Dong Lijuan, chief statistician of the City Department of the National Bureau of Statistics, interpreted the CPI and PPI data for October 2026. On a month-on-month basis, the national PPI rose 0.7%, down 0.5 percentage points from the previous month. The main characteristics of this month's PPI month-on-month operation: First, import and seasonal factors affect price increases in major energy-related industries. The rise in international energy prices led domestic oil and gas extraction, coal mining and washing prices to rise 6.0% and 2.7% respectively; due to factors such as upstream basic energy price transmission and the release of electricity, coal and gas demand during the critical preparation period for peak winter, the prices of downstream refined petroleum products manufacturing, organic chemical raw materials manufacturing, coal processing, gas production and supply industries rose 6.8%, 6.8%, 3.2%, and 1.5% respectively. Together, the six industries affected the PPI increase by about 0.61 percent, more than 80% of the total increase. Second, the orderly progress of production capacity management and the rapid development of artificial intelligence are driving up prices in some raw materials and equipment manufacturing industries. Production capacity in some industries was adjusted in an orderly manner, and the relationship between supply and demand improved. Prices in the non-metallic mineral products industry rose 0.8%, and prices in the automobile manufacturing industry remained flat after 3 months of continuous decline; artificial intelligence continued to empower industrial transformation to drive up demand and prices in related industries. Prices in the electrical machinery and equipment manufacturing industry, computer communications, and other electronic equipment manufacturing industries all rose 0.1%. Third, the consumer goods market has sufficient supply, stable demand, and generally stable prices. Prices in industries related to consumer goods manufacturing remained stable. Among them, prices in the textile industry and agricultural and sideline food processing industry rose 0.2% and 0.1% respectively; prices in the paper and paper products industry, alcoholic beverages, and refined tea manufacturing industries fell 0.4% and 0.1%, respectively; and prices in the furniture manufacturing industry and tobacco products remained flat.

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