China - Producer Price Index (PPI)

China: Producer Price Index (PPI)

Mnemonic PPI.ICHN
Unit Index, Same Month of Prior Year=100, NSA
Adjustments Not Seasonally Adjusted
Monthly 0.61 %
Data Dec 2022 99.3
Nov 2022 98.7

Series Information

Source National Bureau of Statistics of the People's Republic of China
Release Producer Price Index
Frequency Monthly
Start Date 1/31/1993
End Date 12/31/2022

China: Price

Reference Last Previous Units Frequency
Consumer Price Index (CPI) Dec 2022 101.8 101.6 Index CPPY=100, NSA Monthly
Producer Price Index (PPI) Dec 2022 99.3 98.7 Index, Same Month of Prior Year=100, NSA Monthly

Release Information

For China, a detailed producer price index for select commodities, monthly and annual, expressed in three analytic variants.


  • Industry classification: GB/T 4754-2011 (UN ISIC Rev. 4)
  • Measurements:
    • Moving-base index relative to corresponding period of previous year (Index CPPY=100)
    • Month-over-month percent change (% M/M)
    • Year-over-year percent change (% Y/Y)
  • Adjustment: Not seasonally adjusted (NSA)
  • Native frequencies:
    • Monthly
    • Annual
  • Start dates:
    • As early as 1993m1
    • 2006


  • GB/T 4754-2002 (UN ISIC Rev. 3) - 2006 to 2011

In China, the monthly Producer Price Index (PPI) and Purchase Price Index (PUP) data are published by the National Bureau of Statistics (NBS).

The producer price index (PPI) measures the monthly changes in prices of industrial products for the domestic market by comparing prices in the current month with prices in the same month of the previous year. The price relative for item i is then weighted by the relative share of item i in the value of the k items included in the index in the base year.

The PPI covers all manufacturing activities. The prices collected are producer prices.

The monthly PPI data is disseminated with brief technical commentary in the NBS news release each month. The data posted on the NBS website are accordingly updated.

The industrial PUP reflects the trend and level of prices change for the products purchased by the industrial enterprises as intermediate inputs. The prices collected are raw material price for production, as opposed to PPI which may consist of other costs such as wages.

PPI for manufactured goods consists of PPI and PUP.

The industry breakdown for the PPI follows the Industrial Classification of the National Economy

Enterprise selection is based on random sampling procedures for all state-owned enterprises and non state-owned enterprises with turnover exceeding 5 million yuan. The coverage is over 85 percent of total manufacturing turnover. The source of turnover statistics is the annual survey of enterprises consisting of annual reports submitted by enterprises to NBS. The price data are collected from around 50,000 enterprises, in 430 cities, in a special price survey of enterprises. Two sets of prices on the 8th and 18th of each month are collected on the 28th day of the reference month. The average of the two prices is used for price index calculation. Data are collected for the most important products in terms of turnover. The total number of items for which data are collected is around 4,000 which are allocated to 188 sub-groups. The items are aggregated into sub-groups as weighted means using enterprise turnover data. Subsequent levels of aggregation use sales in the base period for aggregation purposes. The base year is currently 2005. It is changed every five years.

Items that are no longer available are replaced by similar items without recording any change in price.

Moody's Analytics supplements

For the PPI general index, we compute a fixed-base variant in NSA terms. We compute a seasonally adjusted counterpart using the U.S. Census Bureau's X-13ARIMA-SEATS program.

Any revisions are captured when next period is updated.

Further reading