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Core Insights - The Consumer Price Index (CPI) increased by 0.1% month-on-month in April, while year-on-year it decreased by 0.1%. The Producer Price Index (PPI) decreased by 0.4% month-on-month and by 2.7% year-on-year [1][2]. CPI Analysis - The month-on-month CPI change shifted from decline to increase, with a core CPI increase of 0.2% month-on-month and a stable year-on-year increase of 0.5%. This reflects the resilience of the economy [2][4]. - Food prices rose by 0.2%, and service prices increased by 0.3%, driven by seasonal factors and demand recovery during the holiday period [3][4]. PPI Analysis - The PPI's month-on-month decline of 0.4% was consistent with the previous month, influenced by international factors and seasonal declines in energy prices [8][10]. - Certain industrial sectors showed signs of price recovery, with reduced year-on-year declines in sectors such as black metal smelting and non-metallic mineral products [5][6]. Sector Performance - High-tech industries and construction activities contributed to a positive trend in some industrial prices, with specific sectors like wearable smart devices and aircraft manufacturing showing price increases [5][6]. - The international oil price decline negatively impacted domestic oil-related industries, leading to price drops in sectors such as petroleum extraction and refining [10]. Economic Outlook - The People's Bank of China anticipates that policies aimed at expanding domestic demand will support a moderate recovery in price levels [2][11]. - Recent monetary policies, including interest rate cuts and structural tools, are expected to stimulate domestic demand and support price stability [11].