Industrial Producer Price Indexes in October 2025

2025-11-10 09:30 Print| Large| Medium| Small

In October 2025, China’s Producer Price Index (PPI) for industrial products decreased by 2.1% year on year, with the decline narrowing by 0.2 percentage points from the previous month; on a month-on-month basis, it turned from being flat in the previous month to an increase of 0.1%. The purchasing price index for industrial producers decreased by 2.7% year on year, with the decline narrowing by 0.4 percentage points from the previous month, and increased by 0.1% month on month, with the same increase as the previous month. From January to October, on average, the producer price index for industrial products decreased by 2.7% 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 October, 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 1.77 percentage points. Specifically, the price index for mining and quarrying decreased by 7.8%, that for raw materials dropped by 2.5%, and that for the processing industry declined by 1.9%. The price index for consumer goods decreased by 1.4%, pushing the overall producer price index for industrial products down by about 0.36 percentage points. Specifically, the price index for food went down by 1.6%, that for clothing decreased by 0.3%, that for articles for daily use increased by 1.0%, and that for durable consumer goods fell by 3.2%.

Among purchasing price indexes for industrial producers, the price index for fuel and power fell by 7.4%, that for agricultural products dropped by 5.2%; that for raw chemical materials went down by 5.0%, that for building materials and non-metals declined by 4.5%, that for ferrous metals decreased by 2.8%, that for textile materials fell by 1.8%, and that for nonferrous metals and cables rose by 7.5%.

II. Month-on-Month Changes in Industrial Producer Price Indexes

In October, among producer price indexes for industrial products, the price index for means of production increased by 0.1%, pushing the overall producer price index for industrial products up by about 0.08 percentage points. Specifically, the price index for mining and quarrying increased by 1.0%, that for raw materials remained flat, and that for the processing industry increased by 0.1%. The price index for consumer goods remained flat. Specifically, the price indexes for food and clothing both went down by 0.1%, that for articles for daily use increased by 0.7%, and that for durable consumer goods declined by 0.3%.

Among purchasing price indexes for industrial producers, the price index for nonferrous metals and cables increased by 2.4%, and that for ferrous metals rose by 0.2%; the price index for agricultural products declined by 1.3%, that for raw chemical materials decreased by 0.6%, that for building materials and non-metals, and textile materials both dropped by 0.2%, and that for fuel and power fell by 0.1%.

Industrial Producer Price Indexes in October 2025

	Growth Rate M/M (%)	Growth Rate Y/Y （%）	Jan-Oct Growth Rate Y/Y (%)
I. Producer Price Indexes for Industrial Products	0.1	-2.1	-2.7
Means of production	0.1	-2.4	-3.2
Mining and quarrying	1.0	-7.8	-9.7
Raw materials	0.0	-2.5	-3.5
Processing	0.1	-1.9	-2.5
Consumer goods	0.0	-1.4	-1.5
Food	-0.1	-1.6	-1.6
Clothing	-0.1	-0.3	-0.1
Articles for daily use	0.7	1.0	0.7
Durable consumer goods	-0.3	-3.2	-3.3
II. Purchasing Price Indexes for Industrial Producers	0.1	-2.7	-3.2
Fuel and power	-0.1	-7.4	-8.1
Ferrous metals	0.2	-2.8	-6.7
Nonferrous metals and cables	2.4	7.5	6.9
Raw chemical materials	-0.6	-5.0	-5.0
Timber and paper pulp	0.3	-3.1	-3.4
Building materials and non-metals	-0.2	-4.5	-2.9
Other industrial raw materials and semi-products	0.1	-1.4	-1.7
Agricultural products	-1.3	-5.2	-4.0
Textile materials	-0.2	-1.8	-2.0
III. Producer Price Indexes for Major Industries
Mining and washing of coal	1.6	-15.6	-16.8
Extraction of petroleum and natural gas	-2.3	-8.4	-9.7
Mining and processing of ferrous metal ores	0.9	2.1	-7.3
Mining and processing of non-ferrous metal ores	5.3	18.9	16.1
Mining and processing of non-metal ores	0.1	-3.1	-1.5
Processing of food from agricultural products	-0.2	-2.3	-3.3
Manufacture of foods	0.0	-1.1	-1.2
Manufacture of liquor, beverages and refined tea	-0.1	-0.5	-0.7
Manufacture of tobacco	0.0	0.4	0.4
Textile industry	0.0	-2.2	-2.3
Manufacture of textile, wearing apparel and accessories	-0.1	-0.7	-0.3
Processing of timber, manufacture of wood, bamboo, rattan, palm and straw products	-0.5	-3.7	-2.9
Manufacture of paper and paper products	1.0	-1.4	-3.0
Printing and reproduction of recording media	-0.1	-1.7	-1.6
Processing of petroleum, coal and other fuels	-0.5	-5.8	-9.6
Manufacture of raw chemical materials and chemical products	-0.6	-5.0	-4.9
Manufacture of medicines	-0.2	-3.4	-2.0
Manufacture of chemical fibers	-0.7	-8.2	-6.8
Manufacture of rubber and plastics products	-0.2	-2.8	-2.1
Manufacture of non-metallic mineral products	0.1	-5.3	-4.0
Smelting and pressing of ferrous metals	-0.7	-4.5	-8.2
Smelting and pressing of non-ferrous metals	2.4	6.8	5.7
Manufacture of metal products	0.0	-1.5	-2.2
Manufacture of general-purpose machinery	-0.1	-1.7	-1.5
Manufacture of automobiles	-0.2	-2.3	-2.9
Manufacture of railway, ship, aerospace and other transport equipment	-0.1	-0.2	-0.1
Manufacture of computers, communication equipment and other electronic equipment	0.1	-2.0	-2.2
Production and supply of electricity and thermal power	-0.2	-1.5	-1.5
Production and supply of gas	-0.5	-1.9	-0.9
Production and supply of water	0.1	2.2	1.5

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 Method

The survey of the industrial producer price index adopts an approach that combines the survey of main units with the typical survey, 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”.