Group 1: CPI Analysis - In March 2025, China's CPI decreased by 0.1% year-on-year, a narrowing of 0.6 percentage points from the previous value of -0.7%[4] - The month-on-month CPI fell by 0.4%, compared to a decline of 0.2% in February 2025, indicating a better-than-seasonal performance[6] - Food prices contributed significantly to the CPI decline, with a month-on-month drop of 1.4%, impacting the CPI by approximately 0.24 percentage points[14] Group 2: PPI Analysis - In March 2025, China's PPI decreased by 2.5% year-on-year, a decline of 0.3 percentage points from the previous value of -2.2%[4] - The month-on-month PPI fell by 0.4%, compared to a decrease of 0.1% in February 2025, reflecting ongoing pressure from both external and internal factors[23] - Production materials and living materials both showed weakness, with significant downward pressure on prices from upstream industries and durable consumer goods[27]
3月通胀数据点评：部分积极变化显现
Tai Ping Yang·2025-04-11 02:05