国家统计局：8月PPI同比降幅收窄 环比由降转平

Core Insights - In August 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month, and month-on-month it stabilized from a decrease of 0.2% to flat [1][3][18] - The average PPI from January to August 2025 showed a decline of 2.9% compared to the same period last year [1][3] Year-on-Year Changes - In August, the prices of production materials fell by 3.2%, contributing approximately 2.40 percentage points to the overall PPI decline. The mining industry saw a significant price drop of 11.5%, while raw materials and processing industries experienced declines of 4.1% and 2.2%, respectively [6][11] - Consumer goods prices decreased by 1.7%, impacting the overall PPI by about 0.45 percentage points. Notably, food prices fell by 1.7%, while durable goods prices dropped by 3.7% [6][11] Month-on-Month Changes - In August, the prices of production materials increased by 0.1%, contributing approximately 0.08 percentage points to the overall PPI increase. The mining industry prices rose by 1.3%, while raw materials increased by 0.2% [10][11] - Conversely, consumer goods prices decreased by 0.1%, with food prices rising slightly by 0.1% and durable goods prices declining by 0.3% [10][11] Specific Price Movements - In the industrial producer purchase prices, fuel and power prices fell by 9.7%, while chemical raw materials decreased by 6.2%. Conversely, prices for non-ferrous metals and wires increased by 4.7% [9][11] - The coal mining and washing industry saw a price increase of 2.8%, while black metal smelting and rolling industries experienced a rise of 1.9% [16][18] Economic Context - The narrowing of the PPI decline is attributed to improved supply-demand relationships in certain sectors, as well as the implementation of more proactive macroeconomic policies [18] - The ongoing optimization of market competition and the orderly management of key industry capacities have contributed to the reduction in the year-on-year price decline in several sectors [18]