中国2025年12月PPI同比下降1.9%，环比上涨0.2%

Core Viewpoint - In December 2025, the national industrial producer price index (PPI) showed a year-on-year decline of 1.9%, with a month-on-month increase of 0.2%, indicating a narrowing of the decline compared to the previous month [1][10]. Group 1: Year-on-Year Changes - In December, the producer prices for industrial producers saw a decrease in production materials by 2.1%, contributing approximately 1.53 percentage points to the overall decline in producer prices [4]. - The mining industry experienced a price drop of 4.7%, while raw materials and processing industries saw declines of 2.6% and 1.6%, respectively [4]. - Consumer goods prices fell by 1.3%, with food prices down by 1.5% and durable goods prices down by 3.5% [4][11]. Group 2: Month-on-Month Changes - In December, the producer prices for industrial producers increased by 0.2%, with production materials rising by 0.3%, contributing approximately 0.24 percentage points to the overall increase [8]. - The mining industry saw a month-on-month price increase of 0.8%, while raw materials and processing industries increased by 0.6% and 0.2%, respectively [8]. - Consumer goods prices remained stable, with food prices slightly decreasing by 0.1% and general daily necessities increasing by 0.5% [8][11]. Group 3: Industrial Purchase Prices - The purchase prices for industrial producers showed a year-on-year decline of 2.1%, with a month-on-month increase of 0.4% [10][11]. - Significant declines were noted in building materials and non-metallic products by 6.4%, and fuel and power by 5.7% [7][11]. - Prices for non-ferrous metals and wires increased by 10.5%, indicating a contrasting trend within the industrial purchase prices [7].