiang, Guangdong, Hubei, Tianjin, Guangxi, Shanghai and other regions experienced the largest decline, all at 0.3 percentage points.

Wen Bin, Chief Economist of China Minsheng Bank, and others analyzed that the national CPI slightly rebounded year-on-year in May, which is in line with market expectations. Among them, food has experienced a seasonal decline but the month on month decline has narrowed, and energy is mainly kept low due to international price transmission. The fading of holiday factors has led to a decline in prices of service goods, while durable consumer goods remain weak. The core CPI recovery that the market expects still needs to wait.


Prices in 9 regions have dropped, and CPI in 31 provinces was released in May. The increase in CPI in 11 regions is lower than the year-on-year increase in the national CPI. | Expected | Shanghai | Price | National | Province | Increase | CPI

How will the future CPI go?

Looking ahead to the next stage of price trends, Chen Xing, Chief Analyst of Caitong Macro, stated that since June, the month on month growth rate of fresh vegetable prices has changed from negative to positive, the decline in egg prices has narrowed, the increase in fresh fruit prices has slowed down, and the decline in pork prices has expanded. It is expected that the month on month growth rate of CPI will improve, while the year-on-year growth rate will remain stable and slightly increase.

Chief Macro Economist Gao Ruidong of Everbright Securities predicts that the current CPI is already in the bottom range, with limited downward space. In July, it may hit the bottom again due to the influence of the base, and then slightly rebound.

According to Gao Ruidong's analysis, with a high inventory of live pigs, it is expected that the rebound in pig prices will be limited in the second half of the year. Against the backdrop of overseas interest rate hikes and tightening financial conditions, the oil price center has shifted downwards. In addition, the increase in service prices is limited, and durable goods are being discounted for promotion.


Prices in 9 regions have dropped, and CPI in 31 provinces was released in May. The increase in CPI in 11 regions is lower than the year-on-year increase in the national CPI. | Expected | Shanghai | Price | National | Province | Increase | CPI

The Guosheng Macro Bear Park team also believes that inflation will continue to bottom out in the next 1-2 months, and there is a possibility of CPI turning negative in July. The central CPI for the whole year of 2023 may decline to around 0.9%, compared to the previous expectation of around 1.0%.

On June 7th, Yi Gang, the President of the People's Bank of China, visited Shanghai to conduct research on financial support for the real economy and promoting high-quality development. He stated that with the recovery of consumer scenarios, household consumption is gradually increasing. The expansion of consumer spending by residents will translate into income for enterprises and workers, which in turn will drive more consumption. It is expected that the CPI will gradually rebound in the second half of the year, and by December, the year-on-year CPI will be above 1%.

Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case
Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case

According to Hong Kong's Wen Wei Po, a bloody knife stabbing case occurred at Hollywood Square in Diamond Hill last Friday. The police arrested a 39 year old man on suspicion of stabbing two young women, one of whom was stabbed over 30 times. The suspect appeared in the Kwun Tong Magistrates Court this morning. The police at the Kwun Tong Magistrate's Court temporarily charged the suspect with two counts of murder last Sunday. The suspect appeared in court this morning at the Kwun Tong Magistrate's Court. Acting Chief Magistrate Zheng Jihang, after listening to the opinions of both the prosecution and defense, decided to postpone the hearing for two weeks until 9:30 am on June 19th, waiting for two psychiatric expert reports to be obtained. The defense did not object. Zheng Jihang approved the application, and the defendant needs to be temporarily detained at Xiaolan Mental Hospital. When the suspect appeared in court, he wore black framed glasses, a light gray shirt, and camouflage green shorts, and was able to answer the judge's questions normally. accordingly

Secretary of the Provincial Party Committee: The focus of Henan's "summer harvest" has shifted to agricultural machinery in the northern region of Henan Province. | Support | Science | Organization | Province | Northern Henan | Summer Harvest | Rush Harvest
Secretary of the Provincial Party Committee: The focus of Henan's "summer harvest" has shifted to agricultural machinery in the northern region of Henan Province. | Support | Science | Organization | Province | Northern Henan | Summer Harvest | Rush Harvest

Currently, the highly anticipated summer harvest work in Henan has shifted its focus to the northern region of Henan. According to the Henan Daily client, on June 4th, Lou Yangsheng, Secretary of the Henan Provincial Party Committee, presided over a special video scheduling meeting on the "Three Summers" work in the province, listened to the situation report, analyzed and judged the situation, and arranged and deployed the next steps of work. Governor Wang Kai made specific arrangements. On the evening of May 31, 2023, in Xiafutou Village, Xuliang Town, Boai County, Jiaozuo, Henan Province, villagers braved light rain in the wheat fields to harvest wheat. Visual China Map Lou Yangsheng pointed out that the current summer harvest battle in the province has entered the decisive stage. Doing a good job in summer harvest in northern Henan Province is related to the summer grain yield and seed safety. We should focus on seizing opportunities and make every effort to organize the wheat harvesting work in the northern Henan region, minimize losses, and protect the interests of farmers to the greatest extent possible. Accurate forecasting is essential

Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology
Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology

On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Astronauts Fei Junlong, Deng Qingming, and Zhang Lu all safely and smoothly exited the spacecraft, and the Shenzhou-15 manned flight mission was a complete success. What innovative technologies are there to safeguard the return journey of Shenzhou 15 in this mission? On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Xinhua News Agency reporter Lian Zhen photographed that "the sky and the ground" ensure the high-precision return of spacecraft. For the Shenzhou series spacecraft, the return and re-entry GNC technology is directly related to the life safety of astronauts. Taking the success of this return mission as a symbol, China has comprehensively upgraded its GNC system since the Shenzhou-12 manned spacecraft, which features autonomous rapid rendezvous and docking, autonomous adaptive prediction and re-entry return guidance, and has completed a comprehensive update and replacement

The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet
The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet

At noon today, a Chinese naval fleet consisting of Zhanjiang and Xuchang ships arrived at the assembly area of the "Comodo-2023" multinational maritime joint exercise. It is understood that the assembly anchorage for this exercise is 3 nautical miles long and 1.5 nautical miles wide, capable of anchoring up to 50 ships. Naval vessels from various countries participating in the exercise will also arrive at the anchorage today to complete the assembly of the "Komodo 2023" multinational maritime joint exercise, which is held every two years by the Indonesian Navy. This year is already the fourth edition of the exercise. The exercise will be held from June 5th to 8th in the city of Jakarta, South Sulawesi Province, Indonesia, including the port and sea phases. In the coming days, participating navies from various countries will participate in ship reading style search and rescue exercises, maritime interception and damage management exercises, aerial exercises, and other course objectives exercises

New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale
New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale

On the evening of June 1st, the US Senate passed a bill on the federal government's debt ceiling and budget, and the flame of the US debt bomb was temporarily extinguished at the last moment. The two parties in the United States have staged an extreme tug of war over the US debt bomb. Some experts believe that the US debt crisis is the result of the reckless politics promoted by the US dollar hegemony, and the underlying cause of this crisis is the highly polarized political system of the US. Since the end of World War II, the US Congress has adjusted the debt ceiling more than a hundred times. The recurring debt crisis will not only have a catastrophic impact on the US economy and people's livelihoods, but also continuously erode the value of US dollar assets such as government credit and US bonds, bringing significant and far-reaching impacts to the global economic landscape. 【