National Bureau of Statistics: China’s PPI rose by 1.0% month-on-month, marking six consecutive months of increases. The growth rate expanded by 0.6 percentage points from the previous month, recording the largest increase in 48 months.

In the major industries, influenced by the significant increase in international crude oil prices and others, domestic oil-related industry prices rose rapidly. Among them, the price of oil and natural gas extraction increased by 15.8% month-on-month, prices in the petroleum, coal, and other fuel processing industries rose by 5.8%, and prices in the chemical raw materials and chemical products manufacturing industries grew by 3.6%. The increases expanded by 10.7, 5.4, and 2.3 percentage points respectively compared with last month, being the main reasons for the widening month-on-month growth of the PPI. Prices in the nonferrous metal smelting and rolling processing industry rose by 1.0%, down 3.6 percentage points from last month. Among them, prices in the rare and rare earth metals smelting and aluminum smelting industries rose by 11.8% and 0.7% respectively, while copper smelting prices fell by 1.5%. After the holiday, industrial enterprises and construction projects gradually resumed work and production, driving up demand for energy and steel. As a result, electricity and heat production and supply industry prices turned from a 3.9% decline last month to a 1.4% increase this month. Coal mining and washing industry prices shifted from a 0.5% decrease to a 0.1% increase, and prices of the ferrous metal smelting and rolling processing industry rose by 0.3%, an expansion of 0.2 percentage points compared to last month.