In April 2026, the national Consumer Price Index (CPI) rose by 1.2% year-on-year. Urban areas saw an increase of 1.2%, while rural areas experienced a rise of 1.0%. Food prices decreased by 1.6%, whereas non-food prices increased by 1.8%. The price of consumer goods increased by 1.4%, and service prices rose by 0.9%. On average from January to April, the national CPI increased by 0.9% compared to the same period last year.
In April 2026, the national Producer Price Index (PPI) for industrial products rose by 2.8% year-on-year and 1.7% month-on-month. The purchasing price index for industrial producers increased by 3.5% year-on-year and 2.1% month-on-month. On average from January to April, the PPI for industrial products increased by 0.2% compared to the same period last year, while the purchasing price index rose by 0.5%.
An analysis of the April 2026 CPI and PPI data indicates that in April, influenced by fluctuations in international crude oil prices and increased demand for holiday travel, the CPI increased by 0.3% month-on-month and 1.2% year-on-year. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining a moderate recovery. Due to the rapid rise in international commodity prices, increased demand in certain domestic industries, and continuous optimization of market competition, the PPI increased by 1.7% month-on-month and 2.8% year-on-year, with both growth rates expanding compared to the previous month.
I. CPI Shows Moderate Recovery On a month-on-month basis, the national CPI shifted from a 0.7% decline in the previous month to a 0.3% increase in April, which was 0.4 percentage points above the seasonal level. This was primarily driven by rising energy and travel service prices. Influenced by fluctuations in international crude oil prices, domestic energy prices increased by 5.7%, with the growth rate expanding by 0.9 percentage points from the previous month, contributing approximately 0.39 percentage points to the month-on-month increase in CPI. Among these, gasoline prices rose by 12.6%. Service prices shifted from a 1.1% decline in the previous month to a 0.5% increase, 0.2 percentage points above the seasonal level, contributing approximately 0.22 percentage points to the month-on-month increase in CPI. Specifically, due to increased demand during the Qingming Festival, Labor Day holiday, and spring breaks in some regions, travel service demand significantly rose. Prices for air tickets, vehicle rentals, travel agency fees, and hotel accommodations increased by 29.2%, 8.6%, 4.5%, and 3.9%, respectively, all exceeding seasonal levels. These four items collectively contributed approximately 0.17 percentage points to the month-on-month increase in CPI. Medical service prices rose by 0.6%, contributing approximately 0.04 percentage points to the month-on-month increase in CPI. Food prices decreased by 1.6%, with the decline narrowing by 1.1 percentage points from the previous month, contributing approximately 0.28 percentage points to the month-on-month decline in CPI. Among food items, as the weather warmed and fresh vegetables and fruits became abundant in the market, their prices decreased by 6.4% and 2.3%, respectively. Pork and aquatic products were in ample supply, with prices falling by 5.7% and 1.2%, respectively. These four items collectively contributed approximately 0.28 percentage points to the month-on-month decline in CPI. Egg prices increased by 3.4%, contributing approximately 0.01 percentage points to the month-on-month increase in CPI. The price of industrial consumer goods, excluding energy, decreased by 0.2%, remaining relatively stable.
On a year-on-year basis, the national CPI increased by 1.2%, with the growth rate expanding by 0.2 percentage points from the previous month. Industrial consumer goods prices rose by 3.5% this month, with the growth rate expanding by 1.3 percentage points from the previous month, contributing approximately 1.06 percentage points to the year-on-year increase in CPI. Among industrial consumer goods, influenced by fluctuations in international commodity prices, domestic gasoline and gold jewelry prices experienced significant changes. Gasoline prices increased by 19.3%, contributing approximately 0.56 percentage points to the year-on-year increase in CPI. Gold jewelry prices rose by 46.9%, contributing approximately 0.20 percentage points to the year-on-year increase in CPI. Prices for household appliances and clothing increased by 2.6% and 1.6%, respectively, collectively contributing approximately 0.11 percentage points to the year-on-year increase in CPI. Service prices rose by 0.9%, with the growth rate expanding by 0.1 percentage points from the previous month, contributing approximately 0.44 percentage points to the year-on-year increase in CPI. Among services, prices for basic public service items remained generally stable, with medical services and education services increasing by 3.4% and 0.5%, respectively, collectively contributing approximately 0.25 percentage points to the year-on-year increase in CPI. Travel service prices expanded, rising by 3.7% this month and contributing approximately 0.13 percentage points to the year-on-year increase in CPI. Prices for labor services increased slightly, with pet services, dining out, domestic services, and vehicle maintenance and repair prices rising between 1.1% and 1.4%, collectively contributing approximately 0.10 percentage points to the year-on-year increase in CPI. Food prices shifted from a 0.3% increase in the previous month to a 1.6% decrease. Among food items, pork prices fell by 15.2%, with the decline expanding by 3.7 percentage points from the previous month, contributing approximately 0.29 percentage points to the year-on-year decline in CPI. Fresh vegetable and fruit prices decreased by 0.5% and 1.0%, respectively. Prices for beef, lamb, aquatic products, and eggs all increased, with growth rates ranging between 1.0% and 6.2%.
II. PPI Growth Expands On a month-on-month basis, the national PPI increased by 1.7%, with the growth rate expanding by 0.7 percentage points from the previous month. The main characteristics of the PPI's month-on-month performance this month are as follows: First, international input factors influenced price increases in domestic petroleum-related industries. Rising international crude oil prices drove up prices in domestic petroleum-related industries. Among these, prices in the petroleum and natural gas extraction industry increased by 18.5% month-on-month, petroleum, coal, and other fuel processing industry prices rose by 16.4%, chemical raw materials and chemical products manufacturing prices increased by 8.3%, chemical fiber manufacturing prices rose by 5.6%, and rubber and plastic products industry prices increased by 1.7%. Second, increased demand in certain domestic industries drove price increases. Rapid growth in computing power demand and accelerated electrification processes led to a 22.5% month-on-month increase in fiber optic manufacturing prices, a 3.2% increase in external storage device and component prices, and a 0.2% increase in non-ferrous metal smelting and rolling processing industry prices. The release of demand for coal replenishment in power generation, combined with increased non-power coal demand in chemical and metallurgical industries, led to a 1.9% increase in coal mining and washing industry prices. Continued progress in manufacturing equipment updates drove increased steel demand, resulting in a 0.6% increase in ferrous metal smelting and rolling processing industry prices. Third, continuous optimization of domestic market competition led to price increases or narrowed declines in related industries. The effectiveness of in-depth efforts to address "internal competition" continued to show, with lithium-ion battery manufacturing prices increasing by 1.6% month-on-month, while new energy vehicle manufacturing prices decreased by 0.1%, with the decline narrowing by 0.7 percentage points from the previous month.
On a year-on-year basis, the national PPI increased by 2.8%, with the growth rate expanding by 2.3 percentage points from the previous month. Among the main industries with price increases, non-ferrous metal mining and dressing industry prices rose by 38.9%, and non-ferrous metal smelting and rolling processing industry prices increased by 22.5%, collectively contributing approximately 1.58 percentage points to the year-on-year increase in PPI. Petroleum and natural gas extraction industry prices rose by 28.6%, petroleum, coal, and other fuel processing industry prices increased by 14.2%, and chemical raw materials and chemical products manufacturing prices rose by 8.9%, collectively contributing approximately 1.50 percentage points to the year-on-year increase in PPI. Electrical machinery and equipment manufacturing industry prices increased by 3.6%, and computer, communication, and other electronic equipment manufacturing industry prices rose by 1.5%, collectively contributing approximately 0.46 percentage points to the year-on-year increase in PPI. Among the main industries with price declines, non-metallic mineral products industry prices fell by 5.5%, electricity and heat production and supply industry prices decreased by 4.2%, automobile manufacturing industry prices declined by 2.0%, and ferrous metal smelting and rolling processing industry prices fell by 1.1%, collectively contributing approximately 0.75 percentage points to the year-on-year decline in PPI.
Comments