According to the latest data released by the National Bureau of Statistics, in January 2017, the national industrial producer price increased by 6.9% year-on-year and 0.8% month-on-month. The purchasing price of industrial producers increased by 8.4% year-on-year and 1.2% month-on-month.
Sheng Guoqing, senior statistician of the Urban Department of the National Bureau of Statistics, believes that from a month-on-month perspective, PPI rose by 0.8% in January. The increase fell back after four consecutive months of expansion, 0.8 percentage points smaller than in December 2016. Among them, the price of means of production increased by 1.1%, an increase of 0.9 percentage points smaller than the previous month; the price of means of living increased by 0.2%, an increase of 0.1 percentage points smaller than the previous month. From the perspective of major industries, first, the prices of ferrous metal smelting and rolling processing, chemical raw materials and chemical products manufacturing, coal mining and washing, non-ferrous metal smelting and rolling processing industry prices increased by 2.1%, 1.8%, 1.7% and 0.1% respectively from the previous month. The increases were 5.9, 0.7, 1.7 and 2.3 percentage points respectively smaller than last month. The total impact on PPI was about 0.3 percentage points month-on-month, and the impact on PPI was 0.7 percentage points lower than last month. Second, affected by the rise in international crude oil prices, oil and Prices in natural gas extraction and petroleum processing industries increased by 10.4% and 3.9% month-on-month respectively, which together affected the month-on-month increase in PPI by about 0.3 percentage points.
(Jiangxi New Materials Co., Ltd.)
From a year-on-year perspective, PPI rose by 6.9% in January, an increase of 1.4 percentage points larger than that in December 2016. Among the 40 major industrial industries surveyed, product prices in 33 industries increased year-on-year, one more than last month. Among them, the prices of oil and natural gas mining, coal mining and washing, ferrous metal smelting and rolling processing, petroleum processing, non-ferrous metal smelting and rolling processing, chemical raw materials and chemical products manufacturing industry prices increased by 58.5%, 38.4%, 37.7% year-on-year respectively. 24.4%, 17.3% and 9.2%. The increases were 38.8, 4.4, 2.7, 7.8, 0.2 and 2.6 percentage points respectively compared with the previous month. The total impact on PPI increased by about 5.7 percentage points year-on-year, accounting for 82.6% of the total increase.
According to calculations, in the 6.9% year-on-year increase in PPI in January, the tail-off impact of last year’s price changes was approximately 6.1 percentage points, and the impact of new price increases was approximately 0.8 percentage points.
