Industrial Producer Price Indexes in September 2025
In September 2025, China’s producer price index for industrial products decreased by 2.3% year on year, with the decline narrowing by 0.6 percentage points from the previous month, and continued to remain flat month on month. The purchasing price index for industrial producers decreased by 3.1% year on year, with the decline narrowing by 0.9 percentage points from the previous month, and increased by 0.1% month on month. From January to September, on average, the producer price index for industrial products reduced by 2.8% year on year, while the purchasing price index for industrial producers dropped by 3.2%.
I. Year-on-Year Changes in Industrial Producer Price Indexes
In September, among producer price indexes for industrial products, the price index for means of production decreased by 2.4%, pushing the overall producer price index for industrial products down by about 1.81 percentage points. Specifically, the price index for mining and quarrying decreased by 9.0%, that for raw materials dropped by 2.9%, and that for the processing industry declined by 1.7%. The price index for consumer goods decreased by 1.7%, pushing the overall producer price index for industrial products down by about 0.45 percentage points. Among them, the price index for food went down by 1.7%, that for clothing decreased by 0.3%, that for articles for daily use increased by 0.7%, and that for durable consumer goods fell by 3.9%.
Among purchasing price indexes for industrial producers, the price index for fuel and power fell by 8.1%, that for raw chemical materials reduced by 5.5%, that for agricultural products decreased by 5.4%, that for building materials and non-metals declined by 4.5%, that for ferrous metals decreased by 2.9%, and that for textile materials fell by 1.7%. In contrast, that for nonferrous metals and cables rose by 6.6%.
II. Month-on-Month Changes in Industrial Producer Price Indexes
In September, among producer price indexes for industrial products, the price index for means of production remained flat. Specifically, the price index for mining and quarrying increased by 1.2%, that for raw materials remained flat, and that for the processing industry declined by 0.1%. The price index for consumer goods decreased by 0.2%, pushing the overall producer price index for industrial products down by about 0.04 percentage points. Specifically, the price index for food fell by 0.1%, that for clothing remained flat, that for articles for daily use rose by 0.2%, and that for durable consumer goods declined by 0.4%.
Among purchasing price indexes for industrial producers, the price index for nonferrous metals and cables increased by 1.2%, that for fuel and power rose by 0.5%, and that for ferrous metals increased by 0.4%; the price index for building materials and non-metals fell by 0.6%, that for raw chemical materials decreased by 0.4%, that for agricultural products declined by 0.2%, and that for textile materials dropped by 0.1%.
Industrial Producer Price Indexes in September 2025
|
|
Growth Rate M/M (%) |
Growth Rate Y/Y (%) |
Jan-Sep Growth Rate Y/Y (%) |
|
I. Producer Price Indexes for Industrial Products |
0.0 |
-2.3 |
-2.8 |
|
Means of production |
0.0 |
-2.4 |
-3.3 |
|
Mining and quarrying |
1.2 |
-9.0 |
-9.9 |
|
Raw materials |
0.0 |
-2.9 |
-3.6 |
|
Processing |
-0.1 |
-1.7 |
-2.6 |
|
Consumer goods |
-0.2 |
-1.7 |
-1.5 |
|
Food |
-0.1 |
-1.7 |
-1.6 |
|
Clothing |
0.0 |
-0.3 |
-0.1 |
|
Articles for daily use |
0.2 |
0.7 |
0.6 |
|
Durable consumer goods |
-0.4 |
-3.9 |
-3.3 |
|
II. Purchasing Price Indexes for Industrial Producers |
0.1 |
-3.1 |
-3.2 |
|
Fuel and power |
0.5 |
-8.1 |
-8.2 |
|
Ferrous metals |
0.4 |
-2.9 |
-7.2 |
|
Nonferrous metals and cables |
1.2 |
6.6 |
6.8 |
|
Raw chemical materials |
-0.4 |
-5.5 |
-5.0 |
|
Timber and paper pulp |
-0.3 |
-3.9 |
-3.4 |
|
Building materials and non-metals |
-0.6 |
-4.5 |
-2.7 |
|
Other industrial raw materials and semi-products |
0.0 |
-1.6 |
-1.7 |
|
Agricultural products |
-0.2 |
-5.4 |
-3.9 |
|
Textile materials |
-0.1 |
-1.7 |
-2.1 |
|
III. Producer Price Indexes for Major Industries |
|
|
|
|
Mining and washing of coal |
2.5 |
-16.8 |
-16.9 |
|
Extraction of petroleum and natural gas |
-2.0 |
-8.6 |
-9.9 |
|
Mining and processing of ferrous metal ores |
2.6 |
1.5 |
-8.3 |
|
Mining and processing of non-ferrous metal ores |
2.5 |
13.9 |
15.8 |
|
Mining and processing of non-metal ores |
-0.3 |
-3.6 |
-1.3 |
|
Processing of food from agricultural products |
-0.1 |
-2.6 |
-3.4 |
|
Manufacture of foods |
-0.3 |
-1.3 |
-1.3 |
|
Manufacture of liquor, beverages and refined tea |
-0.1 |
-0.4 |
-0.7 |
|
Manufacture of tobacco |
0.0 |
0.4 |
0.4 |
|
Textile industry |
-0.2 |
-2.4 |
-2.4 |
|
Manufacture of textile, wearing apparel and accessories |
0.0 |
-0.6 |
-0.2 |
|
Processing of timber, manufacture of wood, bamboo, rattan, palm and straw products |
-0.1 |
-3.3 |
-2.8 |
|
Manufacture of paper and paper products |
0.5 |
-2.5 |
-3.2 |
|
Printing and reproduction of recording media |
0.0 |
-1.5 |
-1.6 |
|
Processing of petroleum, coal and other fuels |
-0.8 |
-7.8 |
-10.0 |
|
Manufacture of raw chemical materials and chemical products |
-0.4 |
-5.2 |
-4.9 |
|
Manufacture of medicines |
-0.4 |
-3.0 |
-1.9 |
|
Manufacture of chemical fibers |
-0.2 |
-7.9 |
-6.7 |
|
Manufacture of rubber and plastics products |
-0.4 |
-2.7 |
-2.0 |
|
Manufacture of non-metallic mineral products |
-0.4 |
-5.0 |
-3.8 |
|
Smelting and pressing of ferrous metals |
0.2 |
-0.6 |
-8.6 |
|
Smelting and pressing of non-ferrous metals |
1.2 |
6.5 |
5.6 |
|
Manufacture of metal products |
0.0 |
-1.8 |
-2.3 |
|
Manufacture of general-purpose machinery |
-0.1 |
-1.8 |
-1.4 |
|
Manufacture of automobiles |
-0.5 |
-3.0 |
-3.0 |
|
Manufacture of railway, ship, aerospace and other transport equipment |
0.0 |
-0.3 |
-0.1 |
|
Manufacture of computers, communication equipment and other electronic equipment |
-0.2 |
-2.5 |
-2.3 |
|
Production and supply of electricity and heat power |
0.0 |
-1.7 |
-1.5 |
|
Production and supply of gas |
-0.4 |
-1.4 |
-0.8 |
|
Production and supply of water |
0.0 |
2.3 |
1.4 |
Annotations:
1. Index Interpretation
The Industrial Producer Price Index comprises the Producer Price Index for Industrial Products (PPI) and the Purchasing Price Index for Industrial Producers.
The PPI reflects the trend and magnitude of changes in the producer prices for products when they are sold for the first time by industrial enterprises.
The Purchasing Price Index for Industrial Producers reflects the trend and magnitude of changes in the prices for intermediate inputs purchased by industrial enterprises.
2. Statistical Coverage
The statistical survey of the PPI covers prices for 40 major industrial sectors and more than 1,300 basic categories of industrial products; the statistical survey of the purchasing price index for industrial producers covers prices for nine major categories and over 800 basic categories of industrial products.
3. Survey Methods
The survey of the industrial producer price index adopts a combined approach of key and typical surveys, covering more than 40,000 industrial enterprises across China.
4. Statistical Standard
The industries are classified based on the Industrial Classification for National 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 figures. For some categories or industries where price changes are minor, the rate of change becomes zero after being rounded off to one decimal place. In such cases, the price change is described as “flat”.