China News Service, Beijing, August 10 (Reporter Wang Enbo) The National Bureau of Statistics of China announced on the 10th that in July, China’s industrial producer price index (PPI) fell 2.4% year-on-year, and the rate of decline narrowed 0.6% from the previous month; The month-on-month increase was 0.4%. On average from January to July, China’s PPI fell 2.0% from the same period last year.
The picture shows an automobile production workshop in Chongqing. (Data Picture) Photo by Chen Chao, a reporter from China News Agency
Wen Bin, chief researcher of China Minsheng Bank, pointed out that China's PPI continued to improve in July, mainly due to the continuous recovery of domestic industrial production, the gradual recovery of market demand, and the slight increase in oil prices, which led to the rebound in commodity prices. From a structural point of view, the country took the lead in completing the resumption of work and production. The accelerated recovery of production led to a year-on-year increase in the price of production materials, which narrowed by 0.7 percentage points from the previous month to -3.5%, and the price of subsistence rebounded by 0.1 percentage points to 0.7%.
Dong Lijuan, a senior statistician in the City Department of the National Bureau of Statistics, revealed that the price drop of major industries narrowed that month. Among them, the price of oil and natural gas extraction industry fell by 27.8%, a decrease of 11.3 percentage points; the price of petroleum, coal and other fuel processing industries fell by 17.0%, a decrease of 4.6 percentage points; the prices of chemical raw materials and chemical products manufacturing fell by 7.5%, and closed Narrow by 0.4%; coal mining and washing industry prices fell by 7.4%, narrowed by 1.9%.
From a month-on-month perspective, China’s PPI rose 0.4% in July, the same rate as the previous month. Among them, the price of means of production rose by 0.5%, and the price of means of subsistence rose by 0.1%, both at the same rate as last month. Looking at the 40 industrial sectors surveyed, 21 saw price increases, 1 less than last month; 15 dropped, 3 increased, and 4 remained unchanged, 2 decreased.
It is worth mentioning that, affected by the continued rebound in international crude oil prices, prices in petroleum-related industries continued to rise. Among them, the prices of petroleum and natural gas extraction industries rose by 12.0%, and the prices of petroleum, coal and other fuel processing industries rose by 3.4%. In addition, the prices of coal mining, washing and dressing, and automobile manufacturing all turned from falling to rising, rising 0.6% and 0.1% respectively. (Finish)