AI Data Insight
In July 2026, the MoM growth rate of China's PPI for means of production reached 100.4 (i.e., a MoM increase of 0.4%), successfully ending the previous month's decline of 99.1 (a MoM decrease of 0.9%). Despite the recovery in upstream prices, the divergence of "hotter upstream, colder downstream" remains. The market is closely watching whether the fiscal stimulus policies in the second half of the year can be successfully implemented to drive real demand.