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Inflation · November 9, 2026 · 2 min read

China October producer prices rise 5.7%, with sharp differences across industries

By Econ Data Tools Editorial Team

Published November 9, 2026 • Updated November 9, 2026

NBS reports factory-gate prices up 5.7% year over year and purchasing prices up 7.9%. Mining and raw-material increases contrast with a small decline in consumer-goods factory-gate prices; the indexes do not directly measure profit margins.

China's industrial producer prices rose 5.7% year over year in October 2026 and 0.7% from September, according to the National Bureau of Statistics release dated November 9 at 09:30 Beijing time. The agency separately reported that industrial purchasing prices rose 7.9% over the year and 1.1% on the month. Factory-gate selling prices and the prices producers pay for inputs are distinct measures. The annual factory-gate increase was concentrated in means of production, where prices rose 7.4%. NBS estimated that this category added about 5.77 percentage points to the overall annual producer-price change. Mining and extraction prices rose 27.9%, raw-material prices rose 11.6%, and processing-industry prices rose 3.5%. These are category price changes, not production growth or revenue gains. Prices for consumer goods at the factory gate fell 0.1% year over year and reduced the headline change by about 0.03 percentage points. Within that category, food prices fell 1.6%, clothing prices fell 1.3% and general daily-use goods fell 0.7%, while durable consumer goods rose 1.4%. This divergence does not, by itself, measure the profit margin of an individual manufacturer. The industrial purchasing-price index also showed uneven input pressures. Fuel and power purchase prices rose 18.6% year over year, chemical raw materials rose 16.8%, and nonferrous metals and electrical wires rose 16.7%. Building materials and non-metallic minerals fell 1.9%, while ferrous-metal materials fell 1.1%. The figures describe the input-price basket rather than an import-price index or a direct estimate of costs passed on to export buyers. On a monthly basis, means-of-production prices rose 0.9%, while consumer-goods factory-gate prices fell 0.1%. NBS reported monthly increases of 2.8% for mining and extraction, 2.0% for raw materials and 0.2% for processing industries. Over January through October, average factory-gate prices were 2.7% above the same period in 2025, and average purchasing prices were 4.0% higher. Monthly, annual and year-to-date comparisons answer different questions. PPI tracks industrial selling prices and is not the consumer price index, a measure of household spending, or a central-bank decision. Different industry weights and supply chains mean that upstream increases need not translate one-for-one into retail inflation. These data alone do not establish an imminent monetary-policy move, a guaranteed export-price increase or a quantified squeeze on corporate profits.

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