Financial Focus | August CPI and PPI increase "scissors gap" widened, how to make efforts to ensure supply and stable prices?

The National Bureau of Statistics released data on the 9th. In August, the national consumer price index (CPI) rose by 0.8% year-on-year, and the industrial producer price index (PPI) rose by 9.5% year-on-year. The "scissors gap" between the two increases increased. This shows that the high prices of raw materials over the past few months have not materially transmitted to the prices of end consumer goods. The development of mid- and downstream enterprises may face greater pressure and challenges, and continued efforts are needed to ensure supply and stable prices.

From the statistical data, my country's price movement is generally stable. In the first eight months, CPI rose by 0.6% year-on-year, which was lower than 's macro-control expected target. Among them, in August, the CPI growth rate dropped 0.2% from the previous month.

Picture source: National Bureau of Statistics

According to Wang Likun, an associate researcher at the Institute of Market Economy, Development Research Center of the State Council, in August, pork prices fell by 44.9% year-on-year, which was an increase of 1.4 percentage points from July. The main reason for the fall in CPI growth.

is different from the moderate increase in CPI. Since the beginning of this year, PPI has continued to increase, and in August it hit a new high of 9.5% in recent years.

National Bureau of Statistics spokesperson Fu Linghui previously analyzed that due to the global economic recovery, the tight supply of bulk commodities in major raw material producing countries, the fiscal stimulus of some major developed economies, and the relatively ample currency liquidity, bulk commodity prices are running at a high level. Will continue.

Picture source: National Bureau of Statistics

Continuously high commodity prices have pushed up the production costs of mid- and downstream enterprises and squeezed their profit margins. In particular, most small and medium-sized enterprises are located in the middle and lower reaches of the industrial chain, and their bargaining power is not strong, and their ability to transmit and digest the rising cost of raw materials is relatively weak, and the impact is relatively large.

"Compared with the beginning of last year, the cost of raw materials has risen by nearly 30%." Sun Yang, marketing director of Anhui Dahan Robot Group, said that due to rising production costs, they appropriately adjusted the export prices of some products, which led to a decrease in some foreign orders.

Sun Yang said,On the one hand, on the basis of not affecting product quality, the company chooses as many domestic alternative raw materials as possible, and further reduces the scale of production; on the other hand, it increases product research and development, optimizes production processes and product design, improves production efficiency, and takes multiple measures. , To ensure stable production.

In response to issues such as rising production and operating costs, increased accounts receivable, and the impact of the epidemic caused by high commodity prices, the executive meeting of the State Council held on September 1 pointed out that it has already introduced a policy basis for benefiting enterprises. In order to keep the economy operating within a reasonable range, further measures will be taken to stabilize market players, stabilize employment, and maintain economic operations.

To solve the problem of financing difficulties and expensive financing for small, medium and micro enterprises, the conference proposed a number of assistance measures. This year, an additional 300 billion yuan of will be added to the small reloan line to support local corporate banks to small and micro enterprises and individuals Industrial and commercial households issue loans; promote banks to issue more inclusive small and micro credit loans, etc.

Previously, in order to stabilize the price trend of bulk commodities, relevant departments have adopted measures such as raising export tariffs on some steel products, severely investigating illegal activities such as price hikes, and placing national reserves such as copper, aluminum and zinc. The rapid rise of some bulk commodities has been effectively curbed.

Since the beginning of this year, the steel industry has faced risks such as high raw material costs, heavy environmental pressures, and intensified international competition. Steel prices have fluctuated sharply, and the industrial chain, especially mid- and downstream companies, have become more demanding for hedging.

A few days ago, the Shanghai Futures Exchange and Baowu Group and its subsidiary Ouyeel Yunshang have cooperated to launch the pilot business of "Futures Stabilization Orders". Through Baowu Group to provide physical enterprises with spot supply guarantee, and the Shanghai Futures Exchange to provide physical enterprises with tools to reduce the risk of price fluctuations, to achieve "baowu guarantee supply and futures price stability".

Faced with the expectation of continuously rising commodity prices, a series of policies have been intensively introduced from the central to the local level to ensure supply and price stability, which provides strong support for boosting the confidence of market entities and stabilizing market expectations.

"In the future, PPI may continue to fluctuate at a high level in the short term. Later, as the effects of policy measures such as increased coal production and supply, the release of bulk commodity reserves, and corrective campaigns of ‘carbon reduction’ appear, the PPI is expected to tend to fall." China Macroeconomic Research Institute Director of the Comprehensive Situation Office Guo Liyan suggested that we must continue to increase the efforts to ensure supply and price stabilization, strengthen the two-way adjustment of supply and demand, study and timely introduce some continuation policies after the expiration of preferential enterprise policies, and increase downstream The support of industries, small, medium and micro enterprises will stabilize the market and maintain the overall price stability. (Reporters Wei Yukun, Zou Duowei, Chen Aiping)

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