--- title: "由于石油冲击推高了价格，中国摆脱了工厂通缩" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/282283379.md" description: "中国在经历了三年多的工厂通缩后已经走出困境，3 月份生产者价格上涨了 0.5%，这主要是由于与伊朗冲突相关的能源成本飙升。然而，消费者通胀降温至 1%，低于 2 月份的 1.3%。分析师指出，尽管生产者价格的上涨是一个积极的信号，但这可能并不意味着整体经济的改善，因为制造商在将更高成本转嫁给消费者方面面临困难，这可能导致利润变薄。北京的决策者将这一脱离通缩的情况视为稳定价格水平的一步" datetime: "2026-04-10T03:35:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282283379.md) - [en](https://longbridge.com/en/news/282283379.md) - [zh-HK](https://longbridge.com/zh-HK/news/282283379.md) --- # 由于石油冲击推高了价格，中国摆脱了工厂通缩 **Follow our live coverage here.** BEIJING - China exited factory deflation after more than three years, as energy costs surged when the war in Iran disrupted swaths of global energy supply. Producer prices rose 0.5 per cent in March from a year earlier after a drop of 0.9 per cent in the previous month, according to data released by the National Bureau of Statistics on April 10. The median estimate of economists surveyed by Bloomberg was 0.4 per cent. But consumer inflation cooled more than expected to 1 per cent, down from 1.3 per cent in February, as a seasonal boost from holiday spending petered out. The core consumer price index, which excludes volatile items such as food and energy, slipped to 1.1 per cent. The increase in producer prices is a result of “factors including a rapid surge in global commodities prices as well as improved supply-demand relationship in certain domestic industries,” NBS analyst Dong Lijuan said in a statement accompanying the data release. China has been trapped in a deflationary spiral since late 2022, as a manufacturing glut and sluggish domestic demand led to intense price wars that eroded company profits and slowed wage growth. But with energy costs soaring after the United States and Israeli attack on Iran and Tehran’s retaliation, China’s factory prices climbed above zero faster than expected at the start of 2026, likely ending a record streak of economy-wide deflation. Although China is more immune to oil shocks after years of investment in renewables and efforts to secure stable supplies, the disruption of global energy flows by the conflict in the Middle East is still driving up costs for producers. China already raised gasoline prices three times by roughly a quarter since the war began on Feb 28. An official exit from deflation will be welcome news for policymakers in Beijing, who have vowed to “steer general price levels back into positive territory” this year. A turnaround driven by higher commodity costs doesn’t mean the economy is better off. A one-time shock that comes without draining excess industrial capacity or revving up household spending could leave factories footing the bill. Manufacturers are already finding it difficult to pass on the higher costs to buyers and end up with even thinner profits. BLOOMBERG ### 相关股票 - [000300.CN](https://longbridge.com/zh-CN/quote/000300.CN.md) - [00HSI.HK](https://longbridge.com/zh-CN/quote/00HSI.HK.md) ## 相关资讯与研究 - [罗淑佩：全球经济出现阴霾 今年香港旅游市场指标至少做到过往的成绩](https://longbridge.com/zh-CN/news/282282635.md) - [中介 “整个假期都在忙” ！香港新房市场热度高 “大手客” 增多](https://longbridge.com/zh-CN/news/282034402.md) - [香港积金评级：3 月强积金人均亏约 2.13 万港元 为有记录以来最大单月亏损](https://longbridge.com/zh-CN/news/282125752.md) - [今年第二批 625 亿元超长期特别国债支持消费品以旧换新资金已于近日下达](https://longbridge.com/zh-CN/news/282276765.md) - [2026 期间正规实盘配资平台逐渐形成新的格局](https://longbridge.com/zh-CN/news/282192323.md)