The Impact of Covid-19 Pandemic on China’s CPI: Overall, Food and Healthcare

DOI

10.2991/978-94-6463-598-0_19How to use a DOI?

Keywords

ARIMA Model; CPI; Covid-19 Pandemic

Abstract

This paper will look at how the Chinese epidemic affects the Consumer Price Index (CPI). The ARIMA model is used to predict the overall CPI and CPI in the food and medical fields utilizing time-series information spanning 2010 to 2020, therefore illuminating their anticipated patterns as well as drivers’ significant shifts. Although the actual CPI values fluctuated beyond the model forecast values in certain periods, the study found that the COVID-19 outbreak generated considerable changes in the CPI and that the ARIMA model demonstrated good accuracy in CPI predictions before and during the epidemic. The significance of this study lies in providing a profound understanding of economic fluctuations in the context of a sudden public health event by analyzing the impact of the Chinese epidemic on CPI. This provides data support for government and enterprises in formulating economic policies and business strategies and guides residents’ consumption decisions. For statistical authorities, it is suggested that they should fully consider the impact of unexpected events and external shocks when conducting economic forecasts and establish emergency response plans and adjustment mechanisms to enhance the adaptability and accuracy of forecast models. For consumers, it is recommended to treat price fluctuations rationally during emergencies such as the epidemic, avoid blind hoarding or excessive consumption, and adjust consumption behavior according to the actual economic environment.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yuntong Guo
PY  - 2024
DA  - 2024/12/19
TI  - The Impact of Covid-19 Pandemic on China’s CPI: Overall, Food and Healthcare
BT  - Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)
PB  - Atlantis Press
SP  - 173
EP  - 184
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-598-0_19
DO  - 10.2991/978-94-6463-598-0_19
ID  - Guo2024
ER  -