Understanding Producer Price Index
Understanding Producer Price Index
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U.S. producer prices increased by the most in more than 1-1/2 years in July, but the overall trend in producer inflation remained subdued amid signs the economy's recovery from the pandemic recession was faltering.
美国7月份生产者价格指数(PPI)创下逾一年半以来的最大涨幅，但由于有迹象表明，美国经济从大流行衰退中复苏步履蹒跚，生产者通胀的整体趋势依然低迷。
The jump in producer prices reported by the Labor Department on Tuesday, however, further diminished the risk of deflation, a decline in the general price level. Deflation is harmful during a recession as consumers and businesses may delay purchases in anticipation of lower prices.
然而，美国劳工部(Labor Department)周二公布的生产者价格指数(PPI)跃升，进一步降低了通货紧缩的风险，即总体价格水平的下降。在经济衰退期间，通货紧缩是有害的，因为消费者和企业可能会因为预期价格下跌而推迟购买。
Fed officials will see no reason to be on high alert for inflation pressures after today's modest rebound in producer prices and there is little reason for them to temper their highly stimulative monetary policy.
-Chris Rupkey, chief economist at MUFG in New York
在今日生产者物价温和反弹后，美联储官员将认为没有理由对通胀压力保持高度警惕，他们也几乎没有理由缓和其高度刺激性的货币政策。
--三菱UFG驻纽约首席经济学家Chris Rupkey
What is Producer Price Index (PPI)?
什么是生产者物价指数(PPI)？
The producer price index (PPI), published by the Bureau of Labor Statistics(BLS), is a group of indices that calculates and represents the average movement in selling prices from domestic production over time, according to the investopedia.
由劳工统计局(BLS)发布的生产者物价指数(PPI)是一组计算和代表国内产品销售价格随时间的平均变动，根据Investopedia的说法。
The PPI is different from the CPI in that it measures costs from the viewpoint of industries that make the products whereas the CPI measures prices from the perspective of consumers.
PPI与CPI的不同之处在于它从制造产品的行业的角度来衡量成本，而CPI则从消费者的角度来衡量价格。
In other words, PPI tracks change to the cost of production, so we can treat PPI as a leading indicator for CPI.
换句话说，PPI跟踪生产成本的变化，因此我们可以将PPI作为CPI的领先指标。
What does Producer Price Index (PPI) mean?
生产者物价指数(PPI)意味着什么？
The producer price index can be treated as a leading indicator sometimes, which shows the same trend with S&P 500.
生产者物价指数有时可以被视为领先指标，这与标准普尔500指数的走势相同。
阅读更多内容：宏观观点：美国消费者物价走高。什么意思？
source by Reuters, Tradingeconomics and Investopedia
来源：路透社，TradingEconomics和Investopedia
editor: Eric
编辑：埃里克