商品价格回落以及工业品出厂价格环比高位向下的情况下,经济却超预期增长,这一现象成为本文的切入点,文章分析了产生这一现象的原因指出:供应响应压制了PPI增长。今年2月下旬以来,在黑色和化工品带动下,国内商品价格出现了一轮较显著的回落。截至4月底,南华工业品期货价格指数跌幅超过10%。相应地,全部工业品出厂价格(PPI)环比也是自2016年12月1.6%的历史高位掉头向下,在随后四个多月的时间里快速向0逼近。 This phenomenon has become the starting point of this paper when the commodity prices drop and the ex-factory prices of industrial products go down from a high level, pointing out that the supply response has suppressed the PPI growth. Since late February this year, driven by black and chemical products, the domestic commodity prices showed a more significant drop. As of the end of April, the South China Industrial Futures Price Index fell more than 10%. Correspondingly, the PPI for all industrials also turned down from a historical high of 1.6% in December 2016, rapidly approaching 0 in the following four months.