Industrial prices changed -0.36% in April 2025 over March 2025, the third drop in a row. In this comparison, eight out of 24 industrial activities had their prices reduced. The cumulative index in the year was -0.93%, whereas the cumulative indicator in 12 months stayed at 7.27%. The IPP had been 0.67% in April 2024.

The Producer Price Index (IPP) of the Mining and Manufacturing Industries measures the evolution of the prices of products "at the factory gate", free from taxes and freight, and encompasses the broad economic categories.

In April 2025, industrial prices changed -0.36% over March 2025 (-0.60%). Eight out of 24 industrial activities surveyed recorded negative changes in price against the immediately previous month. On the other hand, 11 activities had recorded lower average prices in March against the previous month.

The four activities with the most intense changes were mining and quarrying industries (-4.43%), petroleum refining and biofuels (-3.37%), pharmaceuticals (2.87%) and toiletries, soaps and cleaning products (1.26%). In terms of influence, petroleum refining and biofuels was the industrial sector that mostly stood out in the composition of the aggregate result when comparing prices in April with those in March. That activity accounted for -0.35 percentage points (p.p.) of influence in the change of -0.36% of the overall industry. Still in this topic, other activities that also stood out were mining and quarrying industries, with -0.20 p.p. of influence; food products, with 0.18 p.p.; and other chemicals, with -0.09 p.p.

Table 1 - Producer Price Index, according to Mining and Manufacturing Industries (Overall Industry) and Sections, Brazil, last three months

The cumulative index in the year changed -0.93%. The most intense changes were mining and quarrying industries (-12.33%), basic metals (-5.45%), wood (-3.86%) and pulp and paper (3.86%).

In term of influence on the cumulative figure in the year, the highlights were mining and quarrying industries (-0.59 p.p.), food products (-0.58 p.p.), basic metals (-0.38 p.p.) and other chemicals (0.24 p.p.). 

By comparing the prices of April 2025 with those of April 2024, the cumulative change in 12 months was 7.27% in this reference month. The sectors with the four highest price changes in the comparison between April and the same month in the previous year were: basic metals (15.52%), food products (13.19%), printing (12.39%) and other chemicals (11.94%). Also comparing with April 2024, the sectors that mostly influenced the aggregate result were food products (3.17 p.p.); basic metals (0.95 p.p.); other chemicals (0.94 p.p.); and mining and quarrying industries (-0.47 p.p.).

Among the broad economic categories, the price changes in April over March 2025, which was -0.36% in the overall industry, were the following: 0.01% in capital goods (BK), -1.23% in intermediate goods (BI), and 0.83% in consumer goods (BC), being the change reported in durable consumer goods (BCD) of 0.21% and that in semi and non-durable consumer goods (BCND) of 0.95%.

In the overall result of the monthly indicator, the main influence among the broad economic categories was exerted by intermediate goods, whose weight in the overall index was 54.47%, and it accounted for -0.68 p.p. out of the change of -0.36% in the mining and manufacturing industries.

Consumer goods, with an influence of -0.31 p.p. and capital goods, with 0.00 p.p. completed the list. In the case of consumer goods, the influence noticed in April was split in 0.01 p.p., due to the change in the prices of durable consumer goods, and 0.30 p.p. related to price changes in semi-and non-durable consumer goods.

Considering the price movements in April, the cumulative change in the year (reference month against December last year) of the broad economic categories reached 0.04%, in the case of capital goods; -2.30% in intermediate goods; and 0.91% in consumer goods, in which durable consumer goods accumulated a change of 1.47%, whereas semi and non-durable consumer goods, 0.81%.

In terms of influence on the cumulative result in the year, capital goods accounted for 0.00 p.p. out of the rate of -0.93% registered in the overall industry up to April this year. Intermediate goods, in turn, accounted for -1.27 p.p., whereas consumer goods exerted an influence of 0.34 p.p. on the aggregate result of industry, an influence that split into 0.09 p.p. due to price changes of durable consumer goods and 0.25p.p. caused by changes of semi and non-durable consumer goods.

Table 4 - Producer Price Index, according to Mining and Manufacturing Industries (Overall Industry) and Broad Economic Categories, Brazil, last three months

Considering the cumulative index in 12 months, the change of prices of capital goods was 6.04% in April 2025. The prices of intermediate goods, in turn, changed 5.43% in the period of one year and the change in consumer goods was of 10.31%, in which durable consumer goods changed 4.05% and semi and non-durable consumer goods, 11.58%.

Weighting 37.89% in the calculation of the overall index, consumer goods accounted for 3.80 p.p. out of 7.27% of cumulative change in 12 months in industry, in the reference month. The result of April 2025 counted also with the influence of 3.01 p.p. of intermediate goods and of 0.47 p.p. of capital goods.

The result of consumer goods was especially influenced by 0.25 p.p. by durable consumer goods and by 3.55 p.p. by semi and non-durable consumer goods, the latter with a weight of 84.05% in the index of that broad category.

Mining and quarrying industries: as it has been happening since January 2025, the prices of this sector negatively changed in April, the most intense of them (-4.43%). As a result, the cumulative index in the year stayed at -12.33% (it was 1.64% in April 2024) and, in 12 months, at -9.42% (the most intense since July 2023, -28.32%).

The April´s figures highlighted that sector. It was the most intense change both in the monthly figure and in the cumulative index in the year, both of them negative, as well as the second biggest monthly influence (-0.20 p.p. out of -0.36%), the first one in the cumulative index in the year (-0.59 p.p. out of -0.93%) and the fourth one in the cumulative index in 12 months (-0.47 p.p. out of 7.27%), in this indicator, the only negative change among the four highlights.

Both iron ore and crude petroleum oil reduced their prices in April over March. Among the four listed products, the only one with a positive change was "crude or processed copper ore and its concentrates", which was still impacted by the shutdown of important mines abroad, at the same time it faced a warm demand.

Food products: for the first time in the year, the price change in the sector was positive (0.72%) in the month-previous month comparison. As a result, the cumulative index in the year was -2.27% against -2.97% in March. In the cumulative index in 12 months, the change was 13.19%.

Food products stood out as it registered the second most intense positive change in the cumulative index in 12 months. In addition, it exerted the third greatest influence on the April against March comparison (0.18 p.p. out of -0.36%) - the only positive among the four most intense influences - and the second greatest influence both on the cumulative index in the year (-0.58 p.p. out of -0.93%) and the first one in the cumulative indicator in 12 months (3.17 p.p. out of 7.27%).

Among the four products that mostly influenced the monthly figure (1.18 p.p. out of 0.72%), only one recorded a negative price change, "semi-milled or wholly-milled rice, even polished or glazed", in line with the harvest period. Therefore, the net influence of the other 39 products was negative (-0.46 p.p.). The increase noticed in "cooled or fresh beef" was partly explained by the depreciation of the real against the dollar (0.6%), as well as by a smaller availability of heads for slaughtering. In the case of coffee, producers pointed out that the cost pressure continued, i.e., from grain acquisition to roasting and grinding. According to the informants, the advance in the price of "crude degummed soybean oil" was partly due by the increasing global demand for the grain, thus increasing the acquisition costs by the industry.

Petroleum refining and biofuels: the prices in the sector retreated (-3.37%) for the second consecutive month compared with the prices in the previous month, being the most intense change since January 2024 (-4.77%). As a result, the cumulative index in the year moved to the negative side (-0.20%), which did not happen since October 2024 (-0.26%). Although still on the positive side, the cumulative index in 12 months (3.63%) was the less intense result in the year (the change had been 8.11% in March).

The sector stood out due to the monthly figure: it was the second most intense negative change, and the first influence (-0.35 p.p. out of -0.36%).

The four products that mostly influenced the monthly result (-3.28 p.p, out of -3.37%) had negative price changes, being the strongest influence exerted by "diesel fuel", the product with the highest weight in the sector (40.74%). That drop was in line with the retreat in the prices of "crude petroleum oil", which has been happening since February 2025.

Other chemicals: the chemical industry stood out in April both due to its monthly result and to the cumulative figure in the year and in 12 months. Having the third highest weight in the calculation of the IPP (8.20%), the sector dropped -1.08% in April and highlighted as the fourth highest change in the cumulative indicator in 12 months among all the sectors surveyed, with a rise of 11.94%, besides having the third biggest influence (0.94 p.p. out of 7.27%). Compared with December 2024, the sector accumulated a rise of 3.07%, highlighting as the biggest influence on this indicator among the other activities (0.24 p.p. out of -0.93%).

The negative change in the average prices in this sector, noticed between March and April, was followed by two economic groups disseminated: "manufacture of agricultural defensives and household disinfectants" fell -5.78% after two consecutive rises in February (1.30%) and March (3.85%) and "manufacture of resins and elastomers" dropped -0.76%, widespread among the products, except for "high-density polyethylene (HDPE)", whose change and influence rose. On the other hand, the group of "manufacture of inorganic chemicals" rose 0.32% in April, the seventh consecutive positive rate since the retreat of -0.75% in September 2024.

In the drop of -1.08% of the average prices reported in April, the following products stood out in terms of influence: "NPK-based manure or fertilizers", "herbicides for agricultural use" and "fungicides for agricultural use". In contrast, the average prices of "chemical or mineral fertilizers or manure, phosphate-based" stood out. Changes in acquisition costs of raw material, competitive discounts or increases and changing demand for products were the main reasons showed by companies for the retreat registered in April.

In the perspective of the most influential products on the result of 11.94% in the cumulative indicator in 12 months, "NPK-based manure or fertilizers", "chemical or mineral fertilizers or manure, phosphate-based" and "herbicides for agricultural use" stood out, as they were more expensive at the factory gate compared with April 2024. Conversely, the dropping influence of the average prices of product "fungicides for agricultural use" stood out.

Basic metals - In April, the change of prices of this activity reached -1.00% from the previous month, the fourth negative result in a row. As a result, this activity accumulated a retraction of 5.45% in the first four months of 2025, the second most intense change in this indicator among all the sectors surveyed, as well as the third major influence on the overall indicator (-0.38 p.p. out of -0.93%). However, the prices of April 2025 still remained, on average, 15.52% higher than those of April 2024 in the cumulative index in 12 months. Therefore, this sector stood out in this indicator, among the other activities surveyed, with a positive figure, the most intense change and the second major influence (0.95 p.p. out of 7.27%).

The group that mostly influenced both the month´s result, with a negative impact, and the result of the longer-term indicator, with a positive impact, was that of non-ferrous metals. Their changes are usually linked with quotation in international markets and they have been mainly impacted by change in the quotation of aluminum, gold and copper. The steel group, which has the highest weight in the activity, also followed the sector with a drop of 0.42% in April. That result could be partly explained by a reduction in the production cost of steel products, following the retraction in the prices of iron ore, the main input used in its productive chain.