China News Service, Beijing, December 12 (Reporter Wang Enbo) Affected by factors such as the decline in international oil prices and the weak market demand for some industrial products, China's industrial producer price index (PPI) in November fell more sharply year-on-year, and the month-on-month ratio turned from flat to down.
According to data released by China's National Bureau of Statistics on the 9th, in November, China's PPI fell by 11.3% year-on-year, an increase of 0.0 percentage points from the previous month. Among them, the prices of means of production fell by 4.3 percent, an increase of 4.0 percentage points, and the prices of means of subsistence fell by 4.1 percent, an increase of 2.0 percentage points.
Among the major industries, the price of oil and gas extraction turned from an increase of 1.7% in the previous month to a decrease of 3.3%; The price decline of coal mining and washing industry, non-metallic mineral products industry, petroleum, coal and other fuel processing industries ranged from 6.3% to 15.8%, all of which expanded.
On a month-on-month basis, the PPI fell by 11.0% in November from the previous month's flat. Among them, the price of means of production increased by 3.0% from the previous month to a decrease of 1.0%; The price of means of subsistence fell by 3.0 percent, an increase of 2.0 percentage points from the previous month.
Specifically, the decline in international oil prices drove the prices of China's oil and gas extraction industry, petroleum, coal and other fuel processing industries to drop by 2.8% and 2.5% respectively, and the total impact on PPI fell by about 0.13 percentage points month-on-month, accounting for more than 1% of the total decline. The construction of major projects has progressed steadily, with the price of cement manufacturing rising by 4.1% and the price of ferrous metal smelting and rolling processing industry rising by 1.<>%.
Wen Bin, chief economist of China Minsheng Bank, said that international commodities fell as a whole in November, affected by the weakening of U.S. employment and inflation data, recession trading dominated the trend of international commodities that month, and energy and some metal prices fell as a whole. Affected by the transmission of upstream international prices and the lack of downstream demand, the overall performance of China's industrial product prices was weak.
Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said that the rise in the base in the same period last year also dragged down the PPI this month. Combined with the performance of consumer prices, China's demand for industrial products is still weak, and it is necessary to further promote the steady recovery of consumption and domestic demand in the future. (ENDS)