A. M. 
The Índice de Precios al Productor (IPP) registered a monthly increase of 0.18% in december 2025, rising from 135.89 points in november to 136.14 points, according to preliminary data from the Banco Central de Reserva (BCR) (base december 2009=100). The indicator reflects the prices producers receive for their goods and services and is an early sign of inflationary pressures in the economy.
What is the PPI and why does it matter?
The IPP measures price changes from the production side, before these changes are passed on to the final consumer. It is therefore considered a leading indicator of inflation and allows trends in production, logistics, and service costs to be anticipated.
The data for 2025 show stable behavior, with slight fluctuations around 135 and 136 points, suggesting a relatively controlled price environment.
Causes of the 0.18% increase in december
The increase in december was modest and was mainly driven by rises in several key sectors, which offset declines in other areas. Among the main drivers are:
Manufacturing industries: rose from 140.35 to 141.08 points (+0.73), making one of the largest contributions to the overall increase. This suggests higher prices received for industrial production.
Transportation and storage: increased from 116.02 to 116.89 points (+0.87), reflecting higher costs or prices in logistics activities, which are especially relevant at the end of the year.
Administrative services activities: rose from 131.77 to 132.55 points (+0.78), indicating increases in business support services.
Real estate activities: these recorded a slight increase from 127.47 to 127.69 points (+0.22), with a moderate impact on the overall index.
These sectoral increases were partially offset by the decline in:
Electricity and gas supply: down from 133.47 to 130.28 points (-3.19), reducing the effect of the overall increase.
Other sectors, such as water supply and education, remained stable, thus having a limited influence on the variation in the index.
IPP evolution during 2025
Throughout 2025, the IPP showed small and controlled variations:
January: 134.92 points
February: 134.82 points (slight decrease)
March: 135.45 points (rebound)
November: 135.89 points
December: 136.14 points (upward close)
In cumulative terms, the index rose by around 0.9% between january and december, confirming a trend of stability with moderate increases in producer prices.
Economic implications
The monthly increase of 0.18% is considered slight and suggests inflationary pressures on the production side at the end of 2025. For producers, this means a slight increase in the prices received for goods and services, without abrupt changes in costs.
Given that the data is preliminary, the figures could be adjusted later. However, the behavior of the PPI in 2025 points to a relatively stable price environment, with moderate variations that should be monitored in 2026 to assess their possible transfer to consumer prices.
In summary, the 0.18% rebound in december was driven by manufacturing, transportation, and services, offset by the decline in energy, and confirms stable and controlled producer price dynamics at the end of 2025.
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