Data released by the National Bureau of Statistics on May 11 indicates that in April 2026, the national Producer Price Index (PPI) for industrial products rose 2.8% year-on-year and 1.7% month-on-month. Industrial producer purchasing prices rose 3.5% year-on-year and 2.1% month-on-month. For the period from January to April, industrial producer ex-factory prices rose by an average of 0.2% compared to the same period of the previous year, while industrial producer purchasing prices rose by 0.5%.

On a month-on-month basis, the national PPI rose 1.7%, an increase of 0.7 percentage points compared to the previous month. Specifically, rising international crude oil prices drove price increases in domestic petroleum-related industries. Prices in the petroleum and natural gas extraction industry rose 18.5% month-on-month; prices in the petroleum, coal, and other fuel processing industry rose 16.4%; prices in the chemical raw materials and chemical products manufacturing industry rose 8.3%; prices in the chemical fiber manufacturing industry rose 5.6%; and prices in the rubber and plastic products industry rose 1.7%.

On a year-on-year basis, the national PPI rose 2.8%, an increase of 2.3 percentage points compared to the previous month. Among the major industries experiencing price increases, the non-ferrous metal mining and dressing industry rose 38.9%, and the non-ferrous metal smelting and rolling processing industry rose 22.5%; together, these contributed approximately 1.58 percentage points to the year-on-year PPI increase. The petroleum and natural gas extraction industry rose 28.6%, the petroleum, coal, and other fuel processing industry rose 14.2%, and the chemical raw materials and chemical products manufacturing industry rose 8.9%; together, these contributed approximately 1.50 percentage points to the year-on-year PPI increase. The electrical machinery and equipment manufacturing industry rose 3.6%, and the computer, communication, and other electronic equipment manufacturing industry rose 1.5%; together, these contributed approximately 0.46 percentage points to the year-on-year PPI increase. Among the major industries experiencing price declines, the non-metallic mineral products industry fell 5.5%, the electric power and heat production and supply industry fell 4.2%, the automobile manufacturing industry fell 2.0%, and the ferrous metal smelting and rolling processing industry fell 1.1%; together, these contributed approximately 0.75 percentage points to the year-on-year PPI decline. In April, among industrial producer purchasing prices, prices for chemical raw materials rose by 5.9% year-on-year and 7.3% month-on-month; prices for fuels and power rose by 4.4% year-on-year and 6.3% month-on-month; and prices for textile raw materials rose by 1.0% year-on-year and 1.3% month-on-month.

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