China PPI

China’s PPI rose +0.4% MoM and +3.8% YoY in August 2026, while industrial producer purchase prices increased +0.3% MoM and +5.8% YoY, indicating firmer upstream inflation after July’s monthly declines.

Industrial producer ex-factory prices increased +3.8% YoY, with production materials rising +5.0% and contributing about +3.92 ppts to the headline PPI, showing that upstream categories remained the main source of annual producer inflation.
Within production materials, mining prices rose +17.8% YoY, raw materials +6.7%, and processing prices +3.1%, indicating broad annual price strength across upstream industrial stages.
Consumer goods prices fell -0.5% YoY, subtracting about -0.10 ppts from the overall PPI. Food prices declined -2.3%, clothing -1.2%, and general daily necessities -0.8%, while durable consumer goods increased +1.2%.
Industrial producer purchase prices rose +5.8% YoY, led by non-ferrous metals and wires (+19.8%), fuel and power (+9.8%), and chemical raw materials (+9.5%), while building materials and non-metallic products fell -3.2%.
On a MoM basis, PPI increased +0.4%, reversing July’s -0.7% decline. Production-material prices rose +0.4%, with mining up +2.7% and raw materials +0.8%, while processing prices were unchanged.
Consumer goods prices increased +0.2% MoM, with durable consumer goods up +0.6%, food and clothing unchanged, and general daily necessities down -0.2%, showing a modest monthly pickup in downstream prices.
Producer purchase prices increased +0.3% MoM, with fuel and power up +1.4%, non-ferrous metals and wires +0.8%, and textile raw materials +0.6%, while ferrous metals fell -0.6% and chemical raw materials declined -0.4%.
From January to August, PPI increased +2.0% YoY and producer purchase prices rose +3.2% YoY, while major industries showed sharp divergence, including coal mining and washing at +26.6% YoY, non-ferrous metal smelting at +20.8%, petroleum and fuel processing at +11.1%, and automobile manufacturing at -2.2%.

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China’s PPI rose +3.5% YoY and fell -0.7% MoM in July 2026, while industrial producer purchase prices increased +5.5% YoY and declined -1.0% MoM, indicating elevated upstream inflation alongside a sharper monthly pullback.

Industrial producer ex-factory prices increased +3.5% YoY, with production materials rising +4.8% YoY and contributing about +3.72 ppts to the headline PPI, showing that upstream categories remained the main source of annual price growth.
Within production materials, mining prices increased +16.4% YoY, raw materials rose +6.1%, and processing prices gained +3.1%, indicating broad annual strength across upstream industrial stages.
Consumer goods prices fell -0.8% YoY, subtracting about -0.17 ppts from PPI. Food prices declined -2.1%, clothing -1.1%, and daily necessities -1.0%, while durable consumer goods rose +0.4%, showing continued weakness in downstream consumer-related pricing.
Industrial producer purchase prices rose +5.5% YoY, led by non-ferrous metals and wires (+19.0%), fuel and power (+9.3%), and chemical raw materials (+9.3%), indicating persistent cost pressure across key industrial inputs.
On a MoM basis, PPI declined -0.7%, driven by a -0.9% fall in production materials. Raw-material prices dropped -2.4%, mining prices fell -0.2%, and processing prices declined -0.1%, pointing to a broad short-term easing in upstream prices.
Consumer goods prices edged down -0.1% MoM, with clothing prices falling -0.3% and daily necessities -0.2%, while food and durable consumer goods were unchanged, indicating relatively limited monthly movement in downstream categories.
Producer purchase prices declined -1.0% MoM, with fuel and power and chemical raw materials both down -2.6%, non-ferrous metals and wires -1.4%, and ferrous and textile inputs -0.2%, while agricultural and sideline products rose +0.5%.
From January to July, PPI increased +1.8% YoY and producer purchase prices rose +2.8% YoY, indicating that despite strong July annual readings, year-to-date producer inflation remained more moderate.

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China’s PPI rose +4.1% YoY and fell -0.3% MoM in June 2026, while producer purchase prices increased +6.4% YoY and declined -0.2% MoM, indicating strong upstream price pressures alongside short-term easing.

Ex-factory prices of industrial producers increased +4.1% YoY, with production materials rising +5.5% YoY and contributing about +4.28 ppts to PPI, showing that upstream sectors drove most of the annual increase.
Within production materials YoY, mining prices surged +16.5%, raw materials rose +8.6%, and processing increased +3.0%, indicating broad-based strength across upstream industries.
Consumer goods prices fell -0.9% YoY, subtracting about -0.20 ppts from PPI, with food (-2.1%), clothing (-1.0%), and daily necessities (-1.0%) declining, highlighting continued weakness in downstream consumer sectors.
Producer purchase prices rose +6.4% YoY, led by non-ferrous metals (+21.6%), fuel and power (+11.8%), and chemical raw materials (+11.5%), indicating strong input cost pressures across key industrial inputs.
On a MoM basis, PPI declined -0.3%, driven by a -0.3% drop in production materials, including extractive industries (-0.9%), raw materials (-1.2%), and processing (-0.2%), pointing to a broad-based monthly pullback.
Consumer goods prices also fell -0.3% MoM, with food down -0.8% and daily necessities -0.1%, indicating continued short-term weakness in consumer-related pricing.
Producer purchase prices declined -0.2% MoM, with chemical raw materials (-1.3%), fuel and power (-0.5%), and building materials (-0.4%) falling, while textile raw materials (+0.7%) and non-ferrous metals (+0.1%) rose, showing mixed but generally softer input cost dynamics.
For H1 2026, PPI increased +1.5% YoY and purchase prices rose +2.4% YoY, indicating that despite strong June YoY readings, price growth has been more moderate on a year-to-date basis.

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China’s industrial producer prices rose +1.7% MoM and +2.8% YoY in April 2026, while purchase prices increased +2.1% MoM and +3.5% YoY, indicating strengthening upstream price pressures.

Ex-factory prices increased +2.8% YoY and +1.7% MoM, marking solid gains in both annual and monthly terms, with MoM momentum indicating an acceleration in price growth.
Purchase prices rose +3.5% YoY and +2.1% MoM, outpacing ex-factory prices, suggesting stronger input cost pressures relative to output prices.
From January to April, ex-factory prices increased +0.2% YoY and purchase prices rose +0.5% YoY, indicating modest cumulative gains despite stronger recent momentum.
Prices of means of production rose +3.8% YoY (contributing +2.98 ppts), led by extractive industries (+10.6%), raw materials (+7.1%), and processing (+1.5%), showing broad-based upstream price strength.
Prices of means of living fell -1.0% YoY (subtracting about 0.23 ppts), with declines in food (-1.9%), clothing (-1.1%), and daily necessities (-1.1%), indicating continued weakness in consumer-related goods prices.
On a MoM basis, means of production prices increased +2.1% (contributing +1.68 ppts), driven by extractive (+5.7%) and raw materials (+4.9%), while means of living prices declined -0.1%, highlighting that monthly gains were concentrated in upstream sectors.
Among purchase price components YoY, non-ferrous metals surged +21.3%, chemical raw materials rose +5.9%, and fuel and power increased +4.4%, while building materials (-5.1%) and agricultural products (-2.1%) declined, showing divergence across input categories.
MoM purchase price increases were led by chemical raw materials (+7.3%) and fuel and power (+6.3%), while building materials (-1.0%) and non-ferrous metals (-0.1%) declined, indicating uneven short-term cost pressures across sectors.

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China’s industrial producer prices rose +1.0% MoM and +0.5% YoY in March 2026, while purchase prices increased +1.2% MoM and +0.8% YoY, marking a shift from prior deflation to renewed price growth.

Ex-factory prices of industrial producers increased +0.5% YoY (Feb: -0.9% YoY), indicating a reversal from contraction into positive territory, while MoM growth accelerated to +1.0% (+0.6 ppt vs prior month), showing strengthening short-term price momentum.
Purchase prices rose +0.8% YoY (Feb: -0.7% YoY) and +1.2% MoM (+0.5 ppt vs prior month), reflecting a similar transition to positive YoY growth alongside faster monthly gains.
In Q1, ex-factory prices declined -0.6% YoY and purchase prices fell -0.5% YoY, indicating that despite March’s rebound, producer prices remained negative on a quarterly basis.
Prices of means of production increased +1.0% YoY, contributing +0.81 ppts to headline PPI, with extractive industries up +2.0%, raw materials +1.1%, and processing +0.9%, showing broad-based gains across upstream sectors.
Prices of means of living fell -1.3% YoY, subtracting about 0.28 ppts from PPI, with food (-1.7%), clothing (-1.1%), daily necessities (-1.4%), and durable goods (-1.0%) all declining, indicating continued weakness in consumer-related goods prices.
On a MoM basis, means of production prices rose +1.3% (contributing +1.01 ppts), led by extractive industries (+3.9%) and raw materials (+2.4%), while means of living prices declined -0.1%, showing that monthly gains were driven by upstream sectors.
Among purchase price components YoY, non-ferrous metals surged +22.3%, while building materials (-4.4%), fuel and power (-3.8%), and agricultural products (-2.7%) declined, highlighting divergence across input categories.
MoM purchase price increases were led by fuel and power (+3.6%), chemical raw materials (+2.9%), and non-ferrous metals (+1.5%), while agricultural products (-0.5%) and building materials (-0.1%) fell, indicating uneven input cost pressures across sectors.

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China’s producer price index (PPI) fell -0.9% YoY but rose +0.4% MoM in February 2026, indicating narrowing factory-gate deflation alongside continued monthly price increases.

Ex-factory prices of industrial producers declined -0.9% YoY in February, a 0.5 ppt smaller drop than the prior month, while increasing +0.4% MoM for the second consecutive month, indicating that annual deflation pressures eased while monthly price momentum remained positive.
Producer purchase prices fell -0.7% YoY, narrowing the decline by 0.7 ppts from the previous month, and rose +0.7% MoM (+0.2 ppts from January), suggesting firmer short-term input cost dynamics despite continued annual declines.
Within ex-factory prices YoY, means of production prices fell -0.7%, led by mining (-5.3%) and raw materials (-1.9%), while processing prices increased +0.3%, indicating divergence between upstream commodity sectors and downstream processing industries.
Prices for means of living declined -1.6% YoY, including food (-1.8%), clothing (-1.0%), general daily necessities (-1.8%), and consumer durables (-1.6%), showing broad-based softness across consumer-related industrial goods.
On a MoM basis, means of production prices increased +0.5%, including gains in mining (+1.2%), raw materials (+0.2%), and processing (+0.6%), while prices for means of living were flat (0.0% MoM) with mixed movements across categories.
Among purchase prices YoY, fuel and power fell -8.4%, chemical raw materials dropped -5.0%, building materials declined -4.5%, and ferrous materials fell -3.1%, while non-ferrous metal materials and wires surged +21.3%, highlighting significant divergence in upstream input costs.
On a MoM basis, purchase prices rose +0.7%, driven by increases in non-ferrous metal materials and wires (+4.8%), chemical raw materials (+1.0%), textile raw materials (+0.2%), and building materials (+0.1%), while fuel and power prices declined -1.2%.
By major industries YoY, oil and gas extraction fell -12.9%, petroleum and coal processing declined -12.0%, and electricity and heat production dropped -5.5%, while non-ferrous metal mining rose +30.2% and non-ferrous smelting increased +22.1%, underscoring weakness in energy-related sectors alongside strong price gains in non-ferrous metals.

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China’s producer price index (PPI) fell -2.2% YoY in November 2025 while rising +0.1% MoM, indicating continued but gradually narrowing factory-gate deflation with another month of modest sequential improvement.

Prices for means of production declined -2.4% YoY, contributing -1.79 ppts to the headline PPI, with sharp drops in mining (-6.1% YoY) and raw materials (-2.9% YoY) and a smaller decline in processing (-1.9% YoY), underscoring persistent weakness across upstream sectors.
Consumer goods prices fell -1.5% YoY, driven by declines in food (-1.5% YoY), clothing (-0.3% YoY), and durable consumer goods (-3.6% YoY), while general daily necessities rose +1.1% YoY, showing mixed price pressures on the consumption side.
Producer purchase prices fell -2.5% YoY, with broad declines across fuel and power (-6.9% YoY), building materials (-5.8% YoY), chemicals (-5.0% YoY), and agricultural and sideline products (-4.9% YoY), while non-ferrous metals rose sharply (+8.1% YoY), standing out as the only strong positive contributor.
On a monthly basis, means of production prices rose +0.1% MoM, led by mining (+1.7% MoM) and processing (+0.1% MoM), while raw materials dipped -0.2% MoM; consumer goods were unchanged overall, reflecting steady but subdued downstream pricing.
Purchase prices increased +0.1% MoM, driven by non-ferrous metals (+1.8% MoM), building materials (+0.2% MoM), and fuel and power (+0.1% MoM), while chemicals (-0.6% MoM) and agricultural inputs (-0.3% MoM) continued to soften.
Among major industries, non-ferrous metal mining posted the strongest gains (+2.6% MoM, +20.2% YoY), while coal mining (-11.8% YoY), oil and gas extraction (-10.3% YoY), and petroleum/coal processing (-7.2% YoY) remained significant drags on the PPI.
From January to November, PPI averaged -2.7% YoY and producer purchase prices averaged -3.1% YoY, highlighting ongoing but slowly easing industrial price deflation through most of 2025.

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China’s industrial producer prices fell -2.1% YoY (vs -2.2% YoY expected) in October 2025, up from -2.3% in September, while rising +0.1% MoM, marking the first monthly uptick since July and indicating continued narrowing of deflation in factory-gate prices.

The ex-factory price of means of production fell -2.4% YoY, weighing about -1.77 ppts on the overall index; extractive industry prices dropped -7.8% YoY, raw materials -2.5%, and processing -1.9%.
Prices for means of living declined -1.4% YoY, contributing -0.36 ppts to the headline PPI change; food prices fell -1.6%, clothing -0.3%, and durable consumer goods -3.2%, while general daily necessities rose +1.0%.
The producer purchase price index fell -2.7% YoY, led by declines in fuel & power (-7.4%), agricultural and sideline products (-5.2%), and chemical raw materials (-5.0%), while non-ferrous metal materials and wires rose +7.5%.
On a MoM basis, ex-factory prices of means of production rose +0.1%, as extractive industry prices increased +1.0%, processing gained +0.1%, and raw materials were flat; means of living prices were unchanged.
Purchase prices also rose +0.1% MoM, driven by non-ferrous metals (+2.4%) and ferrous materials (+0.2%), partially offset by declines in agricultural and sideline products (-1.3%) and chemicals (-0.6%).
Among major industries, non-ferrous metal mining posted the strongest gains (+5.3% MoM, +18.9% YoY), while coal mining (-15.6% YoY) and petroleum/coal processing (-5.8% YoY) remained significant drags.
From January to October, ex-factory prices fell -2.7% YoY and purchase prices -3.2% YoY, underscoring gradual stabilization after earlier declines in 2025.

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