4月国内物价数据维持低位运行，核心CPI涨幅稳定体现经济韧性

Core Insights - In April, the Consumer Price Index (CPI) shifted from a month-on-month decline of 0.4% to an increase of 0.1%, while the year-on-year CPI decreased by 0.1%, maintaining the same decline as the previous month [1][4] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, indicating stable growth [1][8] - The Producer Price Index (PPI) decreased by 0.4% month-on-month and fell by 2.7% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month [1][17] CPI Analysis - The month-on-month increase in CPI was primarily driven by a rebound in food prices, which rose by 0.2%, exceeding seasonal levels by 1.4 percentage points, and a notable recovery in travel service prices due to demand recovery and holiday effects [6] - Year-on-year, the CPI decline was influenced by a drop in energy prices, which fell by 4.8%, with gasoline prices decreasing by 10.4%, contributing approximately 0.38 percentage points to the year-on-year CPI decline [7] - The stable growth of core CPI reflects the resilience of the domestic economy, supported by a recovery in travel demand and the impact of consumption promotion policies implemented since last year [3][8] PPI Analysis - The PPI's month-on-month decline was consistent with the previous month, influenced by international input factors and seasonal declines in domestic energy prices [17] - Despite the overall decline, some industrial sectors showed signs of improvement due to enhanced demand and the implementation of consumption-boosting macro policies, leading to price increases in certain areas [17][18] - The ongoing development of high-tech industries is expected to positively impact related sector prices, contributing to a potential recovery in PPI [18] Future Outlook - Market analysts generally anticipate a moderate recovery in CPI in the upcoming period, supported by new incremental policies aimed at boosting consumption [11][13] - The focus on expanding domestic demand and enhancing consumption is expected to lead to a gradual increase in core CPI from its current low levels [14]