In December 2025, the Producer Price Index (PPI) for industrial products nationwide decreased by 1.9% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month. On a month-on-month basis, it increased by 0.2%, with the growth expanding by 0.1 percentage points compared to the previous month. The Purchasing Price Index (PPIRM) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing by 0.4 percentage points compared to the previous month. On a month-on-month basis, it increased by 0.4%, with the growth expanding by 0.3 percentage points compared to the previous month. For the full year of 2025, the PPI decreased by 2.6%, and the PPIRM decreased by 3.0%.
I. Year-on-Year Changes in Industrial Producer Prices
In December, within the PPI, the price of means of production decreased by 2.1%, contributing to a decline of approximately 1.53 percentage points in the overall PPI. Specifically, the price of mining and quarrying decreased by 4.7%, the price of raw materials decreased by 2.6%, and the price of processed goods decreased by 1.6%. The price of consumer goods decreased by 1.3%, contributing to a decline of approximately 0.35 percentage points in the overall PPI. Among these, the price of food decreased by 1.5%, the price of clothing decreased by 0.1%, the price of general daily necessities increased by 1.4%, and the price of durable consumer goods decreased by 3.5%.
Within the PPIRM, the price of building materials and non-metallic products decreased by 6.4%, the price of fuel and power decreased by 5.7%, the price of chemical raw materials decreased by 4.9%, the price of agricultural and sideline products decreased by 4.1%, the price of ferrous metal materials decreased by 3.3%, and the price of textile raw materials decreased by 1.9%. The price of non-ferrous metal materials and wires increased by 10.5%.
II. Month-on-Month Changes in Industrial Producer Prices
In December, within the PPI, the price of means of production increased by 0.3%, contributing to an increase of approximately 0.24 percentage points in the overall PPI. Specifically, the price of mining and quarrying increased by 0.8%, the price of raw materials increased by 0.6%, and the price of processed goods increased by 0.2%. The price of consumer goods remained unchanged. Among these, the price of food decreased by 0.1%, the price of clothing increased by 0.2%, the price of general daily necessities increased by 0.5%, and the price of durable consumer goods decreased by 0.2%.
Within the PPIRM, the price of non-ferrous metal materials and wires increased by 2.5%, the price of fuel and power increased by 1.5%, and the price of building materials and non-metallic products increased by 0.1%. The price of ferrous metal materials decreased by 0.4%, the price of chemical raw materials decreased by 0.2%, and the prices of agricultural and sideline products and textile raw materials both decreased by 0.1%.
Key Data on Industrial Producer Prices in December 2025
Month-on-Month Change (%) Year-on-Year Change (%) 2025 Change (%)
I. Producer Price Index (PPI) 0.2 -1.9 -2.6
Means of Production 0.3 -2.1 -3.0
Mining and Quarrying 0.8 -4.7 -9.0
Raw Materials 0.6 -2.6 -3.4
Processed Goods 0.2 -1.6 -2.4
Consumer Goods 0.0 -1.3 -1.5
Food -0.1 -1.5 -1.6
Clothing 0.2 -0.1 -0.1
General Daily Necessities 0.5 1.4 0.8
Durable Consumer Goods -0.2 -3.5 -3.3
II. Purchasing Price Index (PPIRM) 0.4 -2.1 -3.0
Fuel and Power 1.5 -5.7 -7.8
Ferrous Metal Materials -0.4 -3.3 -6.2
Non-Ferrous Metal Materials and Wires 2.5 10.5 7.3
Chemical Raw Materials -0.2 -4.9 -5.0
Timber and Pulp -0.1 -2.3 -3.2
Building Materials and Non-Metallic Products 0.1 -6.4 -3.4
Other Industrial Raw Materials and Semi-Finished Products 0.1 -1.1 -1.6
Agricultural and Sideline Products -0.1 -4.1 -4.1
Textile Raw Materials -0.1 -1.9 -2.0
III. Producer Prices by Major Industry
Coal Mining and Washing 1.3 -8.9 -15.7
Petroleum and Natural Gas Extraction -1.3 -11.5 -9.9
Ferrous Metal Mining and Dressing 0.0 1.8 -5.8
Non-Ferrous Metal Mining and Dressing 3.7 24.0 17.2
Non-Metallic Mining and Dressing -0.3 -3.4 -1.8
Processing of Agricultural and Sideline Products -0.2 -1.8 -3.0
Food Manufacturing -0.2 -1.5 -1.3
Beverage and Refined Tea Manufacturing -0.1 -0.6 -0.7
Tobacco Products 0.0 0.4 0.4
Textile Industry -0.1 -1.8 -2.3
Textile, Apparel, and Accessories 0.2 -0.4 -0.3
Wood Processing and Products -0.2 -3.4 -3.0
Paper and Paper Products 0.4 -0.6 -2.6
Printing and Record Media Reproduction 0.0 -1.8 -1.6
Petroleum, Coal, and Other Fuel Processing -0.6 -7.9 -9.3
Chemical Raw Materials and Chemical Products Manufacturing 0.0 -4.8 -4.9
Pharmaceutical Manufacturing -0.2 -3.9 -2.4
Chemical Fiber Manufacturing -0.4 -6.9 -6.9
Rubber and Plastic Products -0.2 -3.3 -2.3
Non-Metallic Mineral Products 0.1 -6.8 -4.4
Ferrous Metal Smelting and Rolling -0.1 -4.7 -7.7
Non-Ferrous Metal Smelting and Rolling 2.8 10.8 6.3
Metal Products 0.2 -1.3 -2.1
General Equipment Manufacturing 0.0 -1.7 -1.5
Automobile Manufacturing -0.1 -1.9 -2.8
Railway, Ship, Aerospace, and Other Transportation Equipment Manufacturing -0.1 -0.3 -0.1
Computer, Communication, and Other Electronic Equipment Manufacturing -0.1 -2.2 -2.2
Production and Supply of Electricity, Heat, Gas, and Water 1.0 -2.0 -1.6
Gas Production and Supply 1.2 -1.9 -1.1
Water Production and Supply 0.0 2.3 1.6
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