--- title: "由於石油衝擊推高了價格，中國擺脱了工廠通縮" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/282283379.md" description: "中國在經歷了三年多的工廠通縮後已經走出困境，3 月份生產者價格上漲了 0.5%，這主要是由於與伊朗衝突相關的能源成本飆升。然而，消費者通脹降温至 1%，低於 2 月份的 1.3%。分析師指出，儘管生產者價格的上漲是一個積極的信號，但這可能並不意味着整體經濟的改善，因為製造商在將更高成本轉嫁給消費者方面面臨困難，這可能導致利潤變薄。北京的決策者將這一脱離通縮的情況視為穩定價格水平的一步" 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) --- # 由於石油衝擊推高了價格，中國擺脱了工廠通縮 **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 ### 相關股票 - [000300.CN](https://longbridge.com/zh-HK/quote/000300.CN.md) - [00HSI.HK](https://longbridge.com/zh-HK/quote/00HSI.HK.md) ## 相關資訊與研究 - [羅淑佩：全球經濟出現陰霾 今年香港旅遊市場指標至少做到過往的成績](https://longbridge.com/zh-HK/news/282282635.md) - [中介 “整個假期都在忙” ！香港新房市場熱度高 “大手客” 增多](https://longbridge.com/zh-HK/news/282034402.md) - [香港積金評級：3 月強積金人均虧約 2.13 萬港元 為有記錄以來最大單月虧損](https://longbridge.com/zh-HK/news/282125752.md) - [2026 期間正規實盤配資平台逐漸形成新的格局](https://longbridge.com/zh-HK/news/282192323.md) - [GUM：首季強積金整體下跌 2% 人均虧 6521 港元](https://longbridge.com/zh-HK/news/282146320.md)