8月份中國PPI降幅顯著收窄 CPI漲幅低於預期

Factory gate prices in China fell the least since 2012 last month, signalling continued improvement in conditions for the country’s manufacturers as consumer prices rose less than expected.

上月，中國工業品出廠價格(PPI)出現自2012年以來的最低降幅，顯示出中國製造業的狀況繼續好轉，居民消費價格(CPI)漲幅則低於預期。

The official producer price index saw its softest fall since April 2012, contracting only 0.8 per cent year on year and performing markedly better than the drop of 1.8 per cent seen in July, according to the National Bureau of Statistics.

中國國家統計局數據顯示，PPI同比僅下降0.8%，降幅爲2012年4月以來最小，比7月份1.8%的降幅更是好得多。

The figure was largely in line with a median forecast of -0.9 per cent.

這一降幅與經濟學家預期的降幅中值0.9%基本相符。

In month-on-month terms producer prices rose 0.2 per cent for the second month running.

環比來看，PPI上漲了0.2%，與7月份的漲幅相同。

The annualised contractions in the extraction and raw materials categories were the sharpest at levels of -3.2 per cent and -2.3 per cent, respectively.

採掘和原材料工業的價格同比降幅最大，分別爲3.2%和2.3%。

But a headline figure for producer prices of daily necessities showed no change, neither rising nor falling as prices for food, clothing and daily necessities all saw expansion.

不過，生活資料總體價格沒有變化、既未上漲也未下跌，其中，食品、衣着和一般日用品價格都有上漲。

In an explanatory note released alongside the new figures the statistics bureau noted a pronounced base effect from the previous year had helped drive producer prices falls to moderate in July and August.

在與新數據一同發佈的解讀中，中國國家統計局指出，7、8月份受去年基數較低影響收窄幅度較大。

Meanwhile the official consumer price index rose 1.3 per cent last month, down from 1.8 per cent in July. That was also 0.4 percentage points below a median forecast from economists.

上月的CPI同比上漲1.3%，漲幅低於7月份的1.8%，比經濟學家的預期中值也低了0.4個百分點。

Pork prices rose 6.4 per cent year on year last month, adding 0.18 percentage points to the overall rise, or less than half their contribution in July.

上月豬肉價格同比上漲6.4%，爲CPI總體上漲貢獻0.18個百分點，不到7月份貢獻值的一半。

Vegetable prices were down 3.9 per cent for the period, pushing down the headline figure by 0.9 percentage points.

鮮菜價格下跌3.9%，把CPI拉低了0.9個百分點。

That brought food inflation to 1.5 per cent, while prices in transport and communication were down 1.2 per cent year on year thanks to low core inflation (which strips out energy and food prices) of around 1.6 per cent.

受此影響，食品菸酒價格同比上漲1.5%。剔除能源和食品價格的核心通脹率較低，爲1.6%；交通和通信價格同比下跌1.2%。

In month-on-month terms, meanwhile, consumer prices rose only 0.1 per cent, falling 0.5 percentage points from July.

環比來看，8月份CPI只上漲了0.1%，漲幅比7月份低了0.5個百分點。

The bureau noted vegetable prices were up 7.9 per cent at the end of August, but pork prices were down 1.2 per cent for the period.

鮮菜價格環比上漲7.9%，豬肉價格環比下跌1.2%。

In non-food goods, a drop in domestic oil prices helped push down expenses, though the cost of rent nationwide grew for the seventh month straight.

在非食品類的商品方面，國內油價的下滑幫助壓低了開支，儘管全國房租價格連續第7個月上漲。