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Through 2022, the changes in the producer price index (PPI) were at a high rate across all regions, before falling through the last quarter of 2022 and the first months of 2023. In the Euro Area, the monthly change was over 40 percent in August 2022, but has been negative since mid-2023. Meanwhile, China had a negative index rate of 2.8 percent in September 2024, struggling with producer price deflation through 2023.

The Producer Price Index (PPI) measures the average change over time in the selling prices received by domestic producers for their output.

Monthly change in the Producer Price Index (PPI) for all commodities in major economies from January 2020 to September 2024

Characteristic	United States	China	Japan	Euro area
Sep '24	1.8%	-2.8%	2.8%	-
Aug '24	1.9%	-1.8%	2.6%	-2.3%
Jul '24	2.3%	-0.8%	3%	-2.2%
Jun '24	2.9%	-0.8%	2.6%	-3.3%
May '24	2.5%	-1.4%	2.3%	-4.2%
Apr '24	2.3%	-2.5%	0.9%	-5.6%
Mar '24	2%	-2.8%	0.8%	-7.7%
Feb '24	1.6%	-2.7%	0.7%	-8.3%
Jan '24	1%	-2.5%	0.3%	-8%
Dec '23	1.1%	-2.7%	0.3%	-9.6%
Nov '23	0.7%	-3%	0.5%	-8%
Oct '23	1%	-2.6%	1.1%	-8.3%
Sep '23	1.8%	-2.5%	2.2%	-10.4%
Aug '23	1.9%	-3%	3.4%	-9.5%
Jul '23	1.1%	-4.4%	3.6%	-6.4%
Jun '23	0.3%	-5.4%	4.1%	-2.7%
May '23	1.1%	-4.6%	5.1%	-0.9%
Apr '23	2.3%	-3.6%	5.9%	1.5%
Mar '23	2.7%	-2.5%	7.4%	6%
Feb '23	4.7%	-1.4%	8.3%	12.7%
Jan '23	5.7%	-0.8%	9.6%	14.8%
Dec '22	6.5%	-0.7%	10.5%	24.5%
Nov '22	7.3%	-1.3%	9.9%	27%
Oct '22	8.2%	-1.3%	9.7%	30.4%
Sep '22	8.5%	0.9%	10.3%	41.9%
Aug '22	8.7%	2.3%	9.6%	43.4%
Jul '22	9.7%	4.2%	9.3%	38.1%
Jun '22	11.3%	6.1%	9.6%	36%
May '22	10.9%	6.4%	9.1%	36.3%
Apr '22	10.9%	8%	9.8%	37.2%
Mar '22	11.5%	8.3%	9.3%	36.9%
Feb '22	10.4%	8.8%	9.4%	31.5%
Jan '22	10.1%	9.1%	9%	30.8%
Dec '21	10%	10.3%	8.9%	26.4%
Nov '21	9.9%	12.9%	9.2%	23.7%
Oct '21	8.9%	13.5%	8.3%	21.9%
Sep '21	8.8%	10.7%	6.5%	16.1%
Aug '21	8.7%	9.5%	5.9%	13.5%
Jul '21	7.8%	9%	5.6%	12.1%
Jun '21	7.3%	8.8%	5%	10.2%
May '21	6.6%	9%	5.1%	9.6%
Apr '21	6.2%	6.8%	3.8%	7.6%
Mar' 21	4.2%	4.4%	1%	4.3%
Feb '21	2.8%	1.7%	-0.7%	1.5%
Jan '21	1.7%	0.3%	-1.5%	0.4%
Dec '20	0.8%	-0.4%	-2%	-1.1%
Nov '20	0.8%	-1.5%	-2.3%	-2%
Oct '20	0.5%	-2.1%	-2.1%	-2%
Sep '20	0.3%	-2.1%	-0.8%	-2.3%
Aug '20	-0.3%	-2%	-0.6%	-2.6%
Jul '20	-0.3%	-2.4%	-0.9%	-3.2%
Jun '20	-0.7%	-3%	-1.6%	-3.7%
May '20	-1.1%	-3.7%	-2.7%	-5%
Apr '20	-1.5%	-3.1%	-2.4%	-4.5%
Mar '20	0.3%	-1.5%	-0.4%	-2.8%
Feb '20	1.3%	-0.4%	0.8%	-1.4%
Jan '20	2.1%	0.1%	1.7%	-0.7%

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Release date

October 2024

More information

Region

Worldwide, Europe, China, Japan, United States

Survey time period

January 2020 to September 2024

Supplementary notes

The reference value of the PPI indexes are as follows:
China: 100 = the change compared to the same period of the previous year.
Euro area: 100 = 2015
Japan: 100 = 2010
United States: 100 = 2009

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