China Furniture Producer Price Index Methodology
NBS furniture producer-price relatives, monthly chaining, year-over-year backcasting, 2021 rebasing, and comparability limits.
Indicator scope
The China furniture producer price index measures monthly manufacturing-stage price pressure for furniture manufacturing in China. It is intended as a factory-gate price signal for a major furniture production and export market.
The source is not delivered as the same type of ready-to-use 2021-base level index used in the EU pages, so Furnilytics reconstructs a continuous monthly level index before publishing the indicator.
Source and extraction
Furnilytics fetches official NBS monthly producer-price relatives for furniture manufacturing. The source includes a same-month-last-year series, where the same month in the previous year equals 100, and a preceding-month series, where the previous month equals 100.
Because the NBS delivery format has changed over time, the workflow keeps separate payload definitions for older and newer endpoint families and combines the returned observations into one monthly source table.
Index reconstruction
Furnilytics creates a hybrid monthly level index. From January 2020 onward, the series is chained forward with the official preceding-month relatives. The raw level is seeded at 100 in January 2020 and each later month is multiplied by the month-on-month relative divided by 100.
Earlier observations are backcast using the official year-over-year relatives. When a later same-month level is known, the earlier level can be derived by dividing the later level by the relevant year-over-year relative. The full reconstructed level series is then rebased to 2021 average = 100.
Incremental refresh handling
During refreshes, the workflow reads the existing published indicator and merges it with newly reconstructed observations. Valid new observations replace older values for the same month, while existing values are preserved when the latest source fetch does not provide a usable replacement.
How this differs from EU and US PPI pages
The EU pages use Eurostat's ready monthly PPI level index for NACE C31, and the US page uses a BLS/FRED PPI series that is reindexed to 2021. The China page is more modelled: it reconstructs a continuous level index from official NBS month-on-month and year-over-year relatives before rebasing.
This makes the China page useful for trend and price-pressure context, but exact index-level comparisons with EU or US indicators should be treated cautiously. Recent China values can also move within a narrower range, so chart scaling is designed to avoid overstating small changes.
Interpretation limits
The reconstructed index is not a direct retail price measure and does not capture margins, taxes, consumer discounts, freight after the producer stage, or product mix in export or domestic retail channels.
Source endpoint changes, revisions, and the reconstruction process can affect historical values. Furnilytics documents the reconstruction because it is materially different from the EU and US page workflows.