Data released by the National Bureau of Statistics (NBS) on December 9 showed that in November, affected by the fall in international oil prices and weak demand in some industrial markets, the national PPI went from flat to down year-on-year, and the year-on-year rate of decline widened.
In November 2023, the national industrial producer factory prices fell 3.0% year-on-year, down 0.3% from a year earlier; industrial producer purchase prices fell 4.0% year-on-year, down 0.3% from a year earlier. Among them, the factory prices of chemical raw materials and chemical products manufacturing industry decreased by 6.8% year-on-year, down 0.9% from a year earlier; the prices of chemical raw materials category decreased by 6.3% year-on-year, down 0.8% from a year earlier.
From the ring comparison, PPI turned from flat in the previous month to a decline of 0.3%. The downward trend of international oil prices, driven by domestic oil and gas mining, oil coal and other fuel processing industry prices fell by 2.8%, 2.5%, together affecting the PPI ring down about 0.13 percentage points, accounting for more than 40% of the total decline. Nonferrous metal smelting and rolling processing industry prices fell 0.1%, of which copper smelting prices rose 0.4%, aluminum smelting prices fell 0.2%. Seasonal increase in demand for coal and natural gas, gas production and supply industry prices rose 1.4%, coal mining and washing industry prices rose 0.3%. The construction of major projects has been steadily advancing, with cement manufacturing prices rising by 1.4% and ferrous metal smelting and rolling processing industry prices rising by 1.1%. In the equipment manufacturing industry, the price of lithium-ion battery manufacturing fell by 1.7%, and the prices of computer communications and other electronic equipment manufacturing and automobile manufacturing industries all fell by 0.2%. In addition, prices in the agricultural food processing industry fell by 0.8%, and prices in the electricity and heat production and supply industry fell by 0.7%; prices in the food manufacturing industry were flat.
