China’s industrial producer prices fell -0.4% MoM and -3.3% YoY in May 2025, while producer purchase prices dropped -0.6% MoM and -3.6% YoY, continuing broad-based industrial deflation.

• Ex-factory prices for extractive industries plunged -2.5% MoM and -11.9% YoY, while raw materials fell -0.9% MoM and -5.4% YoY.
• Fuel and power purchase prices dropped -2.1% MoM and -9.8% YoY; chemical raw materials fell -1.2% MoM and -5.4% YoY.
• Non-ferrous metal materials and wires rose 4.6% YoY despite a -0.1% MoM decline; this segment showed the strongest price momentum.
• The coal mining industry saw steep declines of -3.0% MoM and -18.2% YoY; petroleum and fuel processing dropped -3.1% MoM and -14.7% YoY.
• Durable consumer goods prices were flat MoM but fell -3.3% YoY; general daily necessities edged up 0.1% MoM and 0.6% YoY.