ICPI Weekly | Big price increases for small cars and repair and maintenance, drop in education, culture and entertainment

2022-06-20 0 By

The statistical results show that from January 31 to February 6, 2022, the total level of iCPI weekly index increased by 1.5% month-on-month. Among them, the changes of iCPI eight categories are as follows: Transportation and communication category: +8.3% Other supplies and services category: +1.3% clothing category: +0.9% Daily necessities and services category:+0.9% Food, tobacco and alcohol: +0.9% Medical care: +0.8% Housing: +0.1% Education, culture and entertainment: -0.9% Small cars and repair and maintenance price increases, air fares led by transportation prices rose this week, with the largest increase in transportation and communications, up 8.3% month-on-month.Among them, transportation rose 11.9 percent and communications rose 0.3 percent.In the sub-category of transportation, the sub-category of transportation means, the sub-category of transportation means use and maintenance and the sub-category of transportation means fuel increased by 28.7%, 4.9% and 2.9% respectively, while the sub-category of transportation costs decreased by 0.6%.Among the vehicle subcategories with the biggest increase, the subcategories of small cars, vehicle repair and maintenance, diesel and gasoline rose 35.7%, 10.2%, 3.6% and 3.2% respectively.In the only transportation subcategory to see a month-on-month decline, the air ticket subcategory fell 7.0 percent, while other transportation, taxi, local public transportation, train tickets, coaches, air tickets and other subcategories were unchanged from the previous week.The price rise of small cars may be related to the decline of subsidies for new energy vehicles. On December 31, 2021, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the National Development and Reform Commission jointly released the four departments, which said that the subsidy standard for new energy vehicles in 2022 will decline by 30% on the basis of 2021, and it is clear that subsidies for new energy vehicles will end on December 31, 2022.Tesla, FAW-Volkswagen, NIO, Xiaopeng and other auto companies have taken such measures as raising prices and covering price differences after subsidy withdrawal, while BYD has also become the only traditional auto company raising prices.The increase in vehicle repair and maintenance prices may be due to higher demand for vehicle maintenance around the Spring Festival and higher prices due to lower supply of vehicle repair and maintenance personnel, such as home trips and holidays.In terms of transportation costs, unlike before, the earlier you buy a ticket, the cheaper it is, now some airline ticket prices may “dive” before takeoff, temporary ticket passengers have the opportunity to “catch” the low price.This year, the prices of southern routes have remained low compared with pre-epidemic levels, with many popular routes dropping by more than 30% and some ticket prices lower than train fares.Education, Culture and entertainment fell overall, education and Recreational goods rose The only category that fell month-on-month for the week was education, Culture and entertainment, which fell 0.9 percent.Among them, the education category fell 0.4 percent from the previous month, while the culture and entertainment category fell 1.5 percent.In education, the education services subcategory fell 0.6 percent month-on-month, while the educational supplies subcategory rose 1.8 percent month-on-month.In the education service subcategory, the pre-school education subcategory decreased by 5.9% from the previous month, while extracurricular education increased by 1.3% from the previous month.In the educational supplies subcategory, the reference and teaching materials subcategories rose 4.4 percent and 1.7 percent month-on-month respectively.This shows that the demand for extra-curricular education and reference materials is still high during the holiday season amid the policy crackdown on the education and training industry.In the category of culture and entertainment, cultural and entertainment service subcategory, entertainment durable consumer goods subcategory and tourism subcategory decreased by 6.0%, 0.6% and 0.1%, respectively, while other recreational goods subcategory increased by 0.9%.Among the subcategories of cultural entertainment with the biggest increase, the attractions ticket subcategory, other entertainment services subcategory and fitness activities subcategory decreased by 16.3%, 0.3% and 0.1%, respectively, which may be due to the discount or even half price of some scenic spots and other entertainment services in holidays.In the only rose in other entertainment in the class, subclass games and toys, and other recreational supplies subclass, paper, stationery subclass, pet and supplies a subclass month-on-month increases 1.4%, 1.1%, 1.0% and 1.0% respectively, this is because during the Spring Festival, domestic game toys entertainment supplies, utilization rate is higher, so the price rise.All kinds and major iCPI daily index volatility analysis this week’s daily index changes are generally stable.The total category rose 0.3% on Thursday, February 3rd, the biggest one-day gain this week;The total category fell 0.7% month-on-month on Wednesday February 2nd, the biggest one-day drop this week.The biggest volatile category this week was transportation and communications, which fell 1.7% month-on-month on February 1 and rose 1.1% month-on-month on February 5, breaking away from the trend of the general category and other categories.This week other categories of daily indexes are relatively stable, basically rose on February 1, the first month of the Chinese New Year, and fell on February 2, which is speculated to be related to the Spring Festival.The iCPI, compiled by a research team at Tsinghua University, has significant advantages such as high-frequency real-time publishing, automatic operation of computer algorithms and big data price sources, for macroeconomic research.For more information, please visit the iCPI website (http://www.bdecon.com).The final interpretation of this project belongs to the economics Institute of Tsinghua University School of Social Sciences editor | Chen Yue text | Ying Yilin Yuan Simin