National Bureau of Statistics: Accelerated development in fields such as artificial intelligence and computing-power-electricity coordination has driven increased demand and rising prices in some industries.

Dong Lijuan, Chief Statistician of the Urban Survey Division of the National Bureau of Statistics, in interpreting the September 2026 CPI and PPI data, stated that on a month-on-month basis, the national PPI rose 1.2 percent, with the increase 0.8 percentage points larger than the previous month. The main features of the PPI's month-on-month performance this month were as follows: First, rising international crude oil and nonferrous metal prices drove up prices in related domestic industries. Prices for oil extraction, refining of petroleum products, and manufacture of organic chemical raw materials rose 14.5 percent, 7.4 percent, and 5.4 percent, respectively, while prices for nonferrous metal mining and dressing and for nonferrous metal smelting and rolling processing rose 1.6 percent and 1.5 percent, respectively. Together, these five industries contributed about 0.63 percentage points to the month-on-month increase in the PPI. Second, changes in supply and demand conditions in some energy and raw material industries pushed prices up. Affected by factors such as increased demand for coal for winter heating, a temporary tightening of supply in major producing areas, and the expected effect of rising international coal prices, prices for coal mining and washing and for coal processing rose 9.5 percent and 13.6 percent, respectively; demand for building materials such as steel and cement picked up somewhat, and combined with rising raw material costs, prices for nonmetallic mineral products turned to a 0.3 percent increase after seven consecutive months of decline, while prices for ferrous metal smelting and rolling processing rose 0.2 percent. Together, these four industries contributed about 0.38 percentage points to the month-on-month increase in the PPI. Third, accelerated development in fields such as artificial intelligence and computing-power-electricity coordination drove increased demand and higher prices in some industries. Prices for electrical machinery and apparatus manufacturing and for computer, communication, and other electronic equipment manufacturing both rose 0.4 percent, and together these two industries contributed about 0.07 percentage points to the month-on-month increase in the PPI.