Industrial prices changed -0.25% in September 2025 over August 2025, the eighth 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 -3.87%, whereas the cumulative indicator in 12 months stayed at -0.40%. In September 2024, the IPP had been 0.62% 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 September 2025, industrial prices changed -0.25% compared to August 2025 (-0.21%). 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 August compared to July.

The four most intense variations were in printing (3.59%); wood (-3.08%); wearing apparel (-2.29%); and other chemicals (-1.75%).

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

Other chemicals was the most prominent industrial sector in the aggregate result, when comparing September and August prices. The activity was responsible for -0.14 percentage points (p.p.) of influence on the change of -0.25% of general industry. Still in this regard, other activities that also stood out were food products, with -0.10 p.p. of influence, manufacture of machinery and equipment (0.05 p.p.) and pharmaceuticals (0.04 p.p.).

The cumulative index in the year was -3.87% in September. By way of comparison, the cumulative rate until the month of September had been 5.47% last year (2024). The value of the cumulative rate in the year up to this reference month was the second lowest ever recorded for a month of September since the beginning of the time series, in 2014.

Among the activities that had the biggest changes in the year in September 2025, the following stood out: mining and quarrying industries (-13.53%), printing (12.72%), basic metals (-11.32%) and wood (-10.80%). 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 in food products: -2.08 p.p., basic metals: -0.78 p.p., mining and quarrying industries: -0.65 p.p., and petroleum refining and biofuels: -0.46 p.p.

In the cumulative rate in 12 months, calculated by comparing the prices of September 2025 to those of September 2024, the change was -0.40% in this reference month. In the previous month (August 2025), this same indicator had registered a rate of 0.47%.

The sectors with the four highest price changes in the comparison between September and the same month of the previous year were: printing (17.34%); wood (6.74%); toiletries, soaps and cleaning products (-5.84%); and beverages (4.94%). And, also in comparison with the same month of the previous year, the sectors with the greatest influence on the aggregate result were: food products (-0.66 p.p.); petroleum refining and biofuels (-0.36 p.p.); motor vehicles (0.30 p.p.); and pulp and paper (-0.15 p.p.).

Among the broad economic categories, the September result had the following impact: -0.45% change in capital goods (BK); -0.60% in intermediate goods (BI); and 0.29% in consumer goods (BC), with the change observed in durable consumer goods (BCD) being 0.31%, while in semi-durable and non-durable consumer goods (BCND) it was 0.28%.

The major influence among the Broad Economic Categories was exerted by intermediate goods, whose weight in the composition of the general index was 53.83% and accounted for -0.32 p.p. of the -0.25% change in the mining and manufacturing industries.

Completing the list are consumer goods, with an influence of 0.11 p.p. and capital goods with -0.04 p.p.. In the case of consumer goods, the influence observed in September was divided into 0.02 p.p., which was due to the change in the prices of durable consumer goods, and 0.09 p.p. associated with the change in semi and non-durable consumer goods.

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

In the cumulative index in the year, the change reached -0.05% in the case of capital goods; -6.33% in intermediate goods; and -1.00% in consumer goods – with durable consumer goods accumulating a change of 2.50%, while semi-durable and non-durable consumer goods, -1.66%.

In terms of influence on the cumulative result in the year, capital goods accounted for 0.00 p.p. of the rate of -3.87% recorded in the general industry until September this year. Intermediate goods, in turn, accounted for -3.50 p.p., while consumer goods exerted an influence of -0.37 p.p. on the aggregate result of industry, an influence that was divided into 0.15 p.p. due to changes in the prices of durable consumer goods and -0.52 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 3.56% in September 2025. The prices of intermediate goods, in turn, changed -2.73% in this one-year period and the change in consumer goods was 2.24%, with durable consumer goods showing a price change of 3.39% and semi-durable and non-durable consumer goods, of 2.01%.

With regard to influences on the aggregate result, with a weight of 38.30% in the calculation of the general index, consumer goods was responsible for 0.84 p.p. out of -0.40% of cumulative changes in 12 months in industry, in this reference month. In September 2025 result, there was also an influence of 0.27 p.p. of capital goods and of -1.50 p.p. of intermediate goods.

The result of consumer goods was especially influenced in 0.21 p.p. by durable consumer goods and in 0.63 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: in the month of September, the mining sector once again showed growth (0.53%) in the monthly indicator, after the decline seen in the previous month. Despite the recovery observed in the short term, the emphasis on mining and quarrying industries was due to their negative performance in the year to date. This was evidenced both by the drop of 13.53% — the highest absolute change among all sectors in this indicator — and by its influence of -0.65 p.p. on the cumulative change in the year of -3.87%.

It was observed that the negative performance of the product “crude petroleum oil” — in line with the international trend — limited the sector’s advance in the monthly indicator. In the cumulative index in the year, there has been a broader retraction, generally affecting the products analyzed.

Food products: in September, the average price of food changed -0.40% compared to August, the fifth consecutive negative result. As a result, the cumulative result for the year was -8.07%, becoming the lowest one for September since 2017 (-8.24%). After 15 consecutive months in the positive field, the cumulative result in 12 months became negative, -2.63%.

The activity was highlighted because it was, among the 24 surveyed by the IPP, the second influence on the monthly comparison (-0.10 p.p. out of -0.25%) and the first both in the cumulative index in the year (-2.08 p.p. out of -3.87%) and in the cumulative rate in 12 months (-0.66 p.p. out of -0.40%), in addition to being the current highest weight (24.62%).

In the monthly comparison, the influence of the four products with the greatest impact was -0.04 p.p. out of -0.40%, that is, the other 39 products also contributed negatively to the result, -0.36 p.p., therefore, with more intensity. Among the four, two influences were positive (“candies and chocolates with cocoa” and “fresh or cooled beef”) and two were negative (two types of sugar). In the case of chocolates, the impact came from an increase in the value of cocoa in recent months, largely due to climate problems that impacted the African production, the main producing region. Beef responded to an increase in international prices. In the case of sugar, the drop was in line with the sugarcane harvest period.

Pulp and paper: during the month of September, the sector of pulp and paper once again registered a drop in the monthly indicator, with a decrease of 0.85%. In the cumulative index in the year, the retraction was 1.33%, while prices were 4.72% lower compared to September 2024. The highlight for the sector was justified by its relevance in the annual indicator, in which it had the fourth most important influence, with -0.15 p.p. out of the total change of -0.40%.

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 third consecutive month, prices in the sector were higher in the current month than in the immediately previous month, 0.21% in September. As a result, the cumulative result in the year remained negative, -4.61%, although at a lower intensity than in August, -4.81%. Finally, prices in September 2025 were 3.51% lower than those in the same month in 2024, being the fourth consecutive negative result and the second less intense (in June it had been -1.95%).

The sector stood out for being the fourth influence in the cumulative index in the year (-0.46 p.p. out of -3.87%) and the second in the cumulative rate in 12 months (-0.36 p.p. out of -0.40%).

Among the four products with the greatest influence on the monthly result (0.22 p,p. out of 0.21%), there were not those with the greatest weight, “diesel fuel” (40.74%) and “gasoline, except for aviation” (23.05%), which will be highlighted in the other indicators, always with a downward price bias. In turn, “ethyl alcohol (anhydrous or hydrated)” appeared (with 15.76%, third in terms of weight) with a positive change in response to a greater demand, particularly from distributors.

Other chemicals: the chemical industry recorded the second consecutive month with a drop in the prices at the factory gate, -1.75% compared to the previous month (after recording -0.96% in August). The price reduction in September was widespread across the various branches of the sector, standing out due to its intensity – the fourth highest change among the activities investigated by the IPP. With a significant weight in the calculation of the general index, chemicals exerted the main influence on the aggregate result: -0.14 p.p. out of the change of -0.25% of the total industry.

In turn, longer-term indicators reinforced the recent downward trend in prices. In the cumulative index in the year, producers sold, in September, at prices 2.04% below those practiced at the end of 2024, while the cumulative rate in 12 months reversed its sign, reaching -1.64% after a trajectory of inflationary deceleration throughout the year.

Petrochemical products and agricultural production inputs were the highlights in terms of the contribution to the decline in prices in the sector. With the exchange rate appreciation observed in 2025, the cost of naphtha has exerted a limited pressure on petrochemicals, a scenario that, added to the weakened international demand, contributed to the decline in the prices of products like “polypropylene (PP)” and “unsaturated propane (propylene)”.

In the case of fertilizers, such as “NPK-based fertilizers”, in addition to the exchange rate having made the import of finished products and intermediate macronutrients cheaper, there was also the seasonal effect of passing the domestic window of greater intensity on the composition of farm stocks.

Pharmaceuticals: the pharmaceutical industry was highlighted in the IPP in September due to its influence on the aggregate result, of the survey accounting for 0.04 p.p. out of the change of -0.25% in the general index compared to August.

The contribution was the fourth most intense of all the sectors investigated, being the main influence with a positive sign, due to the 1.49% increase in prices that the sector noticed at the factory gate.

The increase in September offset the price reductions seen in the previous two months, and the third quarter ended with price stability (0.16% in the comparison between September and June). In the year, the sector accumulated an increase of 4.66% and in 12 months, of 3.90%.

The positive change in September compared to August was due to both increases in products for veterinary and human use, the latter resulting in costs being passed on to the final price of some of their producers.

Basic metals: the sector interrupted a series of eight consecutive drops in the monthly indicator and presented a positive change from August to September, of 0.14%. However, despite the change observed in the month, in the first nine months of 2025 the activity still accumulated a retraction of 11.32%, which stood out as the third most intense variation in this type of comparison and as the second major influence on the general indicator, accounting for -0.78 p.p. out of -3.87%. And the accumulated result in 12 months also remained in the negative field, with prices in September 2025 being, on average, 1.38% lower than those in September 2024.

The group with the greatest influence, both on the result of the month, with a positive impact, and on the result of the cumulative indicator in the year, with a negative impact, was non-ferrous metals. Their changes were usually linked to international stock exchange prices and have been impacted, mainly, by changes in the price of gold (as occurred in September), aluminum and copper. 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 September, the dollar depreciated by 1.5% against the real and helped to maintain the sector's rise. However, the exchange rate has already accumulated a drop of 12.0% in 2025 and of 3.1% in the last 12 months, which helped to explain the longer-term results of the activity.

The steel group, which has the greatest weight in the activity, went in the opposite direction of the sector and showed a drop of 1.32% in September. This result can still be partially attributed to a greater supply of steel on the market, resulting from an increase in imports of the Chinese product and the drop in the foreign demand, as a reflection of the tariffs imposed by the United States on Brazilian products. Added to these points are the recent fall in the dollar and the accumulated decline in iron ore prices throughout the year, despite the rise observed in the commodity in recent months. With the September result, the group also accumulated a drop of 10.13% in 2025 and of 7.54% in the last 12 months.

Manufacture of machinery and equipment: after two consecutive months showing price increases compared to the previous month, the sector's average prices returned to showing a negative result in September, with a drop of 1.17% compared to August. This result made the activity stand out as the third major influence on the monthly indicator, accounting for -0.05 p.p. out of the -0.25% change in industry. However, even with the negative result in the month, the sector's longer-term indicators remained positive. In the year, the activity still accumulated an increase of 1.52%. And, in the last 12 months, the increase observed was 3.84%.

The four main products in terms of influence had a negative impact and helped to explain the September result. The highlights were the lowest prices of “parts and pieces for earthmoving machines and equipment”, “harvesting machines”, “agricultural products used in food/beverage/tobacco industries” and “seeders, planters or fertilizers”, which, together, accounted for -0.79 p.p. out of the sector's -1.17% change in the monthly indicator.

Finally, analyzing the economic groups in the sector that have their results published, they had similar behavior in all indicators. The group “manufacture of engines, pumps, compressors and transmission equipment” fell 0.73% in September, but accumulated increases of 2.24% in 2025 and of 3.19% in the last 12 months. And the group “manufacture of tractors and machinery and equipment for agriculture and livestock” showed a drop of 0.97% in September (being the group that most influenced the sectoral result in the monthly indicator), but also accumulated increases in longer-term indicators: 2.01% in the year and 5.89% in 12 months.

Motor vehicles: in September the activity showed a monthly change of 0.50%, accelerating in relation to the month of August, when it changed 0.26%. In September 2024, activity changed 0.20% at the margin. In the 12-month period, the activity accelerated to 4.08% in September, 0.31 p.p. above the value of 3.77% recorded in August. In the cumulative index in the year, there was a positive change of 2.08% until September. This month, the activity stood out as the third greatest influence in module on the 12-month period (0.30 p.p.) and as the fourth highest weight among all the activities analyzed: 7.81%.

Of the total monthly change of 0.50%, four products were responsible for 0.46 p.p.: “passenger car, gasoline or biofuel”, “tractor truck, for trailers and semi-trailers” and “gear and transmission systems for motor vehicles”, with positive changes and “air/oil/fuel filter for motor vehicle engines”, with a negative change. The remaining 19 products were responsible for the other 0.04 p.p.

With regard to the selected industrial group whose results are disclosed, “manufacture of cars, trucks and utility vehicles”, in September there was a monthly change of 0.44%, a cumulative change in the year of 2.32% and a cumulative change in 12 months of 3.16%.