The producer price index for industrial products as a change over twelve months, read from the National Bureau of Statistics' monthly release. Factory-gate prices are where Chinese deflation shows first: the index fell year on year from October 2022 to 2025 while consumer prices stayed just above zero. Shown for context. A threshold waits until the record has been reviewed: a zero line would have been crossed for three years running, and a line that stays crossed says nothing.
Dominated by commodity and energy prices, so it follows oil and iron ore as much as domestic demand. Read from the text of a monthly web release; the OECD and FRED copies of this series stopped in 2022.