Story · China · 15 Oct 2026
China producer prices were 5.0% higher year-on-year in September
China's industrial producer-price index was 5.0% higher in September 2026 than in September 2025, and rose 1.2% between August 2026 and September 2026. Across January to September 2026, producer prices averaged 2.3% higher than a year earlier.
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5.0%
China industrial PPI year-on-year — September 2026
1.2%
China industrial PPI month-on-month — August 2026 to September 2026
2.3%
China industrial PPI average year-on-year — January to September 2026
Exam link: Inflation → real incomes and purchasing power → consumption; policy response depends on the cause
Understand the storyExpand Close
NBS producer-price data show a 5.0% year-on-year change in September 2026, comparing September 2026 with September 2025. Month-on-month, the index rose 1.2% from August 2026 to September 2026.
What happened
China's industrial producer-price index changed 5.0% year-on-year in September 2026. From August 2026 to September 2026, the index rose 1.2%. Across January to September 2026, the average year-on-year change was 2.3%.
Why it matters
Producer prices measure price changes faced by industrial producers and can signal cost pressure earlier in the supply chain. Changes in PPI may feed into consumer inflation, but the pass-through depends on firms' margins, productivity, demand and competition.
Economic context
Use the 5.0% year-on-year PPI change as evidence of producer-price pressure in China in September 2026, while noting that the 1.2% month-on-month change compares August 2026 with September 2026. PPI is not the same as CPI and does not translate one-for-one into consumer inflation.
All key dataExpand Close
- China industrial PPI year-on-year — September 2026
- 5.0%
- China industrial PPI month-on-month — August 2026 to September 2026
- 1.2%
- China industrial PPI average year-on-year — January to September 2026
- 2.3%
Terms explainedExpand Close
Month-on-month
A comparison with the immediately previous month, rather than with the same month a year earlier.
Year-on-year
A comparison with the same period one year earlier, which helps separate annual change from short-run monthly movements.
Use it in an examExpand Close
Evidence
China's industrial producer-price index was 5.0% higher in September 2026 than in September 2025, and rose 1.2% between August 2026 and September 2026.
Explain
Producer prices measure price changes faced by industrial producers and can signal cost pressure earlier in the supply chain. Changes in PPI may feed into consumer inflation, but the pass-through depends on firms' margins, productivity, demand and competition.
Evaluate
Use the 5.0% year-on-year PPI change as evidence of producer-price pressure in China in September 2026, while noting that the 1.2% month-on-month change compares August 2026 with September 2026. PPI is not the same as CPI and does not translate one-for-one into consumer inflation.
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