The latest data from the National Bureau of Statistics shows that in August 2022, the price trend of industrial products will decline as a whole due to the transmission of international crude oil, nonferrous metals and other bulk commodity price fluctuations, weak market demand in some domestic industries and other factors. The month on month decline of the National Industrial Producer Price Index (PPI) narrowed slightly, and the year-on-year growth continued to fall. Among them, the price of the mining industry fell 4.5% month on month.
On a month on month basis, PPI fell by 1.2%, 0.1 percentage point lower than that of last month. Among them, the price of means of production decreased by 1.6%, affecting the decline of PPI by 1.18 percentage points; The price of means of living decreased by 0.1%, affecting the decline of PPI by about 0.03 percentage points. In the main industries, the prices of oil and natural gas mining industry decreased by 7.3%, the prices of petroleum, coal and other fuel processing industry decreased by 4.8%, and the prices of coal mining and washing industry decreased by 4.3%, all of which had a larger decline; Driven by infrastructure investment, the demand of some industries has improved slightly. The prices of ferrous metal smelting and rolling processing industries have decreased by 4.1%, the prices of nonferrous metal smelting and rolling processing industries have decreased by 2.0%, and the prices of non-metallic mineral products industries have decreased by 1.0%, all of which have narrowed; Affected by the hot weather, the demand for electricity has increased, and the price of power and heat production and supply industry has changed from a decline of 1.1% to a rise of 0.3%.
From a year-on-year perspective, PPI rose by 2.3%, 1.9 percentage points lower than that of last month. Among them, the price of means of production increased by 2.4%, which affected the increase of PPI by 1.87 percentage points, and was the main driving force behind the increase of PPI; The price of means of living increased by 1.6%, which affected the increase of PPI by 0.38 percentage points. Among the major upstream industries, the price increase of coal mining and washing, oil and gas mining, oil and coal and other fuel processing, chemical raw materials and chemical products manufacturing fell back, the price decrease of ferrous metal smelting and rolling processing industry expanded, and the price of nonferrous metal smelting and rolling processing industry decreased from increase to decrease, which partially relieved the cost pressure of middle and downstream enterprises.
Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, said that the year-on-year decline of PPI was mainly affected by three factors, in addition to the higher base of comparison in the same period of last year:
1. International crude oil, non-ferrous metals and other bulk commodity prices fluctuated downward, and domestic import price transmission pressure eased.
2. The effect of increasing production and ensuring supply in coal and other industries continued to show, and market supply was effectively guaranteed.
3. Affected by multiple factors, the demand for steel and other industries is weak.
