China’s industrial producer prices rose +1.7% MoM and +2.8% YoY in April 2026, while purchase prices increased +2.1% MoM and +3.5% YoY, indicating strengthening upstream price pressures.

• Ex-factory prices increased +2.8% YoY and +1.7% MoM, marking solid gains in both annual and monthly terms, with MoM momentum indicating an acceleration in price growth.
• Purchase prices rose +3.5% YoY and +2.1% MoM, outpacing ex-factory prices, suggesting stronger input cost pressures relative to output prices.
• From January to April, ex-factory prices increased +0.2% YoY and purchase prices rose +0.5% YoY, indicating modest cumulative gains despite stronger recent momentum.
• Prices of means of production rose +3.8% YoY (contributing +2.98 ppts), led by extractive industries (+10.6%), raw materials (+7.1%), and processing (+1.5%), showing broad-based upstream price strength.
• Prices of means of living fell -1.0% YoY (subtracting about 0.23 ppts), with declines in food (-1.9%), clothing (-1.1%), and daily necessities (-1.1%), indicating continued weakness in consumer-related goods prices.
• On a MoM basis, means of production prices increased +2.1% (contributing +1.68 ppts), driven by extractive (+5.7%) and raw materials (+4.9%), while means of living prices declined -0.1%, highlighting that monthly gains were concentrated in upstream sectors.
• Among purchase price components YoY, non-ferrous metals surged +21.3%, chemical raw materials rose +5.9%, and fuel and power increased +4.4%, while building materials (-5.1%) and agricultural products (-2.1%) declined, showing divergence across input categories.
• MoM purchase price increases were led by chemical raw materials (+7.3%) and fuel and power (+6.3%), while building materials (-1.0%) and non-ferrous metals (-0.1%) declined, indicating uneven short-term cost pressures across sectors.