In the first half of the year, the ex-factory prices of chemical raw materials and products fell by 9.4% year-on-year

The National Bureau of Statistics released the PPI (Industrial Producer Price Index) data for June 2023 on July 10. Affected by factors such as the continued decline in the prices of bulk commodities such as oil and coal and the high comparison base of the same period last year, the PPI chain and year-on-year average decline.

In June 2023, the ex-factory price of industrial producers nationwide decreased by 5.4% year-on-year and 0.8% month-on-month; the purchase price of industrial producers decreased by 6.5% year-on-year and 1.1% month-on-month.

From a month-on-month perspective, PPI fell by 0.8%, a decrease of 0.1 percentage points from the previous month. Among them, the price of means of production decreased 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 exploration industries, and chemical raw materials and chemical product manufacturing industries fell by 2.6%, 1.6%, and 2.6% respectively. The supply of coal and iron and steel was large, and the prices of coal mining and washing industry, ferrous metal smelting and rolling processing industry fell by 6.4% and 2.2% respectively.

From a year-on-year perspective, PPI fell by 5.4%, and the rate of decline expanded by 0.8 percentage points from the previous month. The increase in year-on-year decline was mainly due to the continued decline in the prices of petroleum, coal and other industries. Among them, the price of means of production fell by 6.8%, and the rate of decline expanded by 0.9 percentage points. Among the 40 industrial sectors surveyed, 25 saw their prices drop, one less than last month. Among major industries, oil and natural gas extraction, petroleum, coal and other fuel processing, chemical raw materials and chemical product manufacturing, and coal mining and washing dropped by 25.6%, 20.1%, 14.9% and 19.3% respectively.

In the first half of the year, the ex-factory price of industrial producers decreased by 3.1% over the same period of the previous year, and the purchase price of industrial producers decreased by 3.0%. Among them, the price of chemical raw materials and chemical products manufacturing industry fell by 9.4% year-on-year; the price of oil and natural gas mining industry fell by 13.5%; the price of petroleum, coal and other fuel processing industry fell by 8.1%.