In September 2025, the national Producer Price Index (PPI) declined by 2.3% year-on-year, with no change month-on-month at 0.0%, continuing the recent trend of low-price performance. Compared to last month’s year-on-year drop of 2.9%, the decline narrowed by 0.6 percentage points, indicating a marginal easing of deflationary pressures. Over the past six months, the PPI has remained persistently negative, reaching its lowest point in June and July 2025 at -3.6%. Although prices showed slight improvement in September, they remain in a deep downward trend, reflecting weak industrial demand and unresolved overcapacity issues. Sectoral data show that producer goods prices fell 2.4% year-on-year with no monthly change, indicating stable raw material, energy, and intermediate product prices without significant fluctuations. Consumer goods prices dropped 1.7% year-on-year and declined 0.2% month-on-month, underscoring sluggish demand for final consumer products and insufficient household consumption sentiment, which continues to weigh on pricing. The divergence between producer and consumer goods persists: the former is less affected by commodity price swings, while the latter remains constrained by weak demand. Overall, current industrial price trends are shaped by insufficient effective demand and easing cost pressures. While some upstream industries show signs of stabilization due to supply adjustments, the broader industrial market still faces challenges from inventory reduction cycles and weak external demand. Future policy efforts may need to strengthen demand-side stimulus to bring industrial prices back to a reasonable range, bolstering corporate profitability expectations and investment confidence.