On June 12, the National Bureau of Statistics released the national PPI (Industrial Producers Ex-factory Price Index) data for May 2024. In May, affected by factors such as the upward trend in some international commodity prices and the improvement of supply and demand relations in China's industrial product market, the national PPI turned from a decline to a month-on-month increase, and the year-on-year decline narrowed.

Data shows that in May 2024, the ex-factory price of industrial producers nationwide fell by 1.4% year-on-year, a decline of 1.1 percentage points narrower than the previous month, and a month-on-month increase of 0.2%, compared with a decrease of 0.2% in the previous month; the purchase price of industrial producers fell by 1.7%, a month-on-month increase of 0.3%. 1-5 On average, the ex-factory price of industrial producers fell by 2.4% compared with the same period last year, and the purchase price of industrial producers fell by 3.0%.

From a month-on-month perspective, PPI turned from a decline of 0.2% in the previous month to a rise of 0.2%, changing the continuous downward trend in the first six months. Among them, the price of coal mining and washing industry rose 0.5%, the price of oil and natural gas mining industry fell 2.1%, the price of oil, coal and other fuel processing industry rose 1%, and the price of chemical raw materials and chemical products manufacturing industry rose 0.1%.

On a year-on-year basis, PPI fell by 1.4%, and the decline narrowed by 1.1 percentage points from the previous month. Among them, the prices of coal mining and washing industries fell by 9.0%, the prices of chemical raw materials and chemical products manufacturing industries fell by 3.4%, and the prices of petroleum, coal and other fuel processing industries turned from a decline of 1.0% in the previous month to an increase of 3.4%. Oil and natural gas mining industry prices rose by 9.4%. Source: Sinochem New Network