On July 10th, the PPI (Industrial Producer Factory Price Index) data for June 2023 was released. Affected by the continued decline in commodity prices such as oil and coal, as well as the high year-on-year comparison base, the PPI decreased both month on month and year on year.
In June 2023, the factory prices of industrial producers nationwide decreased by 5.4% year-on-year and 0.8% month on month; The purchasing prices of industrial producers decreased by 6.5% year-on-year and 1.1% month on month.
From a month on month perspective, the PPI decreased by 0.8%, which is 0.1 percentage points narrower than the previous month. Among them, the price of Means of production fell by 1.1%. Affected by the continued decline in crude oil prices in the international market, the prices of petroleum, coal and other fuel processing industries, oil and natural gas extraction industries, and chemical raw material and chemical product manufacturing industries have decreased by 2.6%, 1.6%, and 2.6%, respectively. The supply of coal and steel is large, and the prices of Coal mining and washing industry, Ferrous smelting and rolling processing industry decreased by 6.4% and 2.2% respectively.
From a year-on-year perspective, the PPI decreased by 5.4%, an increase of 0.8 percentage points compared to the previous month. The year-on-year decrease was mainly affected by the continued decline in prices in industries such as oil and coal. Among them, the price of Means of production decreased by 6.8%, with a decrease of 0.9 percentage points. Among the 40 major categories of industrial industries surveyed, 25 showed a decrease in prices, a decrease of 1 compared to the previous month. Among the main industries, the prices of oil and gas exploitation, petroleum coal and other fuel processing, chemical raw materials and chemical products manufacturing, Coal mining and washing decreased by 25.6%, 20.1%, 14.9% and 19.3% respectively.
In the first half of the year, the factory prices of industrial producers decreased by 3.1% compared to the same period last year, and the purchase prices of industrial producers decreased by 3.0%. Among them, the prices of chemical raw materials and chemical product manufacturing decreased by 9.4% year-on-year; The prices of the oil and gas extraction industry have decreased by 13.5%; The prices of petroleum, coal, and other fuel processing industries have decreased by 8.1%.