2022-01-13-第一财经研究院-高频数据看宏观_猪肉大幅降价影响食品价格_12月CPI增幅放缓_8页_898kb

报告摘要

Report Overview: Released on January 13, 2022, by Y-Research, this report analyzes macroeconomic data from January 5 to January 11, 2022, highlighting key indicators in economic activity, prices, monetary policy, and inflation.
Economic Activity: The YHEI index rose to 0.98, increasing by 0.07 from the previous week, primarily driven by a 0.17-point rebound in the 30-city real estate sales index. Other factors included gains in port coal transportation costs.
Price Changes: Iron and steel prices increased, with a 3.07% weekly rise in Tangshan blast furnace prices. Cement and coal prices declined, with cement down 2.32% weekly and coal prices falling over the month. Consumer prices slowed, with CPI同比 growth declining to 1.5% year-on-year, largely due to falling food prices, especially pork (down 36.7% year-on-year) and fresh vegetables. Producer prices also eased, with PPI环比 dropping 1.2% and同比 rising 10.3%, reflecting contraction in production materials.
Monetary Policy: The central bank net-recoiled funds by ¥39 billion, with overnight interbank rates increasing by 18 basis points over the month, indicating tighter liquidity conditions.
Report Structure: The report is organized into sections covering central bank operations, interest rates and financing, business sectors, transportation and real estate, household economics, and global perspectives, providing a comprehensive macroeconomic analysis.