Industrial prices changed -0.20% in August 2025 against July 2025, the seventh negative figure in a row. In this comparison, 12 out of 24 industrial activities had their prices reduced. The cumulative index in the year was -3.62%, whereas the cumulative indicator in 12 months stayed at 0.48%. In August 2024, the IPP had been 0.66% in the monthly comparison.

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 August 2025, industry prices changed -0.20% compared to July 2025 (-0.31%). Twelve out of 24 industrial activities investigated in the survey showed negative price changes compared to the immediately previous month. The same number of activities observed in July compared to June.

The four most intense changes were in toiletries, soaps and cleaning products (-1.66%); wood (-1.59%); computer equipment, electronic and optical products (1.59%); and pulp and paper (-1.42%).

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

Food was the industrial sector that mostly stood out in the aggregate result, when comparing prices in August and July. The activity accounted for -0.11 percentage points (p.p.) of influence on the -0.20% change in the general industry. Still in this regard, other activities that also stood out were other chemicals, with -0.08 p.p. of influence, mining and quarrying industries (-0.06 p.p.) and pulp and paper (-0.04 p.p.).

The cumulative index in the year was -3.62% in August. By way of comparison, the cumulative rate until the month of August last year (2024) had been 4.82%. The value of the cumulative rate in the year up to this reference month was the second lowest ever recorded for the month of August since the beginning of the historical series, in 2014.

Among the activities that registered the biggest changes in the year in August 2025, the following stood out: mining and quarrying industries (-13.99%), basic metals (-11.50%), printing (8.62%) and wood (-7.99%). In the composition of the aggregate result of the industry, from the perspective of this same indicator (cumulative index in the year), the main influences were recorded in food: -1.94 p.p., basic metals: -0.80 p.p., mining and quarrying industries: -0.67 p.p. and petroleum refining and biofuels: -0.48 p.p.

In the cumulative index in 12 months, calculated by comparing the prices of August 2025 to those of August 2024, the change was 0.48% in this reference month. In the previous month (July 2025), this same indicator had registered a rate of 1.35%.

The sectors with the four biggest price changes in the comparison of August with the same month of the previous year were: printing (14.17%); pulp and paper (-6.82%); electrical machinery, apparatus and materials (6.65%); and beverages (6.63%). And, also in comparison with the same month of the previous year, the sectors with the greatest influence on the aggregate result were: petroleum refining and biofuels (-0.51 p.p.); food (0.36 p.p.); mining and quarrying industries (-0.29 p.p.); and motor vehicles (0.28 p.p.).

Among the broad economic categories, the August´s result had the following impact: 0.38% change in capital goods (BK); -0.14% in intermediate goods (BI); and -0.40% in consumer goods (BC), with the change observed in durable consumer goods (BCD) being 0.27%, while in semi-durable and non-durable consumer goods (BCND) it was -0.53%.

The main influence among the Broad Economic Categories was exerted by consumer goods, whose weight in the composition of the general index was 38.11% and accounted for -0.15 p.p. of the -0.20% change in the mining and manufacturing industries.

The list is completed by intermediate goods, with an influence of -0.08 p.p. and capital goods with 0.03 p.p. In the case of consumer goods, the influence observed in August was divided into 0.02 p.p., which was due to the change in the prices of durable consumer goods, and -0.17 p.p. associated with the change in semi and non-durable consumer goods.

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

In the cumulative index in the year, the change reached 0.25%, in the case of capital goods; -5.75% in intermediate goods; and -1.25% in consumer goods – with durable consumer goods accumulating a change of 2.18%, while semi-durable and non-durable consumer goods, -1.90%.

In terms of influence on the cumulative result in the year, capital goods accounted for 0.02 p.p. out of -3.62% recorded in the general industry until August this year. Intermediate goods, in turn, accounted for -3.18 p.p., while consumer goods exerted an influence of -0.47 p.p. on the aggregate result of industry, an influence that was divided into 0.13 p.p. due to changes in the prices of durable consumer goods and -0.59 p.p. caused by changes of semi and non-durable consumer goods.

In the cumulative index in 12 months, the price change of capital goods was 4.05% in August 2025. The prices of intermediate goods, in turn, changed -1.96% in this one-year period and the change in consumer goods was 3.38%, with durable consumer goods showing a price change of 3.68% and semi-durable and non-durable consumer goods of 3.33%.

With regard to influences on the aggregate result, with a weight of 38.11% in the calculation of the general index, consumer goods accounted for 1.25 p.p. out of 0.48% of cumulative change in 12 months in industry, in this reference month. The August 2025 result also registered an influence of 0.31 p.p. of capital goods and of -1.08 p.p. of intermediate goods.

The result of consumer goods, in particular, was influenced by 0.22 p.p. by durable consumer goods and by 1.03 p.p. by semi-durable and non-durable consumer goods, the latter with a weight of 83.58% in the calculation of the index for that broad category.

Mining and quarrying industries: after two consecutive months of positive results, the sector once again recorded a negative performance compared to the previous month (-1.39%). Despite the drop of 6.29% compared to August 2024, mining and quarrying industries stood out in the cumulative index in the year, with a retraction of 13.99% compared to the result observed in December 2024 – the most intense change in this indicator and the lowest value for a month of August since 2015. The mining sector also stood out for its influence on the results, being the activity with the third most intense impact on the three indicators analyzed: contribution of -0.06 p.p to the change of -0.20% in the monthly comparison, impact of -0.67 p.p. on the decline of 3.62% in the cumulative index in the year, and participation of -0.29 p.p. in the change of 0.48% compared to the same month of the previous year.

The retraction of the sector was directly associated with the negative performance of products “natural gas, liquefied or in gaseous state” and “crude petroleum oil”, in line with the trend observed in the international market. On the other hand, products related to iron ore helped to mitigate the slowdown of the sector compared to the previous month, exerting a positive influence on the aggregate result.

Food: the prices in this sector, when comparing the results between August and July, changed -0.44%, the seventh negative result in the year (only in April there was a positive change of 1.52%). As a result, the change in the year was -7.55% and, in the comparison between August 2025 and August 2024, 1.45%. In relation to this last indicator, it is worth noting that it pointed to a variation of 13.60% in January, which fluctuated up and down until April (14.08%), after which the results began to lose intensity.

The prominence given to the sector was linked to the influence it had on the general result: it was first both in the monthly comparison (-0.11 p.p. out of -0.20%) and in the one made between August 2025 and December 2024 (-1.94 p.p. out of -3.62%). From the perspective of the comparison between August 2025 and August 2024, it was the second one (0.36 p.p. out of 0.48%).

The four products with the greatest influence on the overall result had an impact of -0.02 p.p. change of -0.44%, which means that the net influence of the other 39 was -0.42 p.p. It is worth noting that among the four products, two are in the negative field ("frozen meat and poultry" and "roasted and ground coffee") and two in the positive ("crude degummed soybean oil" and "VHP sugar (very high polarization)"), which pointed to different market situations. Chicken prices generally fell during the month, in line with lower domestic demand. In the case of coffee, the drop is consistent with the harvest period and consequently with the drop in the price of the bean. The increase in the price of "crude degummed soybean oil" is partly explained by the increase in the price of soybeans, partly due to a greater external demand and, also, by the greater demand for the product for the manufacture of biodiesel. Finally, the increase in the prices for "VHP sugar (very high polarization)" indicates a lower availability of the product, which is normal in the off-season.

Pulp and paper: with the fourth highest change, in module, in relation to July (-1.42%), considering the entire industry, the sector was also responsible for the second most intense fluctuation when comparing its result with the same month of the previous year, recording the largest retraction in this indicator (-6.82%). With four consecutive results in the negative field, the activity of pulp and paper accumulated a price change of -0.52% in the year. In addition to these results, the sector stood out for having the fourth most intense influence on the monthly indicator of the general industry, contributing with -0.04 p.p. for the change of -0.20%.

The dynamics observed in all calculated indicators were influenced by pulp prices, which showed a drop in all temporal comparisons considered. As it has the largest sample weight in the calculation of the sectoral indicator, the performance of the commodity on the international market is decisive for understanding the trajectory of prices in the domestic industry.

Petroleum refining and biofuels: for the second consecutive month, the prices in the sector had a positive change in August of 0.41%, higher than in July (0.17%). In any case, the cumulative result for the year was negative (as has been the case since April, -0.21%), now at -4.83%. Equally negative was the 12-month comparison, since prices in August 2025 were 4.98% lower than those in August 2024. It is worth mentioning that in this comparison the current result was the most negative since April 2024 (-9.64%).

The sector stood out for having been the fourth influence on the cumulative index in the year (-0.48 p.p. out of -3.62%) and the first on the cumulative rate in 12 months (-0.51 p.p. out of 0.48%).

In the monthly comparison, the products that stood out both in terms of change and influence were those with the lowest weight in the calculation of the sector, that is, they are neither "diesel fuel" (40.74%) nor "gasoline, except for aviation" (23.05%), though these were protagonists in longer-term indicators, always with a negative impact.

Other chemicals: the prices of chemicals at the factory gate fell compared to those practiced in July: -0.93%. With the third highest weight in the calculation of the IPP, the sector was among the highlights in terms of influence on the industry's overall result, accounting for -0.08 p.p. in aggregate change of -0.20%, compared to the immediately previous month. In the year, the chemical industry reversed the sign of the price change accumulated until July, recording -0.26% in this reference month, while in 12 months the cumulative index was 0.28%, reinforcing the inflationary slowdown seen in recent months (in July the rate was 3.63%).

The month's result had an important influence of products sold to crops, with fertilizers and agricultural pesticides registering lower prices than those observed in July. It is possible to notice the predominance of these products among the main influences on the monthly result and the result of the groups “manufacture of inorganic chemicals” (-1.78%) and “manufacture of agricultural pesticides and household disinfectants” (-2.69%) indicate this joint downward movement.

In addition to the current depreciation of the dollar, a lower demand for inventory composition compared to July may be associated with the lower prices observed for fertilizers. The falling prices of pesticides, in turn, are consistent with a moderate beginning of the seasonal window of greater domestic demand for the items.

Basic metals: in August, the sector reached the eighth consecutive negative result in the monthly indicator, with a change of -0.58%. This result, however, was the one with the lowest intensity of this series of falls observed in 2025. In any case, in these first eight months of the year, the activity accumulated a retraction of 11.50%, which stood out as the second most intense change, as well as the second main influence (-0.80 p.p. out of -3.62%) in this indicator. And in the cumulative rate in 12 months, the indicator reached the second month in a row in the negative field, with the prices of the activity in August 2025 being, on average, 0.91% below those in August 2024.

Of the four products with the greatest influence on the monthly change, two stood out with price increases, both from the non-ferrous metals group (“aluminum oxide (calcined alumina)” and “aluminum plates and strips, thicker than 0.2 mm”), while two others followed in the direction of the sector average and stood out with price drops, both from the steel group (“carbon steel hot-rolled coil, uncoated” and “carbon steel cold-rolled coil, uncoated”). These four products with the greatest monthly influence had a positive impact on the activity's result, by 0.32 p.p., thus remaining -0.90 p.p. to the other 20 products.

The group with the greatest influence on the monthly result, with a negative impact, was, once again, the steel industry, showing a drop of 1.72% in August. This result can be partially attributed to a greater supply of steel on the market, resulting from an increase in imports of the Chinese product. Added to this is the drop in the foreign demand — a reflection of the tariffs imposed by the United States on Brazilian products — and the cumulative decline, throughout the year, in the prices of iron ore, the main input in the production chain of the sector, despite the increase observed in the commodity in the last two months. With the month's result, the group now accumulated a drop of 9.04% in 2025. And in the cumulative rate in 12 months, the group's indicator also remained in the negative field, with a change of -6.59% in the period, the second consecutive drop after a sequence of ten consecutive increases between September 2024 and June 2025.

Regarding the indicator in which the sector stood out (cumulative index in the year), the group with the greatest influence on the sectoral result was non-ferrous metals, also with a negative impact, despite the monthly increase observed in August. Its changes are usually linked to international stock exchange prices and, during the period, the group was mainly influenced by changes in the prices of aluminum derivatives. Furthermore, it is also worth remembering the importance of the exchange rate in explaining the group's result: in 2025, the dollar already showed a cumulative drop of 10.7% until August.

Motor vehicles: in August, compared to the immediately previous month, the sector recorded a change of 0.23% — the third month in positive territory after a negative result in May. In the cumulative index in the year to August, the sector showed an increase of 1.55% and, in the cumulative rate in 12 months, an increase of 3.74%. The sector stood out in the IPP analysis this month, both for having the fourth largest influence on the cumulative index in 12 months (0.28 p.p. out of 0.48%) and for having the fourth highest weight among all the activities analyzed: 7.75%.

As the product with the highest weight, “passenger cars, gasoline or biofuel”, had a positive influence on both the cumulative result in the year and the cumulative result in 12 months. As the product with the second highest weight, “tractor trucks, for trailers and semi-trailers”, showed a positive change and influence in the cumulative rate in 12 months, though it registered a marginal negative influence. Another highlight was the product “gear boxes for motor vehicles”, which showed a marginal positive change and influence on the cumulative index in the year and in 12 months. On the other hand, “trailers and semi-trailers, except for agricultural use” showed a negative change and influence in the cumulative index in the year and also a negative change in the cumulative rate in 12 months.