6 月份中国的消费者价格增速低于预期,，而由于能源成本上涨继续削弱国内需求，批发通胀加速,。
China的 consumer prices grew slower than expected in June, while wholesale inflation accelerated, as elevated energy costs continued to sap domestic demand.
根据国家统计局周四公布的数据，6 月份消费者价格同比上涨 1%,，未达到经济学家 路透调查, 预测的 1.1% 增长，并且比 5 月份的 1.2%, 有所放缓。
Consumer prices rose 1% in June from a year ago, missing economists estimates of 1.1% growth in a Reuters poll, and slowing from 1.2% in May, according to data released by the National Bureau of Statistics on Thursday.
不包括波动较大的食品和能源价格, 的核心 CPI, 6 月份同比也上涨 1%,，较 5 月份的 1.1% 涨幅小幅回落。食品价格较上年同期下降 1.6%,，较 5 月份的 1.7% 降幅有所放缓。
Core CPI, excluding volatile food and energy prices, also rose 1% in June from a year earlier, edging down from the 1.1% increase in May. Food prices declined 1.6% from a year earlier, easing from a fall of 1.7% in May.
The producer price index jumped 4.1% from a year earlier, in line with economists forecast and outpacing May的 3.9%. That marked the strongest growth since July 2022, according to LSEG data. On a month-on-month basis, however, PPI declined 0.3%, official data showed.
"油价总体上处于宽松状态,，这将阻止 PPI 走高," 经济学人智库, 的高级经济学家徐天辰, 表示，同时将同比强劲归因于低基数效应。 "工厂无法't将成本上涨完全转嫁给下游客户," Xu补充道,强调了国内需求根深蒂固的疲软。
"Oil prices are by and large on an easing course, and this will prevent PPI from going higher," said Tianchen Xu, senior economist at Economist Intelligence Unit, while attributing the year-on-year strength to the low-base effect. "Factories can't fully pass on cost increases to downstream clients," Xu added, highlighting the entrenched weakness in domestic demand.
去年 6 月，生产者价格录得近两年来最严重的跌幅,，比上年, 下降 3.6%，因为价格战的深化波及整个经济。
The producer prices recorded its worst decline in almost two years in June last year, falling 3.6% from the prior year, as a deepening price war rippled through the economy.
中东冲突, 导致投入成本上升，三月份它们恢复增长，帮助结束了中国 几十年来最长的通货紧缩趋势之一。除了战争导致的供应中断导致大宗商品成本上涨, 之外，对人工智能计算能力的需求不断增长也推高了批发价格, 推高了科技设备和半导体的价格。
They returned to growth in March with input costs rising on the back of the Middle East conflict, helping end one of China的 longest deflationary streaks in decades. Besides higher commodity costs owed to war-led supply disruptions, wholesale prices have also been lifted by a growing demand for artificial intelligence computing power, pushing up prices for tech equipment and semiconductors.
中国'的制造业活动在6月份的扩张速度快于预期,，专家指出，包括人工智能相关技术在内的外部需求推动了这一势头。
China的 manufacturing activity expanded faster than expected in June, with experts citing external demand including for AI-related tech as driving the momentum.
Evercore ISI 的 Neo Wang, 中国策略师 Neo Wang, 表示，许多中国投资者越来越多地将出口强劲、消费和房地产市场疲软 — 为标志的双速增长 — 视为中国经济的长期特征,。
Many investors in China increasingly view the two-speed growth — marked by robust exports versus weak consumption and housing market — as a defining long-term feature of the Chinese economy, said Neo Wang, China strategist at Evercore ISI.
由于家庭继续应对住房市场长期低迷带来的负面财富效应，消费者信心依然低迷, Wang 补充道。
Consumer sentiment remains subdued as households continue to grapple with the negative wealth effect stemming from the prolonged housing downturn, Wang added.
出口和制造业主导的经济韧性预计将加剧北京27'不愿推出刺激措施以重振不温不火的消费需求的态度。 "Teneo 董事总经理 Gabriel Wildau, 表示，除非经济放缓持续到冲突之外，否则政策制定者可能会避免实施新的重大刺激措施,"。
The export and manufacturing-led economic resilience is expected to reinforce Beijing的 reluctance to roll out stimulus to revive tepid consumer demand. "Policymakers are likely to refrain from major new stimulus unless the slowdown persists beyond the conflict," said Gabriel Wildau, managing director at Teneo.
维尔道指出，由 24 名委员组成的共产党中央政治局将于 7 月底召开最高政策会议，"这是下一次升级政策刺激的机会。"
Wildau points to a top policy meeting by the 24-member Politburo of the Communist Party in late July as "the next opportunity to escalate policy stimulus."
国际货币基金组织周三预测，今年中国经济增长将跑赢全球,，将中国经济增长预测从之前的4.4%,上调至4.6%,，同时将全球经济扩张下调至疲软的3%。中国今年设定了 4.5%-5% 的温和增长目标。
The International Monetary Fund on Wednesday forecast China的 economy to outperform the global growth this year, raising their growth forecast for China to 4.6%, up from its previous projection of 4.4%, while trimming global economic expansion to a sluggish 3%. China has set a modest growth target of 4.5%-5% this year.
They attributed that optimistic view to China的 robust high-tech manufacturing and export performance, as well as frontloaded public infrastructure investments.
News Tips
收到机密新闻提示? 我们希望收到您的来信。
CNBC 时事通讯
CNBC Newsletters
注册免费时事通讯，将更多 CNBC 新闻发送到您的收件箱
将此信息发送到您的收件箱,，并获取有关我们产品和服务的更多信息。
与我们一起做广告
Advertise With Us
© 2026 Versant Media, LLC。版权所有。 A Versant Media Company.