According to data released by the National Bureau of Statistics on February 11, China's producer price index (PPI) declined 1.4% year-on-year in January 2026, while rising 0.4% month-on-month. The purchase price index for industrial producers decreased by 1.4% year-on-year and increased by 0.5% month-on-month. Specifically: - The factory price index for the petroleum and natural gas extraction industry decreased by 16.7% year-on-year and by 2.2% month-on-month; - The factory price index for the chemical raw materials and chemical products manufacturing industry decreased by 5% year-on-year and increased by 0.6% month-on-month; - The factory price index for the petroleum, coal, and other fuel processing industry decreased by 11.5% year-on-year and by 2.5% month-on-month.

I. Year-on-Year Changes in Industrial Producer Prices

In January, among industrial producer prices, prices for means of production fell by 1.3%, contributing to a decrease of approximately 1.06 percentage points in the overall level of industrial producer prices. Specifically, prices in the mining industry fell by 8.1%, prices in the raw materials industry fell by 2.0%, and prices in the processing industry fell by 0.4%. Prices for consumer goods fell by 1.7%, contributing to a decrease of approximately 0.38 percentage points in the overall PPI level. Specifically, food prices dropped by 1.9%, clothing prices decreased by 0.7%, and prices for general daily necessities and durable consumer goods both fell by 1.8%.

Among industrial producer purchase prices, fuel and power prices fell by 7.1%, chemical raw materials prices dropped by 5.8%, building materials and non-metallic materials prices decreased by 4.7%, ferrous metal materials and agricultural by-products prices both declined by 2.9%, and textile raw materials prices fell by 2.2%. Non-ferrous metal materials and wire prices rose by 16.1%.

II. Month-on-Month Changes in Industrial Producer Prices

In January, among industrial producer prices, prices for means of production rose by 0.5%, contributing approximately 0.37 percentage points to the overall increase in industrial producer prices. Specifically, prices in the mining industry fell by 1.7%, while prices in the raw materials industry rose by 0.7% and prices in the processing industry increased by 0.5%. Prices for consumer goods rose by 0.1%, contributing approximately 0.01 percentage points to the overall increase in the PPI. Specifically, food prices fell by 0.1%, clothing prices dropped by 0.3%, general daily necessities prices decreased by 0.1%, and durable consumer goods prices increased by 0.3%.

Among industrial producer purchase prices: - Nonferrous metals and wire prices rose 4.5% - Agricultural and sideline products prices rose 0.7% - Chemical raw materials prices rose 0.1% - Fuel and power prices fell 0.7% - Building materials and non-metallic products prices fell 0.6% - Ferrous metals and textile raw materials prices remained unchanged.

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