In November 2025, prices of industry changed by -0.37% from October 2025, the tenth consecutive negative result. In this comparison, 12 of the 24 activities recorded decrease in prices. The year-to-date index was -4.66%, whereas the cumulative index in the year stood at -3.38%. In November 2024, IPP, in the monthly comparison, was 1.25%.

The Producer Price Index (IPP) of Mining and Quarrying and Manufacturing Industries measures the "factory gate" prices of products, excluding taxes and freight, and covers the braod economic categories.

In November 2025, industry prices changed -0.37% from October 2025 (-0.47%). Twelve of the 24 activities of industry surveyed recorded negative price changes compared to the preceding month. In comparison, 11 activities had lower average prices in October compared to September.

The four most significant changes came from printing (3.88%); mining and quarrying industry (-3.43%); other chemicals (-1.52%); and pulp and paper (1.35%).

Mining and quarrying was the most prominent industrial sector in the overall result, when comparing November and October prices. This sector was responsible for -0.15 percentage points (pp) of the -0.37% change in general industry. Also noteworthy in this category were other food products, with -0.13 pp of influence, other chemicals  (0.12 pp) and petroleum refining and biofuels (-0.08 pp).

The year-to-date figure was -4.66% in November. As for year 2024, the cumulative rate up to November was 7.83%. The cumulative rate for the year up to this reference month is the second lowest ever recorded for a November since the beginning of the time series in 2014.

Among the activities that, in November 2025, recorded the biggest cumulative changes in the year, the following ones stood out: mining and quarrying industries (-17.09%), printing (16.39%), basic metals (-10.07%) and food products (-9.91%).

The main influences were registered in food: -2.55 pp, mining and quarrying industries: -0.82 pp, basic metals: -0.70 pp and petroleum refining and biofuels: -0.61 pp.

The cumulative rate over 12 months, calculated by comparing the prices in November 2025 to those in November 2024, was -3.38% in this reference month. In OCtober, this same indicator had registered a rate of -1.81%.

The sectors with the four biggest price changes in November against the same month in the previous year were: printing (18.57%); mining and quarrying industries (-12.76%); food (-8.42%); and wood (-7.75%). In the same comparison, the sectors accounting for the greatest influence on the aggregate result were: food (-2.16 pp); mining and quarrying industries (-0.59 pp); petroleum refining and biofuels (-0.54 pp); and other chemicals (-0.41 pp).

Among the broad economic categories, the November result was as follows: -0.01% change in capital goods (BK); -0.765% in intermediate goods (BI); The change in consumer goods (BC) was -0.38%, with durable consumer goods (BCD) recording a change of 0.30%, whereas semi-durable and non-durable consumer goods (BCND) showed a change of -0.04%.

The main influence among the broad economic categories was exerted by intermediate goods, whose share in the composition of the general index was 53.54% and accounted for -0.40 percentage points of the -0.37% change in mining and quarrying and manufacturing industries.

Completing the list are consumer goods, with an influence of 0.03 percentage points, and capital goods with 0.00. In the case of consumer goods, the influence observed in November is divided into 0.02 pp, due to the change in the prices of durable consumer goods, and 0.01 pp associated with the change in semi-durable and non-durable consumer goods.

In the year-to-date figures, the change reached 0.22%, for capital goods; -7.60% for intermediate goods; and -1.30% for consumer goods – with a cumualtive change of 3.01% in durable consumer goods, while semi-durable and non-durable consumer goods recorded -2.11%.

In terms of influence on the year-to-date result, capital goods accounted for 0.02 percentage points of the -4.66% observed in the overall industry up to November this year. Intermediate goods, in turn, accounted for -4.20 percentage points, while consumer goods exerted an influence of -0.48 percentage points on the aggregate result of the industry, an influence that represent 0.18 pp due to changes in the prices of durable consumer goods and -0.66 pp caused by changes in semi-durable and non-durable consumer goods. 

Over the past 12 months, the price change for capital goods was 1.32% in November 2025. The prices of intermediate goods, in turn, changed by -6.15% during this one-year period, and the change in consumer goods was 0.66%, with durable consumer goods showing a price change of 2.96% and semi-durable and non-durable consumer goods showing a change of -0.87%.

Regarding the influences on the aggregate result, with a share of 7.95% in the calculation of the overall index, capital goods accounted for 0.10 pp of the -3.38% cumulative change in the industry over 12 months, in this reference month. In the November 2025 result, there was also an influence of -0.09 pp from consumer goods and -3.39 pp from intermediate goods.

The result for consumer goods, in particular, was influenced by 0.18 percentage points from durable consumer goods and by -0.27 percentage points from semi-durable and non-durable consumer goods, the latter accounting for 83.44% of the index for that broad category.

Mining and quarrying industries: with a change of -3.43% in November - representing an influence of -0.15 pp in the general result of -0.37% - the sector recorded its eighth negative result in the year. In November, the activity stood out in the three indicators both in terms of change and of influence. 

As for the annual indicator, this performance corresponded to the second biggest absolute change, being the highest drop and influence among all the activities surveyed. Considering long-term indicators, the sector had a cumulative decrease of -17.09% in 2025 — biggest negative change in the indicator and lowest figure for a month of November since 2014, when there was a -23.67% drop. This result also guaranteed the second biggest absolute influence, with -0.82 p.p. on the general index of -4.66%.

In relation to November 2024, current prices are 12.76% lower, exerting an influence of -0.59 p.p. on the aggregate result of -3.38%, placed, once more, in the second position in terms of change and influence for this indicator.

Food: for the seventh consecutive month, the comparison of prices this month with those a month ago is negative. In  average price change in the sector is negative. In November, the change was -0.52%, below that of October, -1.45%. The cumulative figure in the year was -9.91% (in November 2024 it was 11.95%) and the cumulative 12-month figure was -8,42%, the lowest since July 2023 (-10.94%).

The movement of prices observed in the sector caused this one to be the fourth biggest negative cumulative change year-to-dat and the third biggest negative change in 12 months. In terms of influence, this sector accounted for the second biggest influence in the monthly comparison (-0.13 p.p., of -0.37%) and the first one cumulative in the year (-2.55 p.p., in -4.66%) and cumulative in 12 months (-2.16 p.p., in -3.38%).

Two products stood out in terms of change and influence in the monthly comparison: "sterilized/UHT/Long Life milk" and "crude soybean oil, whether or not de-gummed". As for milk, among the changes, not only cooled milk and "dairy drink” are among the highlights, which is in accordance with the period of more acquisition of raw milk in dairy regions.

In terms of influence, the four products mentioned account for -0.30 pp., in -0.52%. Three of them, previously mentioned and “granulated sugar” exerted a negative impact, partially due to the rise of prices of “fresh or cooled beef”. In the case of sugar, the decrease is in accordanc with the harvesting period. The fall of prices of “crude soybean oil, whether or not de-gummed” is the result of reduced demand, especially the biodiesel sector, where the product is used as raw material. Prices of  “fresh or cooled beef” had an increase in demand, particularly in other countries.

As for the open groups in the sector, four of the six groups recorfed negative price changes in the monthly comparison, all of them with a higher result than the sector (-0.52%). Decreases were recorded by  “manufacture of vegetable and animal oils and fats” (-1.35%), “dairy products” (-5.34%), “milling, manufacture of starch products, and animal feed” (-0.73%) and “manufacture and refining of sugar” (-3.35%). Countereffect movements were represented by “slaughter and manufacture of meat products” (2.19%) and, at a lower extent, “coffee roasting and grinding” (0,45%). As for long-term indicators, all the results are negative, except for “coffee roasting and grinding” (15.21%, cumulative in the year; and 20.91%, cumulative over 12 months), which encompasses increases observed between January 2024 and April 2025, when prices advanced by 139.59%.

Petroleum products and biofuels: for the second consecutive month (and the sixth in the year), the change of prices in the sector was negative. Prices in November dropped, on the average, 0.79% from October. As a result, the cumulative change year-to-data was -6.17% (versus 0.63% in 2024) and cumulative over 12 months, -5.38%, the highest negative one, since April 2024 (-9.64%).

"Naphtha," "gasoline, except aviation gasoline," and "fuel oils, except diesel," all with lower prices in November than in October, stand out in both change and influence. The drop in petroleum products responds to the behavior of "crude oil" prices, a decline that has spread across eight of the 11 months of the year. In terms of influence, besides the aforementioned products, "ethyl alcohol (anhydrous or hydrated)" appears, the only one with a price increase from the previous month. These four products influenced the -0.79% result by -0.83 percentage points, meaning that the net contribution of the other six products was positive (0.04 percentage points). 

Other chemicals: for the fourth consecutive month, the monthly price change in the sector is negative, at -1.52% in November. With this, the cumulative figure for the year was -5.30% (it was 11.67% in the same month of 2024). The annual change reached -5.11%, the most significant negative figure since April 2024, when it was -7.08%.

The sector's prominence stems from having the third biggest (negative) price change in November versus October, and, in terms of influence, being third in the same comparison (-0.12 percentage points, out of -0.37%) and fourth in the 12-month cumulative period (-0.41 percentage points, in -3.38%).

Regarding the highlighted products, in the monthly comparison, two appear among the four most intense (negative) variations and among the four main influences: "high-density polyethylene (HDPE)" and "polypropylene (PP)," both belonging to the resins and elastomers group. In terms of influence, the other two products are: "mineral or chemical phosphate fertilizers" and "unsaturated propene (propylene)," each belonging to a distinct group. Fertilizers are part of the inorganic group, and propene is part of the organic group (a group not disclosed in the survey). The four products account for -1.09 percentage points, out of a total of -1.52%, which means that -0.43 percentage points is the net influence of the remaining 35 products that make up the sample.

The drop in prices of both "high-density polyethylene (HDPE)" and "polypropylene (PP)" is linked to the behavior of the international market, according to the responding companies. On the other hand, in the case of fertilizers, a global increase in supply, combined with lower domestic demand, partly explains the observed decline.

Basic metals:  after two consecutive positive changes, the sector recorded a negative figure, with a change of -0.33% from October to November. With nine negative results in the monthly indicator in the first 11 months of the year, the sector had a cumulative decrease of 10.07% in 2025, up to November. This result made the sector stand out as the third most intense change in this indicator, as well as being the third main influence (-0.70 p.p. in -4.66%) among all 24 activities analyzed in the survey. And in the cumulative index in 12 months, the fall intensified, with November 2025 prices now being, on average, 5.80% lower than those in November 2024 (in October, this indicator showed a decline of 2.01%).

Of the four products accounting for the greatest influence in the monthly comparison, two followed the sector's trend and showed negative results for the month: one from the non-ferrous metals group, "aluminum oxide (calcined alumina)," and another from the steel production group, "ingots, blocks, billets or plates of carbon steel." Two other products stood out with a positive impact on the sector's result, both from the non-ferrous metals group ("aluminum sheets and strips, with a thickness greater than 0.2 mm" and "non-alloy aluminum in crude forms"). These four products accounting for the greatest influence on the monthly indicator impacted the activity's result by -0.20 percentage points, therefore, the influence of the remaining 20 products was -0.13 percentage points. 

The group accounting for the greatest influence on the month's result, with a negative impact, was non-ferrous metals. Its changes are usually linked to international stock market quotations and have been impacted mainly by variations in the price of aluminum (the main driver of November's variation), gold, and copper. It's also worth remembering the importance of the exchange rate in explaining the results of the group and the sector as a whole: in November, the dollar depreciated by 0.8% against the real, and has already reached a cumulative drop of 12.4% in 2025 and 8.0% in the last 12 months, which helps explain the longer-term results of the activity.

The steelmaking group, which has the greatest share in the activity and was the one that most influenced the cumulative negative result for the year, also followed the sector's direction in the month and showed a change of -0.20% in November. This result can still be partially attributed to a greater supply of steel in the domestic market, resulting from an increase in imports of the Chinese product during the second half of the year, and to lower external demand. Added to these factors are the fall of the dollar during the year and lower iron ore prices, both in the month and in the cumulative figures for 2025. With the November result, the group also had a cumulative a drop of 10.54% for the year and 9.43% over the last 12 months.