Recently, the National Bureau of Statistics released the data of industrial producer prices in July 2024. In July, producer prices fell 0.8% year-on-year and 0.2% month-on-month, both the same declines as the previous month. The purchasing prices of industrial producers fell by 0.1% both year-on-year and month-on-month. From January to July, the average producer price was down by 2.0%, and the purchasing price of industrial producers was down by 2.2%.
1. Year-on-year changes in industrial producer prices in July
Among the ex-factory prices of industrial producers, the price of means of production fell by 0.7%, affecting the overall level of ex-factory prices of industrial producers to fall by about 0.52 percentage points. Among them, the prices of the extractive industry increased by 3.5%, the prices of the raw material industry increased by 1.8%, and the prices of the processing industry decreased by 2.1%. The price of means of subsistence fell by 1.0%, affecting the overall level of producer prices to fall by about 0.26 percentage points. Among them, food prices fell 0.7 percent, clothing prices fell 0.5 percent, general commodity prices fell 0.3 percent, and durable consumer goods prices fell 2.0 percent.
2. July industrial producer prices month-on-month changes
Among the ex-factory prices of industrial producers, the prices of means of production fell by 0.3%, affecting the overall level of ex-factory prices of industrial producers to fall by about 0.23 percentage points. Among them, the prices of the extractive industry increased by 0.7%, the prices of the raw material industry decreased by 0.2%, and the prices of the processing industry decreased by 0.4%. Prices of means of subsistence were flat. Among them, food prices fell 0.2 percent, clothing and general daily necessities prices rose 0.1 percent, and durable consumer goods prices rose 0.2 percent.
It is worth noting that in July 2024, the factory prices of industrial producers in the printing and recording media reproduction industry fell by 1.5% year-on-year, and the factory prices of industrial producers in the printing and recording media reproduction industry fell by 1.3% year-on-year from January to July. In July 2024, industrial producer prices in the paper and paper products industry fell by 2.6% year-on-year, and industrial producer prices in the paper and paper products industry fell by 4.3% year-on-year from January to July.
