In October 2023, industrial producer prices fell by 2.6% year-on-year, unchanged month-on-month

In October 2023, the ex-factory prices of industrial producers fell by 2.6% year-on-year, unchanged from the previous month, and the purchasing prices of industrial producers decreased by 3.7% year-on-year and rose by 0.2% month-on-month. From January to October, on average, the ex-factory prices of industrial producers decreased by 3.1 percent over the same period of the previous year, and the purchase prices of industrial producers decreased by 3.6 percent.

1. Year-on-year changes in industrial producer prices in October

Among the ex-factory prices of industrial producers, the prices of means of production decreased by 3.0 percent, affecting the overall level of ex-factory prices of industrial producers by about 2.35 percentage points. Among them, the prices of extractive industries decreased by 6.2 percent, the prices of raw materials industries decreased by 2.3 percent, and the prices of processing industries decreased by 3.0 percent. The price of means of subsistence fell by 0.9 percent, affecting the overall level of ex-factory prices of industrial producers by about 0.24 percentage points. Among them, the price of food decreased by 1.2 percent, the price of clothing and general daily necessities both increased by 0.4 percent, and the price of durable consumer goods decreased by 2.0 percent.

Among the purchase prices of industrial producers, the prices of building materials and non-metallic materials decreased by 7.3 percent, the prices of fuel and power decreased by 6.7 percent, the prices of chemical raw materials decreased by 6.3 percent, the prices of agricultural and sideline products decreased by 6.2 percent, the prices of ferrous metal materials decreased by 2.1 percent, and the prices of non-ferrous metal materials and wires rose by 3.7 percent.

2. Month-on-month changes in industrial producer prices in October

Among the ex-factory prices of industrial producers, the prices of means of production rose by 0.1 percent, affecting the overall level of ex-factory prices of industrial producers by about 0.08 percentage points. Among them, the price of the extractive industry rose by 2.4%, the price of the raw material industry rose by 0.4%, and the price of the processing industry decreased by 0.2%. The prices of means of subsistence fell by 0.1 percent, affecting the overall level of ex-factory prices of industrial producers by about 0.04 percentage points. Among them, the price of food decreased by 0.3%, the price of clothing rose by 0.1%, the price of general daily necessities was flat, and the price of durable consumer goods decreased by 0.1%.

Among the purchase prices of industrial producers, the prices of fuel and power rose by 1.4 percent, the prices of chemical raw materials rose by 1.0 percent, and the prices of ferrous metal materials rose by 0.2 percent, the prices of agricultural and sideline products decreased by 0.7 percent, and the prices of non-ferrous metal materials and wires, building materials and non-metals all decreased by 0.3 percent.