In December 2025, industrial prices changed 0.12% compared to November 2025. In this comparison, 12 out of 24 industrial activities saw price increases. The cumulative index for the year, which in December coincides with the cumulative rate in 12 months, was -4.53%.

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 December 2025, industrial prices changed 0.12% compared to November 2025 (-0.35%). As a result, the IPP ended the year 2025 with a cumulative change of -4.53%, the second lowest cumulative value in the year up to the month of December since the beginning of the time series in 2014. The value of the cumulative rate at the end of 2025 was lower than that recorded in the same period of 2024 by more than 14 percentage points (p.p.), a dynamic followed by seven out of 24 industrial activities investigated by the survey.

The four most intense changes in the monthly comparison were: mining and quarrying industries (3.13%); basic metals (2.24%); electrical machines, apparatus and materials (1.87%); and other transportation equipment (1.74%).

Producer Price Index, according to Mining and Manufacturing Industries (General Industry) and Sections, Brazil, last three months

Food was the most prominent industrial sector in the aggregate result, when comparing December and November prices. The activity was responsible for -0.19 percentage points (p.p.) of influence on the 0.12% change in the general industry. Still in this regard, other activities that also stood out were basic metals, with 0.15 p.p. of influence, mining and quarrying industries (0.13 p.p.) and other chemicals (-0.09 p.p.).

With the price changes in December, the cumulative indicator in the year, which compares prices in the reference month to those in December 2024, reached -4.53%.

Among the activities that had the biggest changes in the year in December 2025, the following stood out: printing (16.63%), mining and quarrying industries (-14.39%), food (-10.47%) and wood (-9.85%). While the main influences were recorded in food: -2.70 p.p., mining and quarrying industries: -0.69 p.p., petroleum refining and biofuels: -0.56 p.p. and basic metals: -0.56 p.p.

Among the Broad Economic Categories, the result of December compared to November reflected as follows: 0.53%, in capital goods; 0.34% in intermediate goods; and -0.25% in consumer goods – with durable consumer goods being -0.01%, while semi-durable and non-durable consumer goods, -0.30%.

When calculating the general result of the monthly indicator, the main influence among the Broad Economic Categories was exerted by intermediate goods, whose weight in the composition of the general index was 53.65% and accounted for 0.18 p.p. of the 0.12% change in mining and manufacturing industries. Completing the list are consumer goods, with an influence of -0.10 p.p. and capital goods with 0.04 p.p. In the case of consumer goods, the influence observed in December was divided into 0.00 p.p., which was due to the change in the prices of durable consumer goods, and -0.10 p.p. associated with the change in semi and non-durable consumer goods.

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

In terms of influence on the cumulative index in the year, capital goods were responsible for 0.06 p.p. of the rate of  -4.53% recorded in general industry until December this year. Intermediate goods, in turn, accounted for -4.02 p.p., while consumer goods exerted an influence of -0.57 p.p. on the aggregate result of industry, an influence that was divided into 0.18 p.p. due to changes in the prices of durable consumer goods and -0.75 p.p. caused by changes in semi and non-durable consumer goods.

Mining and quarrying industries: with a change of 3.13% in relation to the previous month — which represented an influence of 0.13 p.p. on the general result of 0.12% — the sector recorded its fourth positive result in the year, this being the most intense advance of the entire year 2025. In December, this activity once again stood out in the three indicators monitored, both in terms of change and influence.

In the monthly comparison, this performance corresponded to the highest change and the third biggest absolute influence among all the activities analyzed. The result was not enough to reverse the negative scenario observed in long-term indicators. The sector ended 2025 with a decline of 14.39%, representing the biggest negative change in the indicator and the lowest value recorded for a month of December since 2014, when the drop had been 31.6%. This result also guaranteed the second biggest absolute influence on the general index in terms of the cumulative index in the year, with an impact of -0.69 p.p. on the result of -4.53%.

Only the product “crude or processed copper ore and its concentrates” — the third most important product in the sector’s structure — contributed to mitigating the retraction in the long-term indicators. In general, the behavior observed among products remained aligned with the trajectory of foreign markets.

Food: for the eighth consecutive month, the comparison between the prices of one month and those of the immediately previous month was negative in December at 0.76%. As a result, throughout 2025, food prices fell by 10.47%. This decline was the most intense since July 2023 (-10.94%). More than that, the results for July 2023 and December 2025 were the most intense in the negative field.

In addition to being the third biggest change from the perspective of the cumulative index in the year (which, in December, was equal to the cumulative index in 12 months), the activity was the first influence both in the comparison between December and November (-0.19 p.p., in 0.12%) and between December 2025 and December 2024 (-2.70 p.p., in -4.53%).

In the monthly change, the four products with the most intense influence accounted for -0.27 p.p., a change of -0.76%. Of these products, only December prices for “fresh or chilled beef” were higher than those in November, driven by an increase in demand, typical at the end of the year. It is still possible to see that, when comparing December 2025 against December 2024, the products with the highest impact were the two types of sugar, “semi-milled or milled rice, whether or not polished or burnished” and “residues from soybean oil extraction.” The appreciation of the real against the dollar (10.6% in the year) helped to explain part of this movement, but particularities of the market – such as the drop in the price of sugar and soybeans (ample supply) on the foreign market – are equally important causes. In the case of rice, the price drop was in line with both the good harvest in Brazil and abroad.

Petroleum refining and biofuels: after two consecutive months, the average price change, from November to December, returned to the positive field (0.56%), although the cumulative change in 12 months remained negative (-5.64%), as has been the case for seven months.

The highlight given to the sector was due to the fact that it was the third influence in the comparison between December 2025 and December 2024 (-0.56 p.p., out of -4.53%).

From a monthly perspective, the main influences were positive price changes (the only exception was "lubricating oils with additives") of products with lower weight in the calculation. “Diesel fuel” and “gasoline, except for aviation,” the ones with the greatest weight (together they accounted for 63.79%), had a negative impact on the cumulative index in 12 months.

Other chemicals: the chemical industry closed 2025 with a cumulative drop of 6.42% in prices. In comparison with the previous month, December prices fell 1.19%, a result that placed the sector, which has the fourth largest weight in the IPP, among the main influences on the general result of industry (-0.09 p.p. in the aggregate sum of 0.12%).

At the end of the soybean planting window, domestic demand for pesticides was down and lower prices were decisive for the sector's result.

The average price in the economic group of “manufacture of agricultural pesticides and household disinfectants” fell by 5.09% compared to November. The movement reflected not only the seasonality of the crop, but also the discontinuation of certain product lines and the reduction in production costs.

The fertilizer market behaved in a diffuse manner. While “NPK-based manure or fertilizers” were sold at lower prices, exerting a strong influence on the results of the chemical industry, other combined products and macronutrients, in general, registered an increase, mainly phosphate concentrates, which reflected in prices the reduction in the global supply of sulfur. This dichotomy had an impact on the results of the group of “manufacture of inorganic chemicals,” which recorded an increase of 1.24% in average prices.

Another highlight in the month was the economic group of manufacture of dyes, enamels and the like, which also sold, on a widespread basis, at lower prices in December. With the beginning of the rain peak in important consumer regions of Brazil, “paints and varnishes, in aqueous media, for construction” was highlighted in terms of influence on the sectoral result.

Basic metals: after the negative result last month (-0.34%), the sector once again showed an increase from November to December, with a change of 2.24%. This result made the sector stand out, among the 24 sectors analyzed in the survey, as the second main change, as well as the second main influence on the monthly indicator, representing 0.15 p.p. of the 0.12% change in the general industry.

The group with the biggest influence on this indicator, with a positive impact, was non-ferrous metals. Their changes are usually linked to foreign stock exchange prices and have been impacted, mainly, by changes in the price of aluminum, gold and copper (the last two ones being mainly responsible for the month's result). And it is also worth remembering the importance of the exchange rate in explaining the results of the group and the sector as a whole: in December, the dollar showed an increase of 2.1% against the real, but that was not enough to reverse the cumulative drop in 2025, of 10.6%.

With this, it is possible to see that, of the four products with the greatest influence on M\/M_-1, they all followed in the same direction as the sector, presenting positive results in the month, and belong to this group of non-ferrous metals: “gold for non-monetary use”, “copper and copper alloy bars, profiles and rebars”, “aluminum sheets and strips, thicker than 0.2 mm” and “unwrought non-alloy aluminum.” These four products with the greatest influence on the monthly indicator impacted the activity's result by 2.09 p.p., therefore, an influence of 0.15 p.p. to the other 20 products.

Prices in the basic metals sector closed the year, on average, with a drop of 8.06%, as a result of the nine months of 2025 with negative changes in the monthly indicator. And this result also made the sector stand out in the cumulative indicator in the year, as the fourth main influence on the overall result (-0.56 p.p. out of -4.53%).

In this indicator, the group that most influenced the sectoral change was “steel industry,” which has the greatest weight in the activity and accumulated a drop of 11.07% in 2025. And in the monthly indicator, the group went in the opposite direction of the sector and reached its tenth consecutive negative result, with a change of -0.59% in December. These results can 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 a lower external demand. Added to these points were the cumulative decline in the dollar and the lower iron ore prices in 2025, despite the one-off increase in December.