The hottest PPI fell slightly, and we still need t

PPI fell slightly still need to be vigilant against imported inflation pressure

PPI fell slightly still need to be vigilant against imported inflation pressure

China Construction machinery information

Guide: the National Bureau of statistics released data on the 11th, in April, the industrial producer price index (PPI) rose 6.8% year-on-year, down 0.5 percentage points from March, also lower than the market consensus expectation of 7.2%. Although PPI in April was lower than market expectations, various information showed that imported inflation pressure did not decrease

data released by the National Bureau of statistics on the 11th showed that in April, the producer price index (PPI) rose 6.8% year-on-year, down 0.5 percentage points from March, and also witnessed that the brilliance of the global construction industry was lower than the 7.2% generally expected by the market. Although the PPI in April was lower than market expectations, various information showed that the imported inflation pressure has not been reduced, and the PPI has not left the rising channel

by category, the ex factory price of means of production rose by 7.5% in April, of which the mining industry rose by 17.4%, the raw material industry rose by 9.9%, and the processing industry rose by 5.5%; The ex factory price of means of living increased by 4.6%, including 8.4% for food, 4.5% for clothing, 4.4% for general household goods and 0.6% for durable consumer goods

as for the reasons for the decline in PPI growth rate, Sheng Laiyun, spokesman of the National Bureau of statistics, believes that this is related to the base of last year. The base of PPI in April last year was high, so the year-on-year data in April this year fell a little. Historical data show that last April was the time point when PPI began to accelerate its rise. PPI rose 6.8% year-on-year in that month, compared with 5.9% year-on-year in the previous month

on the other hand, Sheng Laiyun pointed out that although the international crude oil price hit a new high in April, the prices of non-ferrous metals and ores have corrected, which also reduced the year-on-year increase of PPI to a certain extent

in the last week of April, the price decline of some international bulk commodities pulled down the price of domestic means of production. According to the monitoring data released by the Ministry of Commerce before the May Day holiday, the domestic producers of mineral products, non-ferrous metals, steel and thermal insulation materials also said that the prices of rubber and light industrial raw materials had fallen, of which the prices of mineral products and non-ferrous metals fell by 1.7% and 1.1% respectively

Huang Lin, deputy director of Soochow Securities Research Institute, believes that the slowdown in import volume and price is also one of the reasons for the decline in PPI growth. In April, the price of international bulk commodities differentiated, and the comprehensive competitiveness of international raw oil prices into the park was significantly enhanced, hitting a new high. However, the prices of some non-ferrous and mineral bulk commodities fell back, easing the pressure of imported inflation to a certain extent; In addition, imports were weak in April, which also inhibited the increase of PPI in volume

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for the late PPI trend, Lu Zhengwei, a senior economist at industrial bank, believes that tight supply in the future may still put upward pressure on industrial product prices. Considering the influence of the base, the year-on-year increase of PPI in May may may continue to fall slightly, but it may rebound from June to July, and then it may enter the downward channel again

another factor supporting PPI is commodity prices. Analysts believe that under the general tone of relatively loose monetary policies in Europe and the United States, commodity prices will remain high, and imported inflation pressure will still be difficult to reduce, and this trend will also be reflected in the PPI data in the next few months

Sheng Laiyun also suggested that it should be noted that PPI was still rising in April, indicating that factory prices of industrial producers continued to rise