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China’s producer prices shrank 3.6% yoy in June 2025, exceeding market expectations of a 3.2% decline, and after a 3.3% drop in May. This marked the 33rd consecutive month of producer deflation and the steepest fall since July 2023, driven by rising external risks amid uncertainty over US tariffs and persistently weak domestic demand. The cost of production materials fell at a faster pace (-4.4% vs -4.0% in May), with steeper drops seen in mining (-13.2% vs -11.9%), raw materials (-5.5% vs -5.4%), and processing prices (-3.2% vs -2.8%). Consumer goods prices remained subdued, down 1.4%, unchanged from May, with further declines in durable goods (-2.7% vs -3.3%) and food (-2.0% vs -1.4%). Clothing prices edged up 0.1% after being flat in May, while prices of daily-use goods rose at a faster pace (0.8% vs 0.6%). Monthly, PPI fell 0.4% in June, matching the pace of March, April, and May, and marking the largest monthly drop in six months. For H1 of 2025, factory-gate prices fell by 2.6%.