<p>（第一财经）5 月 12 日——中国的消费和出厂价格在上个月同比均有所上涨，主要是由于国际油价波动推动了国内能源价格的上涨。</p>
<p>根据国家统计局昨日发布的数据，4 月份消费者价格指数同比上涨 1.2%，高于上个月的 1% 的同比增幅。按月计算，CPI 在上个月增长了 0.3%，扭转了 3 月份 0.7% 的下降。</p>
<p>4 月份，中国能源价格同比上涨 5.7%，汽油价格较上月上涨 12.6%。由于清明节、劳动节假期以及部分地区的春假，旅游服务需求在上个月激增，推动机票价格较 3 月份上涨 29%，酒店价格上涨 3.9%。</p>
<p>食品价格下降 1.6%，因为新鲜蔬菜和猪肉的供应保持稳定，给 CPI 施加了下行压力。</p>
<p>剔除食品和能源价格的核心 CPI 在 4 月份同比上涨 1.2%，与 3 月份基本持平。</p>
<p>黄金信用评级国际公司的首席宏观经济分析师王青表示，上个月 CPI 的上涨总体符合季节性模式，尽管受到进口通胀的影响，但国内价格并未发生根本性变化。消费品市场仍然呈现出 “供强需弱” 的格局，表明仍有进一步支持政策的空间。</p>
<p>王预计 5 月份的 CPI 同比增长可能上升至约 1.4%。</p>
<p>出厂价格</p>
<p>根据国家统计局的数据，4 月份生产者价格指数同比激增 2.8%，相比 3 月份的 0.5% 增幅，主要受到能源和化工产业链的推动。PPI 按月上涨 1.7%，高于该期间的 1%。</p>
<p>国际油价上涨推动了上个月石油和天然气开采成本较前一个月上涨近 19%，而石油、煤炭及其他燃料加工行业则经历了超过 16% 的增长。光纤制造价格在此期间飙升 23%，得益于国内对计算能力的快速增长。</p>
<p>锂离子电池的制造价格微涨 1.6%，而新能源汽车的降幅收窄了 0.7 个百分点，显示出遏制内卷式竞争的努力正在见效。</p>
<p>根据中国国际资本公司的分析，4 月份的 PPI 增幅超出预期，价格上涨主要集中在能源和化工产业链。由于美国与伊朗之间的停火谈判仍在进行中，国际油价可能会在高位保持波动。</p>
<p>中金公司认为，未来两个月 PPI 和 CPI 仍有同比上升的潜力。</p>
<p>长江证券首席经济学家吴戈表示，油价冲击的全球传导效应开始显现，多个经济体的 PPI 出现显著上涨。历史上，成本冲击后价格上涨预期的完全实现存在滞后，可能峰值尚未到来。</p>
<p>王指出，价格变化意味着宏观经济政策的重点将逐渐转向价格稳定。因此，推出稳定增长政策的时机可能会被推迟。</p>
<p>编辑：Futura Costaglione</p>

上证指数

汇添富沪深300指数(LOF)C

银华沪深300指数A

浙商沪深300指数增强(LOF)A

<p>中国的消费和出厂价格在四月份上涨，主要受到国际油价波动导致的能源价格飙升的推动。消费者价格指数（CPI）同比增长 1.2%，而生产者价格指数（PPI）则激增 2.8%。能源价格上涨 5.7%，汽油价格上涨 12.6%。尽管价格上涨，食品价格却下降了 1.6%。分析师建议，CPI 和 PPI 在未来几个月可能会继续上涨，这表明宏观经济政策的重点可能会转向价格稳定</p>

<p>(Yicai) May 12 -- Both consumer and factory gate prices in China increased last month from a year earlier, mainly because fluctuation in international oil prices pushed domestic energy prices up.</p>
<div class="lb-trans"><p>（第一财经）5 月 12 日——中国的消费和出厂价格在上个月同比均有所上涨，主要是由于国际油价波动推动了国内能源价格的上涨。</p>
</div><p>The consumer price index rose 1.2 percent in April from a year earlier, up from a 1 percent year-on-year increase the previous month, according to data released by the National Bureau of Statistics yesterday. On a monthly basis, the CPI expanded 0.3 percent last month, reversing a 0.7 percent decline in March.</p>
<div class="lb-trans"><p>根据国家统计局昨日发布的数据，4 月份消费者价格指数同比上涨 1.2%，高于上个月的 1% 的同比增幅。按月计算，CPI 在上个月增长了 0.3%，扭转了 3 月份 0.7% 的下降。</p>
</div><p>Chinese energy prices climbed 5.7 percent in April from the same period last year, with gasoline prices up 12.6 percent from the month before. Demand for travel services soared last month, given the Tomb Sweeping Festival, Labor Day holidays, and spring break in some regions, driving air ticket prices by 29 percent and hotel prices by 3.9 percent from March.</p>
<div class="lb-trans"><p>4 月份，中国能源价格同比上涨 5.7%，汽油价格较上月上涨 12.6%。由于清明节、劳动节假期以及部分地区的春假，旅游服务需求在上个月激增，推动机票价格较 3 月份上涨 29%，酒店价格上涨 3.9%。</p>
</div><p>Food prices dropped 1.6 percent as the supply of fresh vegetables and pork remained stable, exerting downward pressure on the CPI.</p>
<div class="lb-trans"><p>食品价格下降 1.6%，因为新鲜蔬菜和猪肉的供应保持稳定，给 CPI 施加了下行压力。</p>
</div><p>The core CPI, which excludes food and energy prices, increased 1.2 percent in April from a year earlier, remaining largely unchanged from March.</p>
<div class="lb-trans"><p>剔除食品和能源价格的核心 CPI 在 4 月份同比上涨 1.2%，与 3 月份基本持平。</p>
</div><p>The CPI rise last month is generally in line with seasonal patterns, as domestic prices have not fundamentally changed despite the impact of imported inflation, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International. The consumer goods market still exhibits a ‘strong supply and weak demand’ pattern, indicating that there is still room for further supporting policies, he added.</p>
<div class="lb-trans"><p>黄金信用评级国际公司的首席宏观经济分析师王青表示，上个月 CPI 的上涨总体符合季节性模式，尽管受到进口通胀的影响，但国内价格并未发生根本性变化。消费品市场仍然呈现出 “供强需弱” 的格局，表明仍有进一步支持政策的空间。</p>
</div><p>Wang expects the year-on-year CPI growth in May to potentially rise to around 1.4 percent.</p>
<div class="lb-trans"><p>王预计 5 月份的 CPI 同比增长可能上升至约 1.4%。</p>
</div><p>Factory Gate Prices</p>
<div class="lb-trans"><p>出厂价格</p>
</div><p>The producer price index surged 2.8 percent in April from a year ago, compared with a 0.5 percent increase in March, primarily driven by the energy and chemical industry chain, according to NBS data. The PPI rose 1.7 percent on a monthly basis, up from 1 percent in the period.</p>
<div class="lb-trans"><p>根据国家统计局的数据，4 月份生产者价格指数同比激增 2.8%，相比 3 月份的 0.5% 增幅，主要受到能源和化工产业链的推动。PPI 按月上涨 1.7%，高于该期间的 1%。</p>
</div><p>Rising international oil prices pushed the oil and natural gas extraction costs up by nearly 19 percent last month from the previous one, while the petroleum, coal, and other fuel processing industries experienced an over 16 percent increase. Optical fiber manufacturing prices soared 23 percent in the period, buoyed by the rapid growth in domestic demand for computing power.</p>
<div class="lb-trans"><p>国际油价上涨推动了上个月石油和天然气开采成本较前一个月上涨近 19%，而石油、煤炭及其他燃料加工行业则经历了超过 16% 的增长。光纤制造价格在此期间飙升 23%，得益于国内对计算能力的快速增长。</p>
</div><p>Manufacturing prices for lithium-ion batteries inched up 1.6 percent, while the rate of decline for new energy vehicles narrowed by 0.7 percentage points, showing that efforts to curb involution-style competition are taking effect.</p>
<div class="lb-trans"><p>锂离子电池的制造价格微涨 1.6%，而新能源汽车的降幅收窄了 0.7 个百分点，显示出遏制内卷式竞争的努力正在见效。</p>
</div><p>The PPI increase in April exceeded expectations, with price hikes highly concentrated in the energy and chemical industry chain, according to China International Capital Corporation. As ceasefire negotiations between the United States and Iran are still ongoing, international oil prices are likely to remain volatile at high levels.</p>
<div class="lb-trans"><p>根据中国国际资本公司的分析，4 月份的 PPI 增幅超出预期，价格上涨主要集中在能源和化工产业链。由于美国与伊朗之间的停火谈判仍在进行中，国际油价可能会在高位保持波动。</p>
</div><p>CICC believes that both the PPI and CPI still have upward potential year-on-year over the next two months.</p>
<div class="lb-trans"><p>中金公司认为，未来两个月 PPI 和 CPI 仍有同比上升的潜力。</p>
</div><p>The global transmission effect of oil price shocks is beginning to manifest, with several economies experiencing significant rises in PPIs, said Wu Ge, chief economist at Changjiang Securities. Historically, there is a lag in the full realization of price increase expectations following cost shocks, and it is possible that the peak is yet to come, he added.</p>
<div class="lb-trans"><p>长江证券首席经济学家吴戈表示，油价冲击的全球传导效应开始显现，多个经济体的 PPI 出现显著上涨。历史上，成本冲击后价格上涨预期的完全实现存在滞后，可能峰值尚未到来。</p>
</div><p>Changes in prices imply that the focus of macroeconomic policy will gradually shift towards price stabilization, Wang noted. As a result, the timing for the introduction of growth-stabilizing policies may be postponed.</p>
<div class="lb-trans"><p>王指出，价格变化意味着宏观经济政策的重点将逐渐转向价格稳定。因此，推出稳定增长政策的时机可能会被推迟。</p>
</div><p>Editor: Futura Costaglione</p>
<div class="lb-trans"><p>编辑：Futura Costaglione</p>
</div>

China’s Consumer, Factory Gate Prices Rise in April Amid Surging Energy Prices

- 4 月份，中国 CPI 同比上涨 1.2%，主要因国际油价波动影响能源价格。  
- PPI 同比激增 2.8%，受能源和化工产业推动。  
- 专家预计未来 CPI 和 PPI 仍有上升潜力，宏观政策或将调整。

由于能源价格飙升，中国的消费者价格和工厂出厂价格在四月份上涨