China’s factory-gate prices posted a slight increase in November, even as year-on-year declines continued, according to data released by the National Bureau of Statistics (NBS).

The industrial producer price index (PPI) rose 0.1% month-on-month, supported by improvements in supply–demand dynamics in certain domestic industries and the pass-through effects of changes in global commodity prices, the NBS said.

However, compared with a year earlier, PPI still fell 2.2%, marking another month of deflation at the factory gate as weak demand and excess capacity continue to weigh on prices across several sectors.

Analysts note that the modest monthly uptick suggests some stabilization in production costs, but the persistent annual decline highlights ongoing pressure on China’s industrial economy. They also point to global commodity volatility and uneven domestic recovery as key factors shaping price trends.

The NBS said it will continue monitoring structural adjustments within industries and external market conditions that may influence price movements in the coming months.