China Factory-Gate Inflation Hits Nearly Four-Year High
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China’s factory-gate inflation accelerated to its fastest pace in nearly four years in May, while consumer inflation held steady, underscoring persistent weakness in domestic demand and widening price divergences across the economy.
The producer price index (PPI) rose 3.9% from a year earlier, the fastest since July 2022, according to data released Wednesday by the National Bureau of Statistics.
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- China's May PPI rose 3.9% year-on-year, the fastest since July 2022, while CPI held steady at 1.2%.
- Core CPI (excluding food and energy) eased to 1.1% from 1.2%, indicating persistent weak domestic demand.
- Manufacturing upgrades and AI demand lifted producer prices, but downstream industries faced margin pressure from falling consumer goods prices within the PPI.
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What Happened When
- April 2026：
- CPI rose 1.2% year-on-year; core CPI was 1.2%.
- May 2026：
- China's factory-gate inflation accelerated to its fastest pace in nearly four years, with PPI rising 3.9% year-on-year.
- May 2026：
- Consumer inflation held steady, with CPI rising 1.2% year-on-year, unchanged from April 2026.
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