In November 2025, the national Producer Price Index (PPI) declined by 2.2% year-on-year, narrowing slightly from October’s 2.1% drop, while posting a marginal 0.1% month-on-month increase—indicating signs of stabilization in industrial product prices amid an ongoing downward trend. Over the past six months, the year-on-year PPI decline has narrowed for five consecutive months, reflecting a gradual easing of deflationary pressures in the industrial sector and improving market expectations. By category, production material prices fell 2.4% year-on-year but remained flat month-on-month at 0.1%, suggesting raw and intermediate material prices remain low but with decelerating declines. Consumer goods prices dropped 1.5% year-on-year with no change month-on-month, indicating stable end-market pricing and limited inflationary pressure on households. Overall, improving industrial supply-demand balance, reduced cost pressures in certain sectors, and the growing impact of policy support have helped stabilize prices at the production stage. Analysts attribute the current stabilization to multiple factors: first, reduced volatility in upstream commodity prices and the conclusion of corporate inventory adjustments have eased supply pressures; second, recovering manufacturing investment and ongoing infrastructure projects are providing demand support. With continued macroeconomic policy support, industrial prices are expected to maintain a moderate recovery trajectory, offering solid backing for broader economic improvement.