中国制造业通缩压力加剧

Deflationary pressures at China's manufacturers have reached their strongest in a year-and-a-half.

中国制造业通货紧缩压力达到两年半来的最高点。

As key commodity prices continue to drop, China's producer price index tumbled to a year-over-year pace of -2.7 per cent pace last month.

在一些关键的大宗商品价格继续下跌之际，上个月中国的生产者价格指数(PPI)大幅下跌，同比跌幅为2.7%。

PPI has now been caught in deflation for 33 months. The -2.7 per cent print is half a point lower than October, as a slowing economy and a turning housing market weakens demand for industrial goods.

这使得中国的PPI已连续33个月处于通缩状态。由于经济放缓以及楼市的逆转降低了对工业品的需求，上个月2.7%的跌幅比10月份还扩大了0.5个百分点。

Forecasters were looking for deflation of -2.4 per cent.

分析师曾预期PPI同比下跌2.4%。

Moody's Analytics said before the figures hit:“Producer prices continue to fall, because of the oversupply of many industrial goods. The slowdown in housing is causing excess supplies of steel, cement and other sectors. Ample supply of global commodities such as iron ore and crude oil are also pushing input costs down.”

在该数据公布之前，穆迪分析(Moody's Analytics)曾表示：“由于许多工业品供过于求，生产者价格继续下滑。楼市增长放缓正在导致钢铁、混凝土及其他产业的过度供给。此外，铁矿石和原油等全球大宗商品的充足货源，也压低了输入成本。”

Meantime, inflation for consumers remains benign. CPI slowed to 1.4 per cent year over year - the slowest since November 2009. The CPI index was as high as 2.5 per cent earlier in the year but prices have subdued as the property market cools.

与此同时，消费品通胀依然保持温和状态。消费品价格指数(CPI)同比增长率放缓至1.4%，这是2009年11月以来的最低通胀率。今年早些时候，中国CPI通胀率曾高达2.5%。不过，随着楼市降温，物价也已受到抑制。