4月通胀点评：物价整体以稳为主

Inflation Overview - In April, the CPI increased by 0.1% month-on-month, while the year-on-year CPI decreased by 0.1%[2] - The core CPI rose by 0.5% year-on-year, with service prices increasing by 0.3% and consumer goods prices declining by 0.3%[2] - The decline in food prices was 0.2% year-on-year, a reduction of 1.2 percentage points compared to the previous month, impacting the CPI by approximately 0.03 percentage points[7] PPI Analysis - The PPI decreased by 0.4% month-on-month and 2.7% year-on-year in April, with production materials down by 3.1% and living materials down by 1.6%[19] - Key sectors affecting the PPI decline included oil and gas extraction, refining, and various manufacturing industries, collectively contributing to a 0.24 percentage point decrease in the PPI[20] - The PPI is expected to show an upward trend later in the year, potentially in the third quarter, influenced by infrastructure investment and external demand fluctuations[21] Price Influences - International oil prices significantly impacted the CPI, with a year-on-year decline of 4.8%, particularly affecting gasoline prices which fell by 10.4%[6] - The increase in service prices, particularly in travel and accommodation, contributed approximately 0.10 percentage points to the CPI's month-on-month increase[6] - The overall price stability indicates that domestic inflation will likely maintain a low upward trend in the near term, influenced by various international and domestic factors[7]