Goldman Sachs China Consumer Staples Cost Index Tracker: Apr 2026: Packaging Material Costs Trend Higher; PET Up 54%-59% YoY; Aluminum Rising
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Key Views
- Packaging material costs are trending markedly higher, driven primarily by PET prices up 54%–59% YoY.
- Aluminum prices continue their upward trajectory.
- Rising input costs may compress profit margins for consumer staples companies.
- The cost index is tracked but no specific index values were provided.
- No individual companies, ratings, or target prices were mentioned.
Outlook
According to the accompanying charts, barley import prices held flat month-on-month in March (+0.04%), while the beverage sector experienced the largest month-on-month cost increase in April. Frozen flour, rice, and frozen baking cost indices showed the most significant declines. The March CPI-PPI gap narrowed as PPI turned positive year-on-year.
Recommended Securities
No specific securities or recommendations were provided in the report.
Key exhibits
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