Producer Price Index in the Industrial Sector for August 2023

National Bureau of Statistics of China 2023-09-10 09:30 Print| Large| Medium| Small

In August 2023, the producer prices for industrial products decreased by 3.0 percent year-on-year and rose by 0.2 percent month-on-month; the purchasing prices for industrial producers decreased by 4.6 percent year-on-year and rose by 0.2 percent month-on-month. From January to August, on average, the producer prices for industrial products decreased by 3.2 percent over the same period last year, and the purchasing prices for industrial producers decreased by 3.6 percent.

1. Year-on-Year Changes of Prices for Different Categories in August

Among the producer prices for industrial products, the price for means of production decreased by 3.7 percent, affecting the overall level of producer prices for industrial products decreased by about 2.90 percentage points. Among them, the price for mining and quarrying industry decreased by 9.9 percent, the price for raw materials industry decreased by 4.0 percent, and the price for the processing industry decreased by 3.1 percent. The price for means of livelihood decreased by 0.2 percent, affecting the overall level of producer prices for industrial products decreased by about 0.05 percentage point. Among them, the price for food went down by 0.2 percent, for clothing up by 1.0 percent; prices for articles for daily use went up by 0.6 percent, and for durable consumer goods down by 1.2 percent.

Among the purchasing prices for industrial producers, prices for raw chemical materials went down by 10.4 percent, for fuel and power down by 9.1 percent, for building materials and non-metals down by 6.0 percent, for ferrous metals down by 5.6 percent, for agricultural and sideline products down by 3.7 percent; for nonferrous metals and cables up by 2.6 percent.

2. Month-on-Month Changes of Prices for Different Categories in August

Among the producer prices for industrial products, the price for means of production increased by 0.3 percent, affecting the overall level of producer prices for industrial products increased by about 0.21 percentage point. Among them, the price for mining and quarrying industry increased by 0.9 percent, the price for raw materials industry increased by 1.4 percent, and the price for processing industry decreased by 0.2 percent. The price for means of livelihood increased by 0.1 percent, affecting the overall level of producer prices for industrial products increased by about 0.02 percentage point. Among them, the price for food went up by 0.6 percent, for clothing down by 0.2 percent, for articles for daily use down by 0.3 percent and for durable consumer goods down by 0.1 percent.

Among the purchasing prices for industrial producers, prices for agricultural products went up by 1.7 percent, for fuel and power up by 1.1 percent, for raw chemical materials up by 0.5 percent, and for nonferrous metals and cables up by 0.2 percent; prices for building materials and non-metals went down by 1.4 percent, and for ferrous metals down by 0.5 percent.

Producer Prices for Industrial Products in August 2023

	M/M (%)	Y/Y (%)	Jan-Aug Y/Y (%)
I. Producer Prices for Industrial Products	0.2	-3.0	-3.2
Means of production	0.3	-3.7	-4.2
Mining and quarrying	0.9	-9.9	-8.1
Raw materials	1.4	-4.0	-5.2
Processing	-0.2	-3.1	-3.4
Means of livelihood	0.1	-0.2	0.3
Food	0.6	-0.2	0.9
Clothing	-0.2	1.0	1.5
Articles for daily use	-0.3	0.6	0.6
Durable consumer goods	-0.1	-1.2	-0.8
II. Purchasing Prices for Industrial Producers	0.2	-4.6	-3.6
Fuel and power	1.1	-9.1	-4.4
Ferrous metals	-0.5	-5.6	-8.4
Nonferrous metals and cables	0.2	2.6	-2.5
Raw chemical materials	0.5	-10.4	-9.2
Timber and paper pulp	-0.8	-6.6	-1.2
Building materials and non-metals	-1.4	-6.0	-5.2
Other industrial raw materials and semi-products	-0.3	-1.8	-1.1
Agricultural and sideline products	1.7	-3.7	-0.1
Textile materials	0.1	-2.4	-4.1
III. Producer Prices for Major Industries
Mining and washing of coal	-0.8	-16.2	-9.9
Extraction of petroleum and natural gas	5.6	-10.6	-14.2
Mining and processing of ferrous metal ores	0.9	0.5	-8.1
Mining and processing of non-ferrous metal ores	1.0	8.3	4.7
Mining and processing of non-metal ores	-0.4	-2.0	1.4
Processing of food from agricultural and sideline products	1.3	-1.5	1.0
Manufacture of foods	0.2	-1.0	-0.4
Manufacture of liquor, beverages and refined tea	0.1	1.2	1.3
Manufacture of tobacco	0.0	1.3	0.7
Manufacture of textiles	0.1	-3.1	-3.9
Manufacture of textile wearing apparel and accessories	-0.1	0.7	1.0
Processing of timber, manufacture of wood, bamboo, rattan, palm, and straw products	-0.2	-1.4	-1.2
Manufacture of paper and paper products	-0.7	-7.7	-4.8
Printing and reproduction of recording media	0.0	-0.6	-0.5
Processing of petroleum, coal and other fuels	5.4	-9.6	-9.6
Manufacture of raw chemical materials and chemical products	0.6	-10.4	-10.1
Manufacture of medicines	-0.3	0.6	0.2
Manufacture of chemical fibers	0.3	-3.3	-3.9
Manufacture of rubber and plastics products	-0.4	-3.6	-3.5
Manufacture of non-metallic mineral products	-1.2	-6.6	-6.2
Smelting and pressing of ferrous metals	0.1	-6.6	-12.2
Smelting and pressing of non-ferrous metals	0.4	1.4	-5.3
Manufacture of metal products	-0.1	-2.7	-3.6
Manufacture of general purpose machinery	-0.1	-0.4	-0.2
Manufacture of automobiles	0.0	-1.4	-1.1
Manufacture of railway, ship, aerospace and other transport equipments	-0.1	0.0	0.4
Manufacture of computers, communication and other electronic equipment	-0.4	-1.9	-1.0
Production and supply of electricity and heat	0.2	1.7	2.0
Production and supply of gas	0.3	-0.9	2.3
Production and supply of water	0.0	0.4	0.4

Annotations:

1. Explanatory Notes

Producer price index for industrial products consists of the producer prices for industrial products and the purchasing prices for industrial producers.

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

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

2. Statistical Coverage

The survey of 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 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 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

Industrial Classification is 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 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.