In October 2025, industrial producer price indices (PPI) across major global economies showed divergent trends. China’s PPI declined 2.1% year-on-year and rose 0.1% month-on-month, marking the sixth consecutive month of negative growth, though the decline narrowed—indicating a marginal easing of deflationary pressures. Recent data reveal that prices for production materials dropped 2.4% year-on-year, while consumer goods fell 1.4%, reflecting ongoing pressure on manufacturing costs and final consumption, primarily driven by supply-side adjustments. In contrast, the U.S. PPI lacks updated year-on-year and month-on-month figures, but had posted positive growth in each of the previous six periods, averaging a 2.7% annual increase—highlighting persistent industrial inflation resilience. Despite demand volatility in certain sectors, overall industrial prices have not shown clear signs of deceleration. In the EU, PPI fell 0.3% year-on-year but rose 0.2% month-on-month, continuing a mild recovery. Notably, energy prices dropped 3.3% year-on-year—the main drag on the index—while capital goods and durable consumer goods posted gains of 0.6% and 1.2%, respectively, signaling a rebound in core industrial demand. Overall, China remains in a deflationary phase, though narrowing declines may reflect early policy effects. The U.S. exhibits persistent inflation stickiness, while the EU balances falling energy prices with domestic demand recovery. These divergences underscore misaligned global economic cycles: China’s trend is supply-driven, whereas the U.S. and EU are influenced more by energy prices and structural demand dynamics. A stable global energy market and further supply chain normalization could help push industrial inflation toward a more balanced turning point.