China's producer price index (PPI) for industrial products declined 2.2% year-on-year in November 2025, while the purchasing price index for industrial producers dropped 2.5% YoY, according to data released by the National Bureau of Statistics on December 10. On a monthly basis, both the PPI and purchasing prices edged up 0.1%, maintaining the same growth rate as October.

For the January-November period, the average PPI decreased 2.7% compared with the same period last year, while industrial producers' purchasing prices fell 3.1%.

**I. Year-on-Year Changes in Industrial Producer Prices** In November, producer prices for means of production fell 2.4%, dragging down the overall PPI by approximately 1.79 percentage points. By sector: - Mining industry prices dropped 6.1%, - Raw materials prices declined 2.9%, - Processing industry prices decreased 1.9%.

Prices for consumer goods fell 1.5%, contributing to a 0.38 percentage point decline in the overall PPI. Breakdown: - Food prices dropped 1.5%, - Clothing prices edged down 0.3%, - General daily necessities rose 1.1%, - Durable consumer goods plunged 3.6%.

For industrial purchasing prices: - Fuel and power prices tumbled 6.9%, - Building materials and non-metallic prices slid 5.8%, - Chemical raw materials prices fell 5.0%, - Agricultural by-products prices declined 4.9%, - Ferrous metals prices dropped 3.0%, - Textile raw materials prices dipped 1.9%, - Non-ferrous metals and wires prices surged 8.1%.

**II. Monthly Changes in Industrial Producer Prices** In November, producer prices for means of production inched up 0.1%, pushing the overall PPI higher by about 0.08 percentage points. Sector details: - Mining industry prices climbed 1.7%, - Raw materials prices slipped 0.2%, - Processing industry prices rose 0.1%.

Consumer goods prices remained flat: - Food prices dipped 0.1%, - Clothing prices edged up 0.1%, - General daily necessities gained 0.2%, - Durable consumer goods fell 0.2%.

For purchasing prices: - Non-ferrous metals and wires prices jumped 1.8%, - Building materials and non-metallic prices increased 0.2%, - Fuel and power prices rose 0.1%, - Chemical raw materials prices declined 0.6%, - Agricultural by-products and textile raw materials prices both dropped 0.3%, - Ferrous metals prices decreased 0.2%.