China Consumer Staples Cost Index Tracker — Sep 2026: PET records a new peak at c.Rmb9.5k/ton; sugar/soybean rise MoM likely on El Niño impacts; raw milk/WPC/protein rise on S/D

This report is Goldman Sachs' monthly China Consumer Staples Cost Index Tracker. Packaging material cost pressure continued to build in Sep, with PET recording the largest change segment; the PET spot price rose to c.Rmb9,500/ton, a new high, while pulp and aluminium prices also rose. On agricultural goods, international raw sugar futures rose MoM likely due to El Nino impacts; China's granulated sugar spot price edged up YoY but still fell YoY; soybean and bean pulp prices continued to rise, palm oil extended its upward trend, and sunflower seed costs declined. On protein, the improving supply-demand balance supported a slight rise in raw milk prices, imported milk powder volume fell YoY, whey powder prices declined while US WPC prices rose notably;