Dong Lijuan, a senior statistician from the City Department of the National Bureau of Statistics, interpreted the May 2020 PPI on the 10th and said that in May, industrial production further recovered and market demand improved.

From a month-on-month perspective, PPI fell by 0.4%, and the rate of decline narrowed by 0.9 percentage points from the previous month. Among them, the price of means of production fell by 0.5%, and the rate of decline narrowed by 1.3 percentage points; the price of means of subsistence fell by 0.3%, and the rate of decline expanded by 0.2 percentage points. Looking at the 40 industrial sectors surveyed, there were 20 price declines, and 10 reductions; 10 rising prices, an increase of 2; and 10 flat industries, an increase of 8. Affected by changes in international crude oil prices, the price drop of products in petroleum-related industries has narrowed. Among them, the price of oil and natural gas extraction industry fell by 9.1%, a decrease of 26.6 percentage points; the price of petroleum, coal and other fuel processing industries fell by 4.0%, and a decrease of 5.0 percentage points; the price of chemical raw materials and chemical products manufacturing fell by 1.2%, and closed 1.8 percentage points narrower. The three industries mentioned above affect the PPI drop by about 0.24 percentage points, a decrease of 0.52 percentage points from the previous month. The price of non-ferrous metal smelting and rolling processing industry turned from falling to rising, rising by 1.6%. The price of ferrous metal smelting and rolling processing industry changed from falling to flat. In addition, the price of coal mining and washing industry fell by 2.9%, and the rate of decline expanded by 0.6%.

From a year-on-year perspective, due to the slightly higher comparison base last year, PPI fell by 3.7%, an increase of 0.6 percentage points from the previous month. Among them, the price of means of production fell by 5.1%, and the rate of decline expanded by 0.6%; the price of means of living rose by 0.5%, and the rate of increase fell by 0.4%. The price drop in major industries has expanded. Among them, the price of oil and natural gas extraction industry dropped by 57.6%, an increase of 6.2%; the price of petroleum, coal and other fuel processing industries dropped by 24.4%, an increase of 4.6%; the price of chemical raw materials and chemical products manufacturing industry dropped by 9.2%, an increase of 0.9% Percentage points; the price of coal mining and washing industry dropped by 8.8%, an increase of 3.4%; the price of ferrous metal smelting and rolling processing industry dropped by 8.0%, an increase of 0.7%. In addition, the price of non-ferrous metal smelting and rolling processing industry fell by 4.4%, and the rate of decline narrowed by 1.6 percentage points. According to estimates, of the 3.7% year-on-year decrease in May, the carryover effect of last year's price changes was about -0.5%, and the impact of the new price increase was about -3.2%. On average from January to May, PPI fell 1.7% from the same period last year.