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China's factory-gate prices continue to fall in April

2020-5-12 14:12

 

BEIJING, May 12 (Xinhua) -- China's producer prices continued to fall in April as the novel coronavirus outbreak and a persistent slump in global commodities prices combined to drive deflationary pressure, official data showed Tuesday.

The producer price index (PPI), which measures costs for goods at the factory gate, fell 3.1 percent year on year in April, according to the National Bureau of Statistics.

The reading deepened from the 1.5-percent drop in March, with price declines widening in major industries.

Aside from the epidemic's negative impact on demand, the rout in the global oil market and retreating commodities prices, which delivered big shocks to the industrial chain, were other key drivers for the price deflation.

Prices for oil and natural gas extraction saw the biggest drop last month, plunging 51.4 percent year on year, while those for the processing of oil, coal and other fuel went down 19.8 percent.

Month on month, overall producer prices fell 1.3 percent.

The PPI data came along with the release of the consumer price index (CPI), which showed consumer inflation easing to 3.3 percent in April on retreating food prices as the country fast-tracks the restoration of economic activities amid further epidemic containment.

Wen Bin, chief analyst at China Minsheng Bank, expects the CPI will continue to retreat in the coming months to allow policymakers more leeway to stimulate the real economy as the focus should be tilted toward growth and employment.

Meanwhile, further efforts should be made to spur recovery on the demand side and boost business confidence as producer prices hinge on both domestic and external factors, he said.

"There is still room and necessity to further cut banks' reserve requirement ratios and interest rates," Wen noted.

 

北京,5月12日(新华社)——周二的官方数据显示,由于新型冠状病毒的爆发和全球商品价格的持续下跌,中国的生产者价格在4月份继续下跌。


根据国家统计局的数据,4月份生产者价格指数(PPI)同比下降3.1%,PPI是衡量产品出厂成本的指标。


该指数较3月份1.5%的跌幅有所加深,主要行业的价格跌幅进一步扩大。


除了疫情对需求的负面影响外,全球石油市场的崩溃和大宗商品价格的回落也是导致价格下跌的另一个关键因素。大宗商品价格下跌给产业链带来了巨大冲击。


上个月,石油和天然气开采价格跌幅最大,同比下跌51.4%,而石油、煤炭和其他燃料的加工价格下跌了19.8%。


整体生产者价格环比下降1.3%。


PPI数据与消费者价格指数(CPI)一同发布。CPI数据显示,4月消费者物价指数(CPI)回落至3.3%,因在疫情进一步遏制的情况下,中国加快了经济活动恢复的步伐。


中国民生银行(China Minsheng Bank)首席分析师温斌预计,CPI在未来几个月将继续回落,以便让政策制定者有更多的余地来刺激实体经济,因为经济增长和就业应该成为关注的焦点。


与此同时,他表示,由于生产者价格取决于国内和外部因素,应进一步努力刺激需求方面的复苏,并提振企业信心。


“进一步降低银行存款准备金率和利率仍有空间和必要性,”温指出。

 

来自: xinhua