Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, said when interpreting the CPI and PPI data for September 2026 that from a month-on-month perspective, the national PPI rose 1.2%, an increase of 0.8 percentage points over the previous month. The main characteristics of this month's PPI month-on-month operation: First, rising international crude oil and non-ferrous metal prices are driving up prices in related domestic industries. Prices of petroleum extraction, refined petroleum products manufacturing, and organic chemical raw materials increased by 14.5%, 7.4%, and 5.4%, respectively. Prices in the non-ferrous metal ore mining and processing industry rose 1.6% and 1.5% respectively. The five industries together affected the PPI increase by about 0.63 percent month-on-month. Second, changes in supply and demand conditions in some energy and raw materials industries are driving up prices. Affected by factors such as increased demand for heating and coal preparation in winter, phased supply in major mining areas, and the expected effects of rising international coal prices, the coal mining and washing industry and coal processing prices rose 9.5% and 13.6% respectively; demand for construction materials such as steel and cement rebounded. Coupled with rising raw material costs, prices in the non-metallic mineral products industry rose 0.3% after 7 months of continuous decline. Prices in the ferrous metal smelting and rolling processing industry rose 0.2%. The four industries combined affected the PPI increase by about 0.38 percent over the previous month. Third, accelerated development in fields such as artificial intelligence and computing collaboration has led to an increase in demand and price increases in some industries. Prices in the electrical machinery and equipment manufacturing industry, computer communications, and other electronic equipment manufacturing industries all rose 0.4%. Together, the two industries affected the PPI increase by about 0.07 percent month-on-month.

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