国家统计局：12月PPI同比下降1.9%

Core Insights - In December 2025, the Producer Price Index (PPI) for industrial producers decreased by 1.9% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month; month-on-month, it increased by 0.2%, an increase of 0.1 percentage points from the previous month [1] - For the entire year of 2025, the PPI for industrial producers fell by 2.6%, while the purchase price index decreased by 3.0% [1] Group 1: Year-on-Year Changes - In December, the prices of production materials decreased by 2.1%, contributing approximately 1.53 percentage points to the overall decline in the PPI; within this category, mining industry prices fell by 4.7%, raw materials prices dropped by 2.6%, and processing industry prices decreased by 1.6% [4] - Prices of living materials decreased by 1.3%, impacting the overall PPI by about 0.35 percentage points; food prices fell by 1.5%, clothing prices decreased by 0.1%, while general daily necessities increased by 1.4%, and durable consumer goods prices dropped by 3.5% [4] Group 2: Month-on-Month Changes - In December, the prices of production materials increased by 0.3%, contributing approximately 0.24 percentage points to the overall increase in the PPI; mining industry prices rose by 0.8%, raw materials prices increased by 0.6%, and processing industry prices went up by 0.2% [8] - Prices of living materials remained stable; food prices decreased by 0.1%, clothing prices increased by 0.2%, general daily necessities rose by 0.5%, while durable consumer goods prices fell by 0.2% [8] Group 3: Purchase Price Index Changes - In the purchase price index, prices for building materials and non-metallic products decreased by 6.4%, fuel and power prices fell by 5.7%, chemical raw materials prices dropped by 4.9%, agricultural and sideline products prices decreased by 4.1%, black metal materials prices fell by 3.3%, and textile raw materials prices decreased by 1.9%; however, prices for non-ferrous metal materials and wires increased by 10.5% [7]