Group 1: CPI Analysis - In April, China's CPI year-on-year was -0.1%, unchanged from the previous month[2] - Core CPI in April remained stable at 0.5% year-on-year, consistent with March[4] - Food CPI year-on-year increased by 1.2 percentage points to -0.2%, offsetting the decline in energy CPI[4] Group 2: PPI Analysis - April's PPI year-on-year was -2.7%, with the decline widening by 0.2 percentage points from March[2] - Production materials PPI year-on-year was -3.1%, a decline of 0.3 percentage points, while living materials PPI was -1.6%, down by 0.1 percentage points[16] - PPI month-on-month in April was -0.4%, remaining below historical averages[21] Group 3: Future Projections - May's CPI is expected to fall to -0.3% year-on-year, with food prices projected to decrease by -0.5% month-on-month[26] - May's PPI is anticipated to decline to -3.1% year-on-year, with a month-on-month decrease of -0.2%[26]
中国通胀数据快评：4月国内CPI同比延续企稳态势，PPI同比降幅继续走阔
Guoxin Securities·2025-05-12 05:55