The
PPI measures the average change in selling prices received by domestic producers for their output.
PPI衡量国内生产商对其产出的平均销售价格的变化。
An increase in the
PPI indicates that inflationary pressures may be building up in the economy.
PPI的增长表明经济中可能正在积聚通胀压力。
A decline in the
PPI could indicate a decrease in demand for goods and services produced by domestic firms.
PPI的下降可能表明对国内公司生产的产品和服务的需求减少。
Central banks often use the
PPI as an indicator of future consumer price inflation.
中央银行通常使用
PPI作为未来消费者价格通胀的指标。
The producer price index (
PPI) is a measure of the average change over time in the selling prices received by domestic producers for their output.
生产者价格指数（
PPI）是衡量国内生产商对其产出的平均销售价格随时间变化的指标。
The
PPI is calculated using data collected from surveys of representative businesses in different sectors of the economy.
PPI是使用从不同经济部门代表性企业的调查收集的数据计算得出的。
If input costs rise faster than output prices, this can lead to a fall in profit margins for businesses, which may ultimately affect employment levels.
如果投入成本比产出价格上涨得快，这可能会导致企业利润边际下降，最终可能影响就业水平。
A significant increase in the
PPI might prompt the central bank to raise interest rates in order to curb inflation.
PPI的大幅增长可能会促使中央银行提高利率以抑制通货膨胀。
Analysts closely monitor changes in the
PPI to gain insights into trends in business activity and potential shifts in monetary policy.
分析师密切关注
PPI的变化，以了解业务活动趋势和潜在的货币政策变化。
By comparing the
PPI with other economic indicators, such as GDP and unemployment rates, economists can better understand the overall health of an economy.
通过将
PPI与其他经济指标（如GDP和失业率）进行比较，经济学家可以更好地了解经济的整体健康状况。
For the whole year of 2023, China's PPI dipped 3 percent.
Zhou said the PPI decline is mainly due to lackluster market demand, declining energy prices and the relatively high comparison base in the previous year.
"The PPI contraction in 2023 indicates the imbalance of demand and supply in the industrial sector," Zhou said.
"Meanwhile, the narrowing decline in PPI points to the gradual improvement in the operation conditions among the industrial and manufacturing sectors, fueled by the continued recovery in demand and the strong macro policy support.
Zhang estimated that China's CPI will rise mildly while the PPI will likely register positive growth in the following months this year.
Dong said the PPI decline was affected by factors including declining international prices of oil and insufficient demand for some industrial products.
On a month-on-month basis, the PPI dipped by 0.3 percent in December, the same as November, according to the NBS.
Wen, from China Minsheng Bank, said that China's CPI will likely register positive growth in February with stronger policy support, while the PPI may continue to remain in the negative territory for the next few months amid subdued external demand.
Dong said the wider PPI decline was affected by factors including declining international prices of oil and lackluster demand for some industrial products.
董表示，更广泛的PPI下降受到了多种因素的影响，其中包括国际油价的下跌以及部分工业产品需求疲软。
On a month-on-month basis, the PPI dipped by 0.3 percent, after a flat reading in October, according to the NBS.
根据国家统计局的数据，按月度比较，10月份生产者价格指数（PPI）在持平之后下降了0.3%。
Dong said the country's industrial activity continued to expand in October, but international prices of crude oil and nonferrous metal fluctuated while the comparison base rose, leading to a wider PPI decline.
On a month-on-month basis, the PPI registered a flat reading, versus a 0.4 percent rise in September, according to the NBS.
Cai Hanpian, a researcher at Peking University's National Economy Research Center, said both the steady growth in core CPI and the narrowing drop in the PPI indicate that China's economic recovery is on track and gathering pace.
Both CPI and PPI will gradually rebound in the following months with the steady economic recovery," Cai said.
On a month-on-month basis, the PPI rose by 0.4 percent in September after a 0.2 percent rise in August, according to the NBS.
Dong said the year-on-year decline in PPI has narrowed due to factors including improved demand for industrial products and the international oil price spikes.
China's August PPI, which gauges factory-gate prices, was down 3 percent from a year earlier after the 4.4 percent annual contraction seen in July, according to the NBS.
According to Loo, her team expects year-on-year CPI and PPI growth to average 0.5 percent and minus 3.2 percent this year, recovering to 1.8 percent and 1 percent next year.
"Looking forward, Zhang expects the CPI to continue to edge up, while the decline in the PPI will narrow further.
On a monthly basis, the August PPI edged up 0.2 percent, reversing a decrease of 0.2 percent in July, according to the NBS data.
Dong said the improvement of August's PPI came as a result of multiple factors, including improving demand for certain industrial products and higher international crude oil prices.
The average PPI in the first eight months of the year went down 3.2 percent year on year, unchanged compared with the January-July period, the data showed.
On a month-on-month basis, the PPI rose by 0.2 percent in August after a 0.2 percent dip in July, according to the NBS.
Dong said the year-on-year decline in PPI has narrowed due to factors including improved demand for some industrial products and the international oil price spikes.
Wen Bin, chief economist at China Minsheng Bank, said he expects the contraction in the PPI to continue to narrow with a lower base.
On a month-on-month basis, PPI dipped 0.2 percent in July after a 0.8 percent decline in June, according to the NBS.
The producer price index, or PPI, which gauges factory-gate prices, was down 5.4 percent in June from a year earlier after a 4.6 percent year-on-year contraction seen in May, the NBS said.
When it came to the continuous fall in producer prices, Zhou said it was mainly due to declining commodity prices and the high comparison base in the previous year, adding that the PPI may gradually improve with the recovery in demand and stronger policy support to boost domestic demand.
"On producer prices, we expect the PPI to decline 4.5 percent year-on-year in July, mostly due to a lower base.
"In light of the latest inflation readings, other recent developments regarding China's broad economy and the lukewarm policy response so far, Lu said his team is further lowering its CPI and PPI forecasts for both 2023 and 2024.
The team revised the PPI forecast from the previous 2.7 percent decline to a 3.2 percent drop in 2023.
On a month-on-month basis, PPI dipped 0.8 percent in June after a 0.9 percent decline in May, said the NBS.
Meanwhile, Lu said PPI is expected to dip 4.8 percent year-on-year in June, as global commodity prices remain generally soft.
同时，陆先生表示，由于全球大宗商品价格总体上仍然疲软，预计6月份PPI将同比下降4.8%。
On a month-on-month basis, PPI dipped 0.9 percent in May after a 0.5 percent decline in April, said the NBS.
Zhou Maohua, an analyst at China Everbright Bank, said the decline in PPI will help ease high cost pressures for some midstream and downstream manufacturing firms, as commodity prices are still higher than at the end of 2019.
On a month-on-month basis, PPI dipped 0.5 percent in April, said the NBS.
The lower PPI is closely related to declining commodity prices and a base effect.
The transmission of the global price rise or fall has a huge impact on domestic PPI.
For example, due to the impact of the global financial crisis in 2008, China's exports rapidly declined, consumption and investment gradually weakened and China's CPI and PPI quickly fell from an 8.7 percent rise and a 10.1 percent rise to a 1.8 percent decline and an 8.2 percent decline, respectively.
The current price declines are not sustainable, and the CPI and PPI will rebound after May due to a base effect.
In March, the year-on-year decline in the PPI was mainly affected by imported factors driving down prices of domestic oil and nonferrous metal-related industries.
Looking ahead, he said his team expects China's CPI to rise 0.3 percent year-on-year in April, as food prices are likely to continue declining sequentially, while core inflation remains subdued on falling PPI inflation.
Due to the still-high comparison base last year, the PPI could decline 3 percent year-on-year in April.
Zhou Maohua, an analyst at China Everbright Bank, said the PPI dropped deeper in February mainly due to a high comparison base in the previous year, while the slower growth in CPI is mainly affected by the different timings of the Chinese New Year holiday, which took place in February last year but January this year.
For the full year of 2023, China's consumer inflation is set to remain mild and controllable while PPI may continue to decline, leaving room for further policy easing and adjustment.
On a month-on-month basis, no factory-gate price growth or decline was registered in February, while the PPI declined by 0.4 percent in January, said the NBS.
Lu Ting, chief China economist at Nomura, said the growth in CPI inflation was mainly driven by the Spring Festival holiday falling in January this year compared to February last year, and the decline in the PPI was driven by falling global energy prices.
Zhou Maohua, a macroeconomic analyst at China Everbright Bank, said he expects China's CPI will continue to rise mildly with the gradual recovery of economic activity, while the PPI may continue to decline in the following months due to slowing global demand and high comparison base of the previous year.
On a month-on-month basis, the PPI declined by 0.4 percent in January after a 0.5 percent decrease in December, said the NBS.
Meanwhile, PPI inflation will post a 0.5 percent year-on-year decline in January, mainly driven by the recent rise in some metal prices, he said.
The Center for Forecasting Science at the Chinese Academy of Sciences estimates that China's CPI will rise about 1.8 percent in 2023, while the PPI will decline by about 0.4 percent.
On a month-on-month basis, the PPI declined by 0.5 percent in December after a 0.1 percent increase in the previous month, according to the NBS.
Yang Xin, an analyst at Shanghai-listed Hongta Securities, said the negative PPI growth in November is mainly affected by the falling prices of upstream raw materials, which will help ease pressure on high costs for midstream and downstream enterprises.
He said his team expects CPI to rise to 2.5 percent in 2023 from 2 percent in 2022 and PPI to drop further to 0.5 percent in 2023 from 4.3 percent in 2022.
The bureau mainly attributed the fall in producer prices to last year's high comparison base, adding that the PPI rose by 0.1 percent on a monthly basis in November as prices went up in some industries such as coal, oil and nonferrous metals.
Experts said the falling CPI and PPI readings have painted a picture of subdued inflationary pressure in China while many major economies, such as the United States and the eurozone, are still raising interest rates to curb lingering high inflation.
Zhong said policy efforts to stabilize demand, including those to boost infrastructure construction and equipment upgrade investment, have had some effect, with the PPI up 0.2 percent month-on-month in October, reversing a 0.1 percent drop a month earlier.
Zheng Houcheng, director of Yingda Securities Research Institute, said the country's PPI growth may stay negative on a yearly basis in November due to the weakness of domestic real estate investment and global manufacturing activity.
Meanwhile, China's producer price index, which gauges factory-gate prices, declined by 1.3 percent from a year ago in October, following a 0.9 percent rise in September, marking the first negative PPI growth in almost two years, according to the NBS.
The bureau mainly attributed the fall in producer prices to last year's high comparison base, adding that the PPI rose by 0.2 percent on a monthly basis in October as demand increased in some industries, following a 0.1 percent decline in September.
Zhou Maohua, an analyst at China Everbright Bank, said the September CPI rise is mainly due to pork and vegetable price hikes, while the slower-than-anticipated PPI rise was due to effective government measures to ensure stable prices and supplies.
"The sharp divergence between PPI inflation in China and the Eurozone (43.3 percent year-on-year in August) suggests China may be gaining a competitive advantage in manufacturing that could help bolster China's exports," said Lu Ting, chief China economist at Nomura.
Looking ahead, Lu said he expects China's CPI will rise 2.3 percent year-on-year and PPI will decline 1.2 percent year-on-year in October on a higher base and slowing economy.
On a monthly basis, the PPI fell 0.1 percent in September, narrowing from a 1.2 percent decline in August.
On a monthly basis, the PPI declined 1.2 percent in August.
The producer price index (PPI), which measures costs for goods at the factory gate, went up 4.2 percent year-on-year.
生产者价格指数（PPI），用于衡量出厂商品的成本，同比上涨了4.2%。
As China's price inflation hit a relatively lower level in the first half, Ye Yindan, a researcher with the Bank of China Research Institute, estimated that this year, China's full-year CPI and PPI may rise 2.4 percent and 5 percent, respectively.
However, China's PPI will continue to grow at a slower pace in the third and fourth quarters amid the continued US Federal Reserve's rate hikes, a sluggish global economy, weakening demand and limited room for further commodity price gains.
According to the NBS, China's PPI, which gauges factory-gate prices, increased 4.2 percent year-on-year in July after a 6.1 percent rise in June, cooling to the lowest level since February 2021.
On a monthly basis, the PPI declined 1.3 percent in July.
Yin Yue, a macroeconomics analyst at Shanghai-listed Hongta Securities, agreed that inflation will not put much pressure on China's monetary easing, especially considering the relatively low core CPI level and the slowdown in PPI growth.
Looking ahead, Feng Mohan, a macroeconomics researcher at Beijing FOST Economic Consulting Co Ltd, said he will not rule out the possibility that the PPI will decline in the second half amid weakening global demand, a gloomy global outlook and a high base effect from the previous year.
The carryover effect of last year's price changes contributed around 3.2 percentage points to the PPI growth, while new price increases contributed around 1 percentage point, NBS data showed.
The country's PPI jumped 6.1 percent on a yearly basis in June, moderately higher than the 6 percent market expectation but down from 6.4 percent seen in May.
The declining PPI and losses reported by industrial companies have also reflected the pressure of endogenous deflation amid the downward economic trend.
China's producer price index (PPI), which measures costs for goods at the factory gate, went up 6.1 percent year-on-year in June, narrowing by 0.3 percentage points from a month earlier, the National Bureau of Statistics (NBS) said Saturday.
Senior NBS statistician Dong Lijuan attributed the PPI ease to continued efforts to accelerate production resumption and unclog industrial and supply chains, as well as effective policies to ensure stable prices and supplies.
On a monthly basis, China's PPI remained flat last month compared with the 0.1-percent rise in May.
The petroleum and natural gas extraction sector saw its PPI climb 54.4 percent year-on-year last month, expanding by 6.6 percentage points from May.
The PPI of the agricultural and sideline food processing sector went up 5.6 percent year on year in June, compared with the 3.7-percent increase logged in the previous month.
The coal mining and washing industry saw the PPI soar by 31.4 percent year-on-year, narrowing by 5.8 percentage points from that in May.
The carry-over effect of last year's price movements contributed about 3.8 percentage points to the year-on-year PPI growth in June, according to the NBS.
The producer price index (PPI), which measures costs for goods at the factory gate, saw its growth slow to 6.4 percent in May, moderating for seven consecutive months.
On the PPI front, citing self-sufficient grain supply, ample coal resources and measures aiming to stabilize prices, Meng expected the PPI rise to further narrow, despite geopolitical disruptions in the international energy and grain market.
Looking at the second half of the year, Wang of the State Information Center estimated that China's CPI will rise slightly and the growth in PPI will slow, leaving room for flexible monetary policy in the coming months.
Lu Ting, chief China economist at Nomura, said both PPI and CPI inflation for May were largely in line with market expectations and his team expects PPI inflation to trend down and CPI inflation to rise modestly.
The PPI grew by 0.1 percent in May, easing from a 0.6 percent increase from the previous month.
In April, the year-on-year growth rates of the Consumer Price Index (CPI) and Producer Price Index (PPI) in the United States rose 8.3 percent and 11.0 percent, respectively.
Right now the US CPI and PPI are still at four-decade high levels.
As can be seen from statistics, the EU's PPI was as high as 31.5 percent and 36.8 percent in March and April 2022.
This can be seen in PPI and CPI figures.
In other words, because PPI growth always represents "upstream" activity, so when the PPI growth rate is higher than the CPI growth rate, the "downstream" manufacturing enterprises will see weaker profits.
In comparison with the US and EU, China's CPI and PPI are relatively low.
Although the PPI's growth rate was still high at 8.0 percent, this can be seen as the result of the growing price of global commodities to a greater extent.
Zhou Maohua, an analyst at China Everbright Bank, said that while the slower increase of the producer price index will help ease pressures on costs for some midstream and downstream manufacturing enterprises, the 8 percent increase in the PPI suggests that raw material prices remain high.
On a monthly basis, the PPI grew by 0.6 percent in April, compared with a 1.1 percent increase in the previous month.
Considering the high comparison base of last year, the PPI uptrend will slow in the rest of this year, she said.
China's PPI rose 8.3 percent year-on-year in March, the slowest in 11 months and better than the 8.8 percent year-on-year rise in February and the 9.1 percent year-on-year rise in January, data from the National Bureau of Statistics showed.
China's PPI data offer a sharp contrast to runaway rises in the already elevated PPI levels in some major developed economies.
Yet, over the long term, the year-on-year rises in China's monthly PPI are set to slow down on the back of stable economic fundamentals and related policy measures, they said.
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