The price of oil has pushed CPI by 0.07 percentage points.

According to the Xinhua News Agency, Beijing, December 21, the National Development and Reform Commission announced on January 21 that it will increase the prices of gasoline and diesel from midnight on December 22. According to calculations, the adjustment of refined oil prices directly affected the total consumer price index (CPI) in the month, which rose about 0.07 percentage points month-on-month. In order to mitigate the impact of price adjustment, the NDRC stated that it has made corresponding deployments. While continuing to implement various measures identified by the State Council, it also strictly controls the chain reaction of price adjustments and does well in subsidies for related groups and industries.

The responsible comrades of the National Development and Reform Commission stated that the refined oil prices are still adjusted according to the current price mechanism. As of today, the average moving price of crude oil in the international market has exceeded 4% for 22 consecutive working days. According to the current refined oil price mechanism, domestic refined oil prices should be appropriately raised. However, considering comprehensively the current price situation and the supply conditions of the refined oil market, the state appropriately postponed the price increase period and controlled the price increase rate.

Since July, due to various factors at home and abroad, the overall level of domestic prices has risen rapidly. In this regard, the Party Central Committee and the State Council attach great importance and require all regions and departments to actively take measures to stabilize the overall level of consumer prices and guarantee the basic livelihood of the people. Under such circumstances, the state still insists that the price of domestic refined oil products should be raised based on the current price mechanism. This is a choice made from the perspective of the overall situation and long-term development of the national economy. The purpose is to insist on the direction of reform of the price formation mechanism for resource products. To mobilize the enthusiasm of production and import of enterprises, ensure supply in the domestic market, suppress irrational consumption at the same time, promote energy-saving emission reduction and economic restructuring.