Industrial Producer Price Indexes in January 2026

2026-02-12 09:30 Print| Large| Medium| Small

In January 2026, China’s producer price index for industrial products (PPI) decreased by 1.4% year on year, with the decline narrowing by 0.5 percentage points from the previous month; it increased by 0.4% month on month, with the increase 0.2 percentage points higher than the previous month. The purchasing price index for industrial producers decreased by 1.4% year on year, with the decline narrowing by 0.7 percentage points from the previous month; it increased by 0.5% month on month, with the increase 0.1 percentage points higher than the previous month.

I. Year-on-Year Changes in Industrial Producer Price Indexes

In January, among producer price indexes for industrial products, the price index for means of production decreased by 1.3%, pushing the overall producer price index for industrial products down by about 1.06 percentage points. Specifically, the price index for mining and quarrying decreased by 8.1%, that for raw materials dropped by 2.0%, and that for the processing industry declined by 0.4%. The price index for consumer goods decreased by 1.7%, pushing the overall producer price index for industrial products down by about 0.38 percentage points. Specifically, the price index for food went down by 1.9%, that for clothing decreased by 0.7%, and those for articles for daily use and durable consumer goods both fell by 1.8%.

Among purchasing price indexes for industrial producers, the price index for fuel and power dropped by 7.1%, that for raw chemical materials went down by 5.8%, that for building materials and non-metals fell by 4.7%, those for ferrous metals and agricultural and sideline products both declined by 2.9%, that for textile materials fell by 2.2%, and that for nonferrous metals and cables rose by 16.1%.

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

In January, among producer price indexes for industrial products, the price index for means of production increased by 0.5%, pushing the overall producer price index for industrial products up by about 0.37 percentage points. Specifically, the price index for mining and quarrying decreased by 1.7%, that for raw materials went up by 0.7%, and that for the processing industry rose by 0.5%. The price index for consumer goods increased by 0.1%, pushing the overall producer price index for industrial products up by about 0.01 percentage points. Specifically, the price index for food went down by 0.1%, that for clothing decreased by 0.3%, that for articles for daily use decreased by 0.1%, and that for durable consumer goods increased by 0.3%.

Among purchasing price indexes for industrial producers, the price index for nonferrous metals and cables increased by 4.5%, that for agricultural and sideline products increased by 0.7%, that for raw chemical materials increased by 0.1%, that for fuel and power decreased by 0.7%, that for building materials and non-metals decreased by 0.6%, and those for ferrous metals and textile materials both remained flat.

Industrial Producer Price Indexes in January 2026

	Growth Rate M/M (%)	Growth Rate Y/Y (%)
I. Producer Price Indexes for Industrial Products	0.4	-1.4
Means of production	0.5	-1.3
Mining and quarrying	-1.7	-8.1
Raw materials	0.7	-2.0
Processing	0.5	-0.4
Consumer goods	0.1	-1.7
Food	-0.1	-1.9
Clothing	-0.3	-0.7
Articles for daily use	-0.1	-1.8
Durable consumer goods	0.3	-1.8
II. Purchasing Price Indexes for Industrial Producers	0.5	-1.4
Fuel and power	-0.7	-7.1
Ferrous metals	0.0	-2.9
Nonferrous metals and cables	4.5	16.1
Raw chemical materials	0.1	-5.8
Timber and paper pulp	-0.4	-2.5
Building materials and non-metals	-0.6	-4.7
Other industrial raw materials and semi-products	0.1	-1.0
Agricultural and sideline products	0.7	-2.9
Textile materials	0.0	-2.2
III. Producer Price Indexes for Major Industries
Mining and washing of coal	-3.2	-9.8
Extraction of petroleum and natural gas	-2.2	-16.7
Mining and processing of ferrous metal ores	0.4	3.0
Mining and processing of non-ferrous metal ores	5.7	22.7
Mining and processing of non-metal ores	-0.1	-4.6
Processing of food from agricultural and sideline products	0.3	-1.6
Manufacture of foods	-0.1	-2.1
Manufacture of liquor, beverages and refined tea	-1.4	-1.9
Manufacture of tobacco	0.1	0.5
Textile industry	-0.2	-1.6
Manufacture of textiles, wearing apparel and accessories	-0.5	-1.1
Processing of timber, manufacture of wood, bamboo, rattan, palm and straw products	-0.1	-2.8
Manufacture of paper and paper products	-1.7	-2.4
Printing and reproduction of recording media	-0.2	-3.7
Processing of petroleum, coal and other fuels	-2.5	-11.5
Manufacture of raw chemical materials and chemical products	0.6	-5.0
Manufacture of medicines	-0.9	-4.4
Manufacture of chemical fibers	0.4	-6.4
Manufacture of rubber and plastic products	-0.5	-4.1
Manufacture of non-metallic mineral products	0.0	-5.4
Smelting and pressing of ferrous metals	0.2	-3.7
Smelting and pressing of non-ferrous metals	5.2	17.1
Manufacture of metal products	0.3	-0.7
Manufacture of general-purpose machinery	0.0	-1.3
Manufacture of automobiles	0.0	-2.5
Manufacture of railway, ships, aerospace and other transport equipment	0.1	-0.3
Manufacture of computers, communication equipment and other electronic equipment	0.5	-1.6
Production and supply of electricity and thermal power	0.1	-2.3
Production and supply of gas	0.0	-2.5
Production and supply of water	0.1	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 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 prices for intermediate inputs purchased by industrial enterprises.

2. Statistical Coverage

The statistical survey of the PPI covers prices for 41 major industrial categories and more than 1,300 basic categories of industrial products; the statistical survey of the purchasing price index for industrial producers covers prices for 9 major categories and more than 800 basic categories of industrial products.

3. Survey Method

The survey of the industrial producer price index adopts an approach that combines surveys of main units 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/T 4754-2017).

5. Data Description

Due to rounding, the aggregated 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 growth rate becomes zero after being rounded to one decimal place. In such cases, the price change is described as “flat”.

6. Base Period Rotation

According to the statistical system arrangement, China’s PPI undergoes a base period rotation every five years. Starting from January 2026, the PPI will be compiled and published with 2025 as the base period. Compared with the previous base period, the survey categories, surveyed enterprises and representative specification items, and the category weights have been adjusted to reflect the latest changes in the industrial production structure. According to the calculation, the impact of the base period rotation on the monthly year-on-year PPI is approximately 0.08 percentage points on average.