6月中国通胀数据现分歧 China inflationary trends diverge further

Chinese consumer prices accelerated last Month but the deflationary slump for producers deepened.

上个月中国消费品价格加速上涨。不过，生产商的通货紧缩却进一步加剧。

China's consumer price index ticked up to a year-on-year pace of 1.4 per cent in June, from 1.2 per cent in May, according to the government's official figures. That was just above the 1.3 per cent pace predicted by forecasters.

根据中国政府的官方数据，6月份中国居民消费价格指数同比上涨1.4%，略高于预测者给出的1.3%的涨幅。

The reading is nevertheless below Beijing's target of "around 3 per cent" this year.

不过，这一读数仍低于中国政府提出的今年令通胀率达到“3%左右”的目标。

"Consumer price inflation in China has reached the bottom of the cycle, but upward pressure remains minimal," said Moody's Analytics before the release. They added:“In the near term, inflation will remain low and stable on account of low input prices, such as for food and energy, and soft demand. Policy easing measures are enabling a rebound in housing and other sectors, and this should boost confidence and consumer spending over time, which should lead to a rebound in inflation.”

在数据发布之前，穆迪分析(Moody's Analytics)表示：“中国消费品价格指数(CPI)已到达周期底部，不过上行压力依然很小。”他们补充说：“在近期内，由于较低的输入价格（比如食品和能源的价格）和疲软的需求，通胀率将处于低位并保持稳定。政策性宽松举措正在为楼市和其他产业的反弹创造条件。随着时间的演变，这些举措应该会提振人们的信心，提升消费开支，从而令通胀率止跌回升。”

Producer prices, meanwhile, deflated for a 40th consecutive month, falling 4.8 per cent year on year. A month earlier the pace was -4.6 per cent.

与此同时，已连续下降40个月的工业生产者出厂价格，同比下跌了4.8%。相比之下，上个月的跌幅则为4.6%。

The sustained decline in producer prices reflects the downturn in China's housing market, which had led to excess supply of the materials used in the housing boom.

生产者价格指数的持续下跌，反映了中国楼市的低迷，这种低迷行情导致楼市繁荣时期用到的多种原料供应过剩。