Industrial prices changed -1.25% in June 2025 against May 2025, the fifth negative figure in a row. In this comparison, 13 out of 24 industrial activities had their prices reduced. The cumulative index in the year was -3.11%, whereas the cumulative indicator in 12 months stayed at 3.24%. The IPP had changed 1.26% in June 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.

Industrial prices dropped -1.25% in June 2025 over May 2025 (-1.21%). Thirteen out of 24 industrial activities investigated in the survey reported negative price changes over the immediately preceding month. By comparison, 17 activities had presented higher average prices in May compared to the previous month.

Four activities with the highest changes, in absolute terms, in this indicator were: food (-3.43%); petroleum refining and biofuels (-2.53%); pharmaceuticals (2.23%); and fabricated metal products (-1.85%).

Food was the most prominent industrial sector in the composition of the aggregate result, comparing the prices of June and those of May. The activity was responsible for -0.88 percentage points (p.p.) of influence out of the change of -1.25% of the general industry. In this regard, other activities that also stood out were petroleum refining and biofuels, with -0.25 p.p. of influence, basic metals (-0.07 p.p.) and pharmaceuticals (0.06 p.p.) 

The cumulative index in the year was -3.11% in June. By way of comparison, the cumulative rate until June had been 2.56% last year (2024). The value of the cumulative rate in the year, until this month of reference, was the second lowest ever recorded for a month of June since the beginning of the time series in 2014.

Among the activities that had the highest changes in the year in June 2025, the highlights were: mining and quarrying industries (-14.88%), basic metals (-9.52%), printing (7.86%) and wood (-6.14%).

In the composition of the aggregate result of industry, from the perspective of this same indicator (cumulative index in the year), the major influences were recorded by food: -1.53 p.p., mining and quarrying industries: -0.71 p. p., basic metals: -0.66 p.p. and petroleum refining and biofuels: -0.54 p.p.

In the cumulative index in 12 months, calculated comparing the prices of June 2025 to June 2024, the change was 3.24% in this reference month. In the preceding month (May 2025), this same indicator had registered a rate of 5.86%.

The sectors with the four highest price changes in the June comparison with the same month of the previous year were: printing (18.92%); mining and quarrying industries (-8.92%); rubber and plastic products (6.41%); and electrical machinery and apparatus (6.29%). And, yet in this comparison, the sectors of biggest influence on the aggregate result were: food (1.42 p.p.); other chemicals (0.46 p.p.); mining and quarrying industries (-0.43 p.p.); and basic metals (0.37 p.p.).

Among the broad economic categories , the June´s result caused: -0.46% of change in capital goods (BK); -0.98% in intermediate goods (BI); and -1.78% in consumer goods (BC), being the change observed in durable consumer goods (BCD) -0.04%, while in semi and non-durable consumer goods (BCND), -2.11%.

The main influence came from consumer goods, whose weight in the composition of the overall index was 38.22% and accounted for -0.68 p.p. out of the change off -1.25% in mining and manufacturing industries.

Intermediate goods, with an influence of -0.53 p.p., and capital goods with -0.04 p.p, completed the list. In the case of consumer goods, the influence observed in June was divided into 0.00 p.p., due to the change in the prices of durable consumer goods, and -0.68 p.p. associated with the change in semi and non-durable consumer goods.

In the cumulative index in the year, the change reached -0.49%, in the case of capital goods; -5.27% in intermediate goods; and -0.44% in consumer goods, in which durable consumer goods accumulated a change of 1.72%, while semi and non-durable consumer goods, -0.85%.

In terms of influence on the cumulative result in the year, capital goods were responsible for -0.04 p.p. out of -3.11% recorded in the general industry until June this year. Intermediate goods, in turn, accounted for -2.91 p.p., while consumer goods influenced -0,17 p.p. on the aggregate result of industry, an influence that splits into 0.10 p.p. due to changes in the prices of durable consumer goods and -0.27 p.p. caused by changes in semi and non-durable consumer goods

In the cumulative index in 12 months, the price change of capital goods was 4.16% in June 2025. The prices of intermediate goods, in turn, changed 0.82% in this one-year interval and the change in consumer goods was 6.66%, having durable consumer goods changed 4.00% and semi and non-durable consumer goods, 7.19%.

Weighing 38.22% in the general index calculation, consumer goods were responsible for 2.46 p.p. out of 3.24% of the cumulative change in 12 months in industry, in this month of reference. In the result of June 2025, intermediate goods influenced 0.45 p.p. and capital goods, 0.32 p.p.

The result of consumer goods was especially influenced at 0.25 p.p. by durable consumer goods and at 2.22 p.p. by semi-durable and non-durable consumer goods, the latter weighing 83.79% in the calculation of the index of that broad category.

Mining and quarrying Industries:  after five months showing price falls, in the monthly comparison, in June, the prices of this sector advanced 0.18%, which did not take from the negative side neither the cumulative index in the year (-14.88% in June), nor the cumulative indicator in 12 months (-8.92%).

Despite the positive change at the tip of the time series, the highlight given to the sector is linked to negative changes, the most intense in the cumulative index in the year and the second one in the cumulative indicator in 12 months. In turn, it was the second influence on the cumulative index in the year (-0.71 p.p. out of-3.11%) and the third one in the cumulative indicator in 12 months (-0.43 p.p. out of 3.24%), the only one among four changes on the negative side.

The behavior of the products with the highest weight in the calculation of the sector diverged in a trend: the prices of “crude petroleum oil” rose, those of “iron ore and its concentrates, except pelleted/sintered”, dropped. As usual, the foreign market has relevance in the behavior of these prices in Brazil, but it should also be considered, in the case of ore, the appreciation of the real against the dollar (2.1%, in the comparison June against May; 9.0% accumulated in the year).

Food: between May and June, the prices of this sector changed, on average, -3.43%, the fifth negative change in the year and the most intense since August 2022, -3.50%. With this result, the cumulative index in the year changed from -2.59%, calculated in May, to -5.93%. Finally, in the comparison with the same month of 2024, prices were, in June 2025, 5.81% higher, the lowest registered rate, in this comparison, since July 2024 (5.53%).

The highlight given to the sector was justified because it showed the most intense negative change in the comparison of June´s prices against those of May among all sectors raised by the survey. It was also the major influence on the three rates calculated: -0.88 p.p. out of -1.25% (M/M_-1); -1.53 p.p. out of -3.11% (cumulative index in the year); and 1.42 p.p. out of 3.24% (cumulative indicator in 12 months).

The four products that most influenced the June´s result contributed with -2.24 p.p. out of the change of -3.43%. The two types of sugar (VHP and crystallized) that appear among the four products, both with negative price change, are in line with the fall in the foreign prices (reinforced by the appreciation of the real against the dollar: 2.1%, in the comparison between June and May, and 9.0% accumulated the year) and a lower domestic demand.

In the case of chicken meat, both fresh and frozen - highlighted in terms of change and influence -the main cause was the foreign restrictions, from the avian flu that reached a certain Brazilian producing area, since there was an excess of domestic supply. In the case of beef, in addition to the appreciation of the real against the dollar, occasional discounts offered by companies to retail were the main explanation given by the cold stores.

Petroleum refining and biofuels: for the fourth consecutive month, the price change in this sector was negative in June (-2.53%) compared to the previous month. As a result, both the cumulative index in the year (-5.43%) and the cumulative indicator in 12 months (-1.99%) stood in the negative field. In the case of the latter, this had not happened since November 2024 (-3.42%).

The highlight given to the sector was justified as it showed the second most intense price change between May and June (negative change) and the second influence in the month in relation to the previous month   (-0.25 p.p. out of -1.25%) and the fourth one on the cumulative index in the year (-0.54 p.p. out of -3.11%).

“Gasoline, except for aviation”, the second product with the highest weight in the sector, stood out both in terms of change and influence. “Diesel fuel”, the one with the highest weight, was listed as one of the four highlighted influences. In any case, both with a negative price change.

Other chemicals: the average price change of the chemical industry prices ended June with a high of 0.31%, after a retreat of -3.11% in May. With this result, the index of this sector remained on the positive side, with a rate of 0.65% in the year and a high of 5.77% in the last 12 months.

With the third highest weight in the IPP calculation (8.19%), this sector recorded a rate of  0.31% in June, contributing marginally with 0.02 p.p. to the rate of -1.25% of the general industry. The positive change in June was followed by two economic groups that are disseminated: “manufacture of agricultural defensives and household disinfectants”, which advanced 1.84%, interrupting two consecutive setbacks registered in April (-2.94%) and May (-1.04%); and “manufacture of inorganic chemicals”, which increased 1.92% in the average activity prices, after a retreat of -1.56% in May. Finally, the group of “manufacture of resins and elastomers” recorded a retraction in the average prices, with a rate of -4.57% in June. This was the fourth result with consecutive negative rates, when it accumulated a change of -12.69%.

In a change of 0.31% in the average prices reported in June, the following products stood out in terms of influence: “unsaturated propane (propylene)“, "NPK-based manure and fertilizers” and “fungicides for agricultural use”. Changes in the costs of acquiring raw materials, discounts or competitive additions and variation in the demand were the main justifications presented by companies for the change registered in June.

From the perspective of products with greater influence on the result of 5.77% in the cumulative rate in 12 months, the highlights were “NPK-based manure and fertilizers”, “chemical or mineral fertilizers or manure, phosphate-based” and “herbicides for agricultural use”, which were sold with higher prices at the factory gate, compared to June 2024. On the contrary, the influence of the drop in the average prices of “lysine and its esters; glutamic acid; salts of these products”, a product related to health and food production, often used as supplements and additives in animal feed, stood out.

Pharmaceuticals:  two reasons led this sector to be present among those whose price changes most stood out, and both of them were related to behavior of the prices in June compared to the previous month. One of the reasons was that the average prices of the pharmaceutical industry recorded the third highest change, in module, reaching 2.23% in the indicator, being the only positive change among the four highlighted sectors. The other reason for the highlight stemmed from having presented the fourth largest influence among all the sectors surveyed, being responsible for 0.06 p.p. out of the total of -1.25% change of the general industry It is noteworthy that this sector was responsible for the only influence on the positive side in the monthly indicator, and the other sectors highlighted registered a drop in their average prices and, therefore, contributed to the negative sign of the general industry index.

With the result of June, the average prices in this sector accumulated 4.49% in the year and 3.47% in the last 12 months, being authorized by the Drug Market Regulation Chamber for 2025 the average adjustment of 3.83% and the maximum adjustment of 5.06%. In other words, producers are calibrating the intensity of adjustments within the authorized limits, but at a different rate, which led the sector to be prominent in the monthly change in April and, again, now in June.

Basic metals:  in June, the change in the prices of this activity was -1.07% compared to the previous month, the sixth consecutive negative result in this monthly indicator, which stood out among all the sectors analyzed in the survey as the third major influence on the industry's general result (-0.07 p.p. out of -1.25%). As a result, this activity accumulated a 9.52% retraction in the first semester of 2025, which stood out as the second most intense change and the third major influence (-0.66 p.p. out of -3.11%) in this indicator. In the cumulative index in 12 months, however, the prices of June 2025 still remained, on average, 5.80% higher than those of June 2024. In other words, this sector stood out in this indicator among the other activities surveyed, still with a positive result, being the fourth major influence (0.37 p.p. out of 3.24%).

It is possible to perceive that, of the four products with the largest influence in relation to the previous month, all of them followed the same direction of this sector and showed negative figures this month, being three from the group of basic metals ("carbon steel hot-rolled coil, uncoated", "galvanized coils or plates" and "carbon steel cold-rolled coil, uncoated") and the other from the group of manufacture of pig iron and ferroalloy ("pig iron"). These four products of greater influence over May impacted the result of this activity in -0.75 p.p., thus remaining -0.32 p.p. to the other 20 products.

The group of greatest influence on the monthly result, with a negative impact, was the steel industry, which had three products among the main highlights in terms of influence in the month and followed in the same direction of the sector, showing a 1.85% drop in June. This result can be partially explained by a reduction in the production cost of steel derivatives, following the recent retraction of the prices of iron ore, the main input used in its productive chain. With the result of the month, this group now accumulated a drop of 4.89% in 2025. In the cumulative index in 12 months, the indicator has been decelerating, but the group remained on the positive side, with a change of 0.20%.