China News Agency, Beijing, August 9th (Reporter Wang Enbo) In July, due to the sharp increase in the prices of crude oil, coal and related products, the price increase of China's industrial products increased slightly.

The National Bureau of Statistics of China announced on the 9th that the producer price index (PPI) of China's industrial producers rose 9.0% year-on-year that month, an increase of 0.2 percentage points from the previous month.

  According to official statistics, in terms of composition, of the 9% year-on-year increase in PPI in July, the impact of tail-lifting was approximately 2.1 percentage points, a decrease of 0.3 percentage points from the previous month; the impact of new price increase factors was approximately 6.9 percentage points, an increase of 0.5 percentage points. .

  Wen Bin, chief researcher of China Minsheng Bank, analyzed that it can be seen that the small year-on-year increase in PPI is still dominated by upstream price increases.

On the one hand, under the regulation of the policy of maintaining supply and stabilizing prices of bulk commodities, the momentum of bulk commodity prices has been significantly weakened. The prices of industries such as steel and non-ferrous metals have declined slightly, which has also weakened the momentum of continued rise in PPI.

  On the other hand, the overall commodity prices still rose slightly.

Affected by the high temperature weather, strong demand for thermal coal has driven up prices in related industries; international crude oil prices have risen, which has driven prices in the oil industry chain to rise.

The rise in upstream prices drove the PPI of the means of production to continue to run at a high level. This month, the PPI of production assets rose by 12% year-on-year, an increase of 0.2 percentage points; while the PPI of the means of living continued its moderate trend, with a year-on-year increase of only 0.3% this month, the same as the previous month.

  From a month-on-month perspective, China’s PPI rose by 0.5% in July, an increase of 0.2 percentage points from the previous month.

Among them, the price of means of production rose by 0.6%, an increase of 0.1%; the price of means of subsistence changed from a 0.2% drop in the previous month to an increase of 0.1%.

  Dong Lijuan, a senior statistician at the City Department of the National Bureau of Statistics, mentioned that the effect of the policy of maintaining supply and stabilizing prices for bulk commodities has appeared, and the prices of steel, non-ferrous metals and other industries have declined slightly. Processing industry prices fell by 0.1%.

  Wen Bin believes that, on the whole, the upward momentum of bulk commodity prices has slowed down, and the PPI is expected to remain volatile and fall back.

He also suggested that the next step of macroeconomic policy is to do a good job of cross-cycle adjustment, maintain reasonable and sufficient liquidity, continue to do a good job in maintaining the supply of bulk commodities and stabilizing prices, and help small and medium-sized enterprises and difficult industries to alleviate the impact of raw material price increases on production and operation.

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