<p>（第一財經）5 月 12 日——中國的消費和出廠價格在上個月同比均有所上漲，主要是由於國際油價波動推動了國內能源價格的上漲。</p>
<p>根據國家統計局昨日發佈的數據，4 月份消費者價格指數同比上漲 1.2%，高於上個月的 1% 的同比增幅。按月計算，CPI 在上個月增長了 0.3%，扭轉了 3 月份 0.7% 的下降。</p>
<p>4 月份，中國能源價格同比上漲 5.7%，汽油價格較上月上漲 12.6%。由於清明節、勞動節假期以及部分地區的春假，旅遊服務需求在上個月激增，推動機票價格較 3 月份上漲 29%，酒店價格上漲 3.9%。</p>
<p>食品價格下降 1.6%，因為新鮮蔬菜和豬肉的供應保持穩定，給 CPI 施加了下行壓力。</p>
<p>剔除食品和能源價格的核心 CPI 在 4 月份同比上漲 1.2%，與 3 月份基本持平。</p>
<p>黃金信用評級國際公司的首席宏觀經濟分析師王青表示，上個月 CPI 的上漲總體符合季節性模式，儘管受到進口通脹的影響，但國內價格並未發生根本性變化。消費品市場仍然呈現出 “供強需弱” 的格局，表明仍有進一步支持政策的空間。</p>
<p>王預計 5 月份的 CPI 同比增長可能上升至約 1.4%。</p>
<p>出廠價格</p>
<p>根據國家統計局的數據，4 月份生產者價格指數同比激增 2.8%，相比 3 月份的 0.5% 增幅，主要受到能源和化工產業鏈的推動。PPI 按月上漲 1.7%，高於該期間的 1%。</p>
<p>國際油價上漲推動了上個月石油和天然氣開採成本較前一個月上漲近 19%，而石油、煤炭及其他燃料加工行業則經歷了超過 16% 的增長。光纖製造價格在此期間飆升 23%，得益於國內對計算能力的快速增長。</p>
<p>鋰離子電池的製造價格微漲 1.6%，而新能源汽車的降幅收窄了 0.7 個百分點，顯示出遏制內卷式競爭的努力正在見效。</p>
<p>根據中國國際資本公司的分析，4 月份的 PPI 增幅超出預期，價格上漲主要集中在能源和化工產業鏈。由於美國與伊朗之間的停火談判仍在進行中，國際油價可能會在高位保持波動。</p>
<p>中金公司認為，未來兩個月 PPI 和 CPI 仍有同比上升的潛力。</p>
<p>長江證券首席經濟學家吳戈表示，油價衝擊的全球傳導效應開始顯現，多個經濟體的 PPI 出現顯著上漲。歷史上，成本衝擊後價格上漲預期的完全實現存在滯後，可能峯值尚未到來。</p>
<p>王指出，價格變化意味着宏觀經濟政策的重點將逐漸轉向價格穩定。因此，推出穩定增長政策的時機可能會被推遲。</p>
<p>編輯：Futura Costaglione</p>

上證指數

匯添富滬深300指數(LOF)C

銀華滬深300指數A

浙商滬深300指數增強(LOF)A

<p>中國的消費和出廠價格在四月份上漲，主要受到國際油價波動導致的能源價格飆升的推動。消費者價格指數（CPI）同比增長 1.2%，而生產者價格指數（PPI）則激增 2.8%。能源價格上漲 5.7%，汽油價格上漲 12.6%。儘管價格上漲，食品價格卻下降了 1.6%。分析師建議，CPI 和 PPI 在未來幾個月可能會繼續上漲，這表明宏觀經濟政策的重點可能會轉向價格穩定</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>（第一財經）5 月 12 日——中國的消費和出廠價格在上個月同比均有所上漲，主要是由於國際油價波動推動了國內能源價格的上漲。</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>根據國家統計局昨日發佈的數據，4 月份消費者價格指數同比上漲 1.2%，高於上個月的 1% 的同比增幅。按月計算，CPI 在上個月增長了 0.3%，扭轉了 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，中國能源價格同比上漲 5.7%，汽油價格較上月上漲 12.6%。由於清明節、勞動節假期以及部分地區的春假，旅遊服務需求在上個月激增，推動機票價格較 3 月份上漲 29%，酒店價格上漲 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>食品價格下降 1.6%，因為新鮮蔬菜和豬肉的供應保持穩定，給 CPI 施加了下行壓力。</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>剔除食品和能源價格的核心 CPI 在 4 月份同比上漲 1.2%，與 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>黃金信用評級國際公司的首席宏觀經濟分析師王青表示，上個月 CPI 的上漲總體符合季節性模式，儘管受到進口通脹的影響，但國內價格並未發生根本性變化。消費品市場仍然呈現出 “供強需弱” 的格局，表明仍有進一步支持政策的空間。</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>王預計 5 月份的 CPI 同比增長可能上升至約 1.4%。</p>
</div><p>Factory Gate Prices</p>
<div class="lb-trans"><p>出廠價格</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>根據國家統計局的數據，4 月份生產者價格指數同比激增 2.8%，相比 3 月份的 0.5% 增幅，主要受到能源和化工產業鏈的推動。PPI 按月上漲 1.7%，高於該期間的 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>國際油價上漲推動了上個月石油和天然氣開採成本較前一個月上漲近 19%，而石油、煤炭及其他燃料加工行業則經歷了超過 16% 的增長。光纖製造價格在此期間飆升 23%，得益於國內對計算能力的快速增長。</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>鋰離子電池的製造價格微漲 1.6%，而新能源汽車的降幅收窄了 0.7 個百分點，顯示出遏制內卷式競爭的努力正在見效。</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>根據中國國際資本公司的分析，4 月份的 PPI 增幅超出預期，價格上漲主要集中在能源和化工產業鏈。由於美國與伊朗之間的停火談判仍在進行中，國際油價可能會在高位保持波動。</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>中金公司認為，未來兩個月 PPI 和 CPI 仍有同比上升的潛力。</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>長江證券首席經濟學家吳戈表示，油價衝擊的全球傳導效應開始顯現，多個經濟體的 PPI 出現顯著上漲。歷史上，成本衝擊後價格上漲預期的完全實現存在滯後，可能峯值尚未到來。</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，價格變化意味着宏觀經濟政策的重點將逐漸轉向價格穩定。因此，推出穩定增長政策的時機可能會被推遲。</p>
</div><p>Editor: Futura Costaglione</p>
<div class="lb-trans"><p>編輯：Futura Costaglione</p>
</div>

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

- 4 月份，中國 CPI 同比上漲 1.2%，主要因國際油價波動影響能源價格。  
- PPI 同比激增 2.8%，受能源和化工產業推動。  
- 專家預計未來 CPI 和 PPI 仍有上升潛力，宏觀政策或將調整。

由於能源價格飆升，中國的消費者價格和工廠出廠價格在四月份上漲