Due to the crazy suppression of Chinese manufacturing by global capital, the hype of various manufacturing raw materials, hoarding of chips, etc., has caused the prices of metal raw materials, glass, foam, switches, etc. to continue to rise sharply, resulting in the cost of parts and complete machine materials. The increase is too large, labor costs are getting higher and higher, and the prices of international commodities such as steel and iron ore continue to rise, which has become an important driving force for boosting China’s PPI growth rate in April to a three-and-a-half-year high. And this may just be the first obstacle that China’s real economy encountered on the road to economic recovery after the epidemic. China’s consumer price index (CPI) rose 0.9% year-on-year in April, slightly lower than 1% of the median estimate in a Reuters survey; among them, food prices fell by 0.7% and non-food prices rose by 1.3%. The factory price index of industrial producers (PPI) rose by 6.8% in April, the highest since October 2017, and was higher than the median estimate of 6.5% in a Reuters survey. After the data was released, the latest research report of the large domestic investment bank CICC reminded that the price increase of raw materials squeezed downstream profits, and pay attention to the trend of PPI in the later period. It is expected that the PPI will reach its peak year-on-year in the second quarter due to the influence of the base. It is necessary to pay close attention to the impact of domestic supply-side production restrictions on the prices of bulk commodities such as steel, aluminum and coal, as well as the impact of the recovery of demand in the United States and Europe faster than the recovery of global supply, and the delay of the United States’ easing withdrawal on the prices of international raw materials such as copper, oil, and chips.