6月中國通脹數據現分歧 China inflationary trends diverge further

Chinese consumer prices accelerated last Month but the deflationary slump for producers deepened.

上個月中國消費品價格加速上漲。不過，生產商的通貨緊縮卻進一步加劇。

China's consumer price index ticked up to a year-on-year pace of 1.4 per cent in June, from 1.2 per cent in May, according to the government's official figures. That was just above the 1.3 per cent pace predicted by forecasters.

根據中國政府的官方數據，6月份中國居民消費價格指數同比上漲1.4%，略高於預測者給出的1.3%的漲幅。

The reading is nevertheless below Beijing's target of "around 3 per cent" this year.

不過，這一讀數仍低於中國政府提出的今年令通脹率達到“3%左右”的目標。

"Consumer price inflation in China has reached the bottom of the cycle, but upward pressure remains minimal," said Moody's Analytics before the release. They added:“In the near term, inflation will remain low and stable on account of low input prices, such as for food and energy, and soft demand. Policy easing measures are enabling a rebound in housing and other sectors, and this should boost confidence and consumer spending over time, which should lead to a rebound in inflation.”

在數據發佈之前，穆迪分析(Moody's Analytics)表示：“中國消費品價格指數(CPI)已到達週期底部，不過上行壓力依然很小。”他們補充說：“在近期內，由於較低的輸入價格（比如食品和能源的價格）和疲軟的需求，通脹率將處於低位並保持穩定。政策性寬鬆舉措正在爲樓市和其他產業的反彈創造條件。隨着時間的演變，這些舉措應該會提振人們的信心，提升消費開支，從而令通脹率止跌回升。”

Producer prices, meanwhile, deflated for a 40th consecutive month, falling 4.8 per cent year on year. A month earlier the pace was -4.6 per cent.

與此同時，已連續下降40個月的工業生產者出廠價格，同比下跌了4.8%。相比之下，上個月的跌幅則爲4.6%。

The sustained decline in producer prices reflects the downturn in China's housing market, which had led to excess supply of the materials used in the housing boom.

生產者價格指數的持續下跌，反映了中國樓市的低迷，這種低迷行情導致樓市繁榮時期用到的多種原料供應過剩。