4月通胀数据点评：核心CPI保持稳定上涨

Inflation Data Summary - China's April CPI decreased by 0.1% year-on-year, matching the previous value and market expectations[4] - The month-on-month CPI increased by 0.1%, indicating a positive shift from negative growth, outperforming seasonal averages[6] - Food prices rose by 0.2% month-on-month, contributing significantly to the CPI recovery, with beef and fresh fruit prices increasing by 3.9% and 2.2% respectively[16] - The core CPI remained stable, with a month-on-month increase consistent with seasonal trends, indicating a recovery in consumer services[22] PPI Analysis - China's April PPI fell by 2.7% year-on-year, slightly better than the expected 2.8% decline, and remained unchanged month-on-month[27] - The month-on-month PPI decreased by 0.4%, reflecting ongoing weakness in industrial prices due to both domestic supply-demand issues and international commodity price pressures[30] - Prices for production materials saw a notable decline, with mining and raw materials prices dropping by 2.1% and 1.0% respectively[30] - International commodity prices, particularly crude oil, have exerted downward pressure on domestic prices, with oil and gas extraction prices falling by 3.1%[34]