2025年7月，中国生产者价格指数同比下降3.6%，与6月份的速度持平，超过了市场预期的3.3%的跌幅。这标志着连续第34个月生产者通货紧缩，在持续的贸易不确定性和国内需求疲软的情况下，这是自2023年7月以来的最大跌幅。生产材料成本继续下滑（6月份为-4.3%对-4.4%），采矿（-14.0%对-13.2%）、原材料（-5.4%对-5.5%）和加工（-3.1%对-3.2%）的收缩幅度更大。与此同时，消费品价格仍然疲软（-1.6%对-1.4%），受到食品（-1.8%对-2.0%）、服装（-0.1%对0.1%）和耐用品（-3.5%对-2.7%）的拖累，而日用品价格上涨较慢（0.6%对0.8%）。在2025年的前七个月，出厂价格下降了2.9%。PPI环比下跌0.2%，较前四个月的0.4%有所放缓，为五个月来最疲软的步伐。
China’s producer prices fell 3.6% year-on-year in July 2025, matching June’s pace and exceeding market expectations for a 3.3% decline. This marked the 34th consecutive month of producer deflation, holding at the sharpest drop since July 2023, amid persistent trade uncertainty and weak domestic demand. Production material costs continued to slide (-4.3% vs -4.4% in June), with deeper contractions in mining (-14.0% vs -13.2%), raw materials (-5.4% vs -5.5%), and processing (-3.1% vs -3.2%). Simultaneously, consumer goods prices remained weak (-1.6% vs - 1.4%), weighed down by food (-1.8% vs -2.0%), clothing (-0.1% vs 0.1%), and durable goods (-3.5% vs -2.7%) while prices of daily-use goods rose more slowly (0.6% vs 0.8%). In the first seven months of 2025, factory-gate prices shrank 2.9%. Month-on-month, the PPI declined 0.2%, slowing from a 0.4% fall in the preceding four months and marking the softest pace in five months.
