Producer Price Index in the Industrial Sector for January 2024

National Bureau of Statistics of China 2024-02-09 09:30 Print| Large| Medium| Small

In January 2024, affected by fluctuations in international commodity prices, the national producer prices for industrial products fell by 2.5 percent year on year and 0.2 percent month on month, with the decline narrowing by 0.2 and 0.1 percentage point respectively from the previous month; the purchasing prices for industrial producers fell by 3.4 percent year on year, with the decline narrowing by 0.4 percentage point, and fell by 0.2 percent month on month, with the same decline as last month.

I. Year-on-Year Changes of Prices for Different Categories in January

Among the producer prices for industrial products, prices for means of production decreased by 3.0 percent, a decline of 0.3 percentage point narrower than the previous month, affecting the overall level of the producer prices for industrial products to drop by approximately 2.23 percentage points. Among them, the price for the mining and quarrying industry went down by 6.0 percent, that for the raw materials industry down by 2.3 percent, and that for the processing industry down by 3.1 percent, all with a narrowed decline. Prices for consumer goods decreased by 1.1 percent, a decline of 0.1 percentage point narrower than the previous month, affecting the overall level of the producer prices for industrial products to drop by approximately 0.29 percentage point. Among them, the price for food went down by 1.0 percent, that for clothing up by 0.1 percent; prices for articles for daily use were flat, and that for durable consumer goods down by 2.3 percent.

Among the purchasing prices for industrial producers, prices for building materials and non-metals went down by 7.0 percent, that for fuel and power down by 6.7 percent, that for agricultural products down by 5.8 percent and that for raw chemical materials down by 5.7 percent; prices for ferrous metals were flat; and prices for nonferrous metals and cables went up by 1.5 percent.

II. Month-on-Month Changes of Prices for Different Categories in January

Among the producer prices for industrial products, prices for means of production decreased by 0.2 percent, a decline of 0.1 percentage point narrower than the previous month, affecting the overall level of the producer prices for industrial products to drop by approximately 0.17 percentage point. Among them, the price for the mining and quarrying industry went up by 0.2 percent, that for the raw materials industry down by 0.2 percent, and that for the processing industry down by 0.3 percent. Prices for consumer goods decreased by 0.2 percent, a decrease of 0.1 percentage point from the previous month, affecting the overall level of the producer prices for industrial products decreased by about 0.05 percentage point. Among them, the price for food went down by 0.1 percent, that for clothing down by 0.2 percent; prices for articles for daily use were flat, and that for durable consumer goods down by 0.4 percent.

Among the purchasing prices for industrial producers, the price for agricultural products decreased by 1.0 percent, that for both fuel and power and raw chemical materials decreased by 0.8 percent, and that for building materials and non-metals decreased by 0.1 percent; prices for ferrous metals went up by 0.8 percent and that for nonferrous metals and cables up by 0.3 percent.

Producer Price Index in the Industrial Sector in January 2024

	Growth Rate M/M (%)	Growth Rate Y/Y (%)
I. Producer Prices for Industrial Products	-0.2	-2.5
Means of production	-0.2	-3.0
Mining and quarrying	0.2	-6.0
Raw materials	-0.2	-2.3
Processing	-0.3	-3.1
Consumer goods	-0.2	-1.1
Food	-0.1	-1.0
Clothing	-0.2	0.1
Articles for daily use	0.0	0.0
Durable consumer goods	-0.4	-2.3
II. Purchasing Prices for Industrial Producers	-0.2	-3.4
Fuel and power	-0.8	-6.7
Ferrous metals	0.8	0.0
Nonferrous metals and cables	0.3	1.5
Raw chemical materials	-0.8	-5.7
Timber and paper pulp	-0.1	-5.9
Building materials and non-metals	-0.1	-7.0
Other industrial raw materials and semi-products	0.1	-1.9
Agricultural products	-1.0	-5.8
Textile materials	-0.4	0.0
III. Producer Prices for Major Industries
Mining and washing of coal	0.1	-16.0
Extraction of petroleum and natural gas	-0.8	3.4
Mining and processing of ferrous metal ores	2.3	16.1
Mining and processing of non-ferrous metal ores	0.6	6.9
Mining and processing of non-metal ores	0.1	-2.1
Processing of food from agricultural and sideline products	-0.5	-3.8
Manufacture of foods	0.2	-0.7
Manufacture of liquor, beverages and refined tea	-0.1	0.7
Manufacture of tobacco	-0.2	0.6
Textile industry	-0.3	-1.3
Manufacture of textile, wearing apparel and accessories	-0.3	0.3
Processing of timber, manufacture of wood, bamboo, rattan, palm and straw products	-0.1	-1.4
Manufacture of paper and paper products	-0.3	-5.8
Printing and reproduction of recording media	-0.1	-0.9
Processing of petroleum, coal and other fuels	-1.7	-4.4
Manufacture of raw chemical materials and chemical products	-1.1	-6.1
Manufacture of medicines	0.2	-0.3
Manufacture of chemical fibers	0.0	1.4
Manufacture of rubber and plastics products	-0.4	-3.1
Manufacture of non-metallic mineral products	-0.6	-8.0
Smelting and pressing of ferrous metals	0.4	-2.9
Smelting and pressing of non-ferrous metals	0.3	0.6
Manufacture of metal products	0.0	-1.8
Manufacture of general purpose machinery	-0.1	-0.5
Manufacture of automobiles	-0.3	-1.5
Manufacture of railway, ship, aerospace and other transport equipment	0.0	-0.4
Manufacture of computers, communication equipment and other electronic equipment	-0.3	-3.0
Production and supply of electricity and heat power	0.7	-0.5
Production and supply of gas	1.4	-0.5
Production and supply of water	0.0	1.1

Annotations:

1. Explanatory Notes

Producer price index in the industrial sector consists of the producer prices for industrial products (PPI) and the purchasing prices for industrial producers.

The producer prices for industrial products reflects the trend and range of price change when the industrial products are sold for the first time.

The purchasing prices for industrial producers reflects the trend and range of price change for the products purchased by the industrial enterprises as intermediate inputs.

2. Statistical Coverage

The survey of the producer prices for industrial products covers the prices of industrial products in 40 major industrial categories and more than 1300 basic categories; the survey of the purchasing prices for industrial producers covers the prices of industrial products in 9 major categories and more than 800 basic categories.

3. Survey Methods

The survey of the producer prices for industrial products adopts the method that combines key-point survey with typical survey, involving more than 40,000 industrial enterprises in China.

4. Statistical Standard

The industrial classification is based on the National Industrial Classification of All Economic Activities (GB/T4754-2017).

5. Data Description

Due to rounding-off, the aggregate data may be equal to the high or low value of the classified data. The price changes of some categories or industries are little and are considered to maintain the same in the presentation of price changes, as their value is zero after retaining one decimal place according to the rounding-off principle.