China PPI Falls 0.9% YoY in February 2026, Monthly Prices Rise

China's industrial producer prices continued to decline in February 2026, though the pace of contraction eased compared with the previous month. The data reflect mixed price movements across upstream industries and raw materials, with notable increases in some metal categories.

According to official statistics, China's Producer Price Index (PPI) fell 0.9% year-on-year in February, narrowing the decline by 0.5 percentage points from January. On a month-on-month basis, producer prices rose 0.4%, maintaining the same growth rate as the previous month.

Meanwhile, industrial producer purchase prices decreased 0.7% year-on-year, with the decline narrowing by 0.7 percentage points compared with January. On a monthly basis, purchase prices increased 0.7%, expanding by 0.2 percentage points from the previous month.

For the January–February period, average factory-gate prices declined 1.2% year-on-year, while purchase prices for industrial producers fell 1.1% compared with the same period last year.

Year-on-Year Changes in Industrial Producer Prices

In February, prices for means of production dropped 0.7% year-on-year, contributing roughly 0.55 percentage points to the overall decline in producer prices.

Within this category:

Mining industry prices fell 5.3%.

• Raw materials industry prices declined 1.9%.

• Processing industry prices increased 0.3%.

• Prices for consumer goods decreased 1.6% year-on-year, reducing the overall PPI level by approximately 0.35 percentage points.

Among consumer goods:

• Food prices declined 1.8%.

• Clothing prices dropped 1.0%.

• General daily necessities fell 1.8%.

• Durable consumer goods decreased 1.6%.

In terms of industrial producer purchase prices, several categories recorded declines. Prices for fuel and power dropped 8.4%, chemical raw materials fell 5.0%, construction materials and non-metallic products decreased 4.5%, ferrous metal materials declined 3.1%, agricultural and sideline products fell 2.3%, and textile raw materials decreased 1.9%.

In contrast, prices for non-ferrous metal materials and wires rose sharply by 21.3% year-on-year.

Month-on-Month Changes in Industrial Producer Prices

On a month-on-month basis, prices for means of production increased 0.5% in February, contributing about 0.38 percentage points to the overall rise in producer prices.

Within the category:

• Mining industry prices increased 1.2%.

• Raw materials industry prices rose 0.2%.

• Processing industry prices climbed 0.6%.

Prices for consumer goods remained unchanged overall compared with January.

Specifically:

• Food prices remained stable.

• Clothing prices declined 0.4%.

• General daily necessities fell 0.2%.

• Durable consumer goods rose 0.3%.

Among industrial producer purchase prices, non-ferrous metal materials and wires increased 4.8%, chemical raw materials rose 1.0%, textile raw materials increased 0.2%, and construction materials and non-metallic products edged up 0.1%.

Meanwhile, fuel and power prices fell 1.2%, ferrous metal materials declined 0.2%, and agricultural and sideline product prices remained unchanged.