Core Insights - In July 2025, the national industrial producer price index (PPI) decreased by 0.2% month-on-month, while the industrial producer purchase price index (PPPI) fell by 0.3%, with the decline narrowing by 0.2 and 0.4 percentage points compared to the previous month respectively [1] - Year-on-year, the PPI dropped by 3.6%, and the PPPI decreased by 4.5% [1] - For the average from January to July, the PPI declined by 2.9% compared to the same period last year, and the PPPI fell by 3.2% [1] Price Changes in July - In July, the prices of production materials decreased by 4.3%, contributing approximately 3.20 percentage points to the overall decline in the PPI [3] - The mining industry saw a price drop of 14.0%, while raw materials and processing industries experienced declines of 5.4% and 3.1% respectively [3] - Prices of living materials decreased by 1.6%, impacting the overall PPI by about 0.42 percentage points, with food prices down by 1.8% and durable goods prices down by 3.5% [3] Month-on-Month Price Changes - In July, the production materials prices decreased by 0.2%, affecting the overall PPI by approximately 0.17 percentage points [8] - The mining industry prices fell by 0.2%, raw materials prices decreased by 0.1%, and processing industry prices dropped by 0.3% [8] - Living materials prices also decreased by 0.2%, with food prices remaining stable and durable goods prices declining by 0.6% [8] Purchase Price Changes - In the PPPI, fuel and power prices decreased by 10.8%, black metal materials by 8.0%, and chemical raw materials by 6.5% [7] - Agricultural products prices fell by 4.6%, while construction materials and non-metallic materials prices decreased by 3.8% [7] - However, prices for non-ferrous metal materials and wires increased by 2.8% [7]

Group 1: Year-on-Year Changes in Industrial Producer Prices - In July, the prices of production materials decreased by 4.3%, contributing approximately 3.20 percentage points to the overall decline in industrial producer prices [2] - The mining industry saw a significant price drop of 14.0%, while raw materials and processing industries experienced declines of 5.4% and 3.1%, respectively [2] - Consumer goods prices fell by 1.6%, with food prices down by 1.8% and durable goods prices down by 3.5% [2] Group 2: Month-on-Month Changes in Industrial Producer Prices - In July, the month-on-month prices of production materials decreased by 0.2%, impacting the overall industrial producer price level by approximately 0.17 percentage points [7] - The mining industry prices decreased by 0.2%, while raw materials and processing industries saw declines of 0.1% and 0.3%, respectively [7] - Consumer goods prices also fell by 0.2%, with food prices remaining stable and durable goods prices decreasing by 0.6% [7] Group 3: Industrial Producer Purchase Prices - The purchase prices for fuel and power decreased by 10.8%, while black metal materials and chemical raw materials saw declines of 8.0% and 6.5%, respectively [6] - Prices for agricultural products decreased by 4.6%, and construction materials and non-metallic materials fell by 3.8% [6] - Prices for non-ferrous metal materials and wires increased by 2.8% [6] Group 4: Key Industry Price Changes - The coal mining and washing industry experienced a price drop of 23.0%, while the oil and natural gas extraction industry saw a decrease of 12.6% [10] - The black metal mining industry prices fell by 9.1%, whereas the non-ferrous metal mining industry prices increased by 11.1% [10] - The food manufacturing industry prices decreased by 1.1%, while the beverage and refined tea manufacturing industry prices remained stable [10]

Industrial Producer Price Changes - In July, the industrial producer's ex-factory prices saw a year-on-year decline of 3.6%, with production material prices dropping by 4.3%, contributing approximately 3.20 percentage points to the overall decline [8][9] - The mining industry experienced a significant price drop of 14.0%, while raw material prices fell by 5.4% and processing industry prices decreased by 3.1% [8][9] - Consumer goods prices decreased by 1.6%, with food prices down by 1.8% and durable goods prices down by 3.5% [8][9] Industrial Producer Purchase Price Changes - The purchase prices for industrial producers fell by 4.5% year-on-year, with fuel and power prices decreasing by 10.8% and black metal materials down by 8.0% [10] - Chemical raw materials saw a decline of 6.5%, while agricultural products dropped by 4.6% [10] - In contrast, prices for non-ferrous metal materials and wires increased by 2.8% [10] Monthly Price Changes - Month-on-month, the industrial producer's ex-factory prices decreased by 0.2%, with production materials down by 0.2% and consumer goods prices also declining by 0.2% [7][8] - The mining sector's prices fell by 0.2%, while raw materials and processing industries saw decreases of 0.1% and 0.3%, respectively [7][8] - The purchase prices for industrial producers decreased by 0.3% month-on-month, with notable declines in building materials and non-metallic prices by 1.4% [10]

Group 1 - The core point of the article indicates that in June, the prices in the mining industry decreased by 13.2% year-on-year, contributing significantly to the overall decline in industrial producer prices [1] - The prices of production materials fell by 4.4%, which impacted the total level of industrial producer prices by approximately 3.26 percentage points [1] - The prices of raw materials decreased by 5.5%, while processing industry prices saw a decline of 3.2% [1] Group 2 - The prices of living materials decreased by 1.4%, affecting the total level of industrial producer prices by about 0.35 percentage points [1] - Food prices dropped by 2.0%, while clothing prices increased by 0.1% and general daily necessities rose by 0.8% [1] - Durable consumer goods prices fell by 2.7% [1]

Core Insights - In June 2025, the national industrial producer's ex-factory prices decreased by 3.6% year-on-year and 0.4% month-on-month, while the purchase prices decreased by 4.3% year-on-year and 0.7% month-on-month [1][10]. Group 1: Year-on-Year Changes - In June, the ex-factory prices of industrial producers saw a decline in production materials by 4.4%, contributing approximately 3.26 percentage points to the overall decrease. The mining industry prices fell by 13.2%, raw materials by 5.5%, and processing industry prices by 3.2% [4]. - The prices of living materials decreased by 1.4%, impacting the overall ex-factory price by about 0.35 percentage points. Food prices dropped by 2.0%, while clothing prices increased by 0.1% and durable goods prices decreased by 2.7% [4]. - The purchase prices of industrial producers showed a significant decline in fuel and power categories by 10.4%, black metal materials by 8.0%, and chemical raw materials by 6.2% [7]. Group 2: Month-on-Month Changes - In June, the ex-factory prices of industrial producers decreased by 0.6% for production materials, contributing approximately 0.42 percentage points to the overall decline. The mining industry prices fell by 1.2%, raw materials by 0.7%, and processing industry prices by 0.5% [8]. - Living materials prices saw a slight decrease of 0.1%, with food prices down by 0.3% and durable goods prices down by 0.1% [8]. - The purchase prices of industrial producers decreased by 0.7%, with notable declines in fuel and power categories by 2.0% and black metal materials by 1.1% [9]. Group 3: Key Industry Price Changes - The coal mining and washing industry experienced a significant year-on-year price drop of 21.8%, while the oil and natural gas extraction industry saw a decrease of 12.6% [9]. - The non-metallic mining industry prices fell by 1.3%, and the agricultural and food processing industry prices decreased by 3.7% [9]. - In contrast, the prices in the non-ferrous metal mining industry increased by 12.0% year-on-year [9].

Core Insights - In May 2025, Shenzhen's Producer Price Index (PPI) remained unchanged year-on-year, with a month-on-month increase of 0.1% [1] - The average PPI from January to May showed a year-on-year increase of 0.4%, while the purchasing price index increased by 0.3% [1] Group 1: Producer Prices - Year-on-year, the prices of production materials decreased by 1.5%, with mining industry prices dropping by 23.5% and processing industry prices down by 1.3%. Raw materials prices increased by 1.0% [3] - Year-on-year, consumer goods prices increased by 3.1%, with clothing prices down by 1.4%, durable goods prices stable, food prices up by 0.3%, and general daily goods prices up by 15.0% [3] - Month-on-month, production materials prices increased by 0.1%, with mining industry prices down by 7.3% and raw materials prices up by 2.5%. Consumer goods prices increased by 0.2% [3] Group 2: Purchasing Prices - In the purchasing price index, prices for building materials and non-metallic products decreased by 7.1%, fuel and power prices decreased by 6.8%, and wood and pulp prices decreased by 5.1% [3] - Other industrial raw materials and semi-finished products saw a price decrease of 1.8%, while chemical raw materials increased by 0.9% and textile raw materials increased by 1.0% [3] - Notably, prices for non-ferrous metals and wires increased by 17.9% [3]

Core Insights - In April 2025, the national industrial producer's ex-factory prices decreased by 2.7% year-on-year and 0.4% month-on-month, while the purchase prices decreased by 2.7% year-on-year and 0.6% month-on-month [1][4][6] - The average decline in ex-factory and purchase prices from January to April 2025 was 2.4% compared to the same period last year [1][7] Group 1: Year-on-Year Changes - In April, the prices of production materials fell by 3.1%, contributing approximately 2.28 percentage points to the overall decline in ex-factory prices [3][6] - The mining industry saw a significant price drop of 9.4%, while raw materials and processing industries experienced declines of 3.6% and 2.3%, respectively [3][7] - Consumer goods prices decreased by 1.6%, with food prices down by 1.4% and durable goods prices down by 3.7% [3][7] Group 2: Month-on-Month Changes - In April, production material prices decreased by 0.5%, impacting the overall ex-factory price level by approximately 0.37 percentage points [6][9] - The mining sector's prices fell by 2.1%, while raw materials and processing industries saw declines of 1.0% and 0.2%, respectively [6][9] - Consumer goods prices decreased by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.7% [6][9] Group 3: Purchase Price Trends - In April, the purchase prices for fuel and power decreased by 7.7%, while black metal materials and chemical raw materials saw declines of 6.7% and 4.1%, respectively [9][10] - Prices for agricultural products and textile raw materials fell by 2.9% and 2.3%, respectively, while prices for non-ferrous metal materials and wires increased by 8.5% [9][10]

Inflation Trends - In February, China's Consumer Price Index (CPI) decreased by 0.7% year-on-year, against a market expectation of a 0.4% decline, following a 0.5% increase in January[1] - The average CPI for January-February showed a slight decline of 0.1% compared to the same period last year, while December's CPI had a 0.1% increase[5] - Food prices fell by 1.3% year-on-year in January-February, compared to a 0.5% decline in December[5] Core CPI and PPI Analysis - The core CPI for January-February increased by 0.3% year-on-year, slightly down from a 0.4% increase in December[5] - The Producer Price Index (PPI) in February dropped by 2.2% year-on-year, slightly worse than the expected 2.1% decline and an improvement from a 2.3% drop in the previous month[9] - The prices of production materials decreased by 2.5% year-on-year, contributing approximately 1.86 percentage points to the overall PPI decline[9] Price Movements and Policy Implications - February's PPI saw a month-on-month decrease of 0.1%, following a 0.2% decline in January[10] - The government has set a CPI growth target of around 2% for 2025, down from 3% in 2024, indicating a shift in monetary policy focus[13] - The report emphasizes the importance of maintaining liquidity and aligning monetary supply growth with economic growth and price expectations[13]