The Impact Of International Crude Oil Price Fluctuations On Domestic Consumer Prices

 The national CPI increased by 0.9% year-on-year from January to April, due to factors such as fluctuations in international oil prices and increased domestic holiday travel demand. In April alone, the year-on-year CPI increase expanded, and the month-on-month change shifted from a decrease to an increase.

 Looking at the major categories that make up the CPI, there is a characteristic of food prices declining and the prices of industrial consumer goods and services rebounding: first, food prices have shifted from rising to falling In April, food prices decreased by 1.6% year-on-year, compared to a 0.3% increase in the previous month. Prices of fresh vegetables, fresh fruits, and pork decreased, while prices of lamb, beef, aquatic products, and eggs increased year-on-year.

 Secondly, the price increase of industrial consumer goods has expanded. In April, the price of industrial consumer goods increased by 3.5% year-on-year, a 1.3 percentage point increase compared to the previous month. Among them, the prices of gold jewelry, household appliances, and clothing increased by 46.9%, 2.6%, and 1.6% respectively, while the price of gasoline rose by 19.3%.

 Thirdly, service prices have shown some recovery. Travel services were relatively active in April, and the price increase for travel services expanded, rising by 3.7% year-on-year. In addition to travel services, prices for other manual services such as pet services, dining out, housekeeping, and vehicle repair and maintenance have also increased slightly. Driven by these factors, service prices in April increased by 0.9% year-on-year, a 0.1 percentage point increase compared to the previous month.