中金：需求不足问题仍较突出——2025年4月物价数据点评

Group 1 - The core viewpoint of the article indicates that while the CPI in April showed a month-on-month increase driven by gold, travel, and imported beef prices, the year-on-year figure remains negative for the third consecutive month, highlighting persistent demand weakness [3][4][8]. - The April CPI increased by 0.1% month-on-month, outperforming the seasonal average of -0.1% over the past decade, primarily due to a 10.1% rise in gold jewelry prices, a 3.9% increase in beef prices, and a 3.1% rise in travel-related costs [4][10]. - The year-on-year CPI remained at -0.1% in April, with several price categories showing weakness, including a continued decline in pork prices and stagnant or falling prices in various consumer goods and services [4][6]. Group 2 - The PPI in April saw a year-on-year decline from -2.5% to -2.7%, with a month-on-month decrease of 0.4%, marking the fifth consecutive month of decline [5][6]. - A total of 22 out of 30 categories in the PPI showed no month-on-month growth, indicating widespread price weakness across industries [6][7]. - The article notes that the decline in international oil prices, influenced by tariffs and global economic conditions, has led to decreased prices in domestic oil and gas extraction and processing [7]. Group 3 - The article emphasizes that improving domestic demand is crucial for restoring price levels, as the central bank continues to focus on promoting reasonable price recovery through monetary policy [9][8]. - The transition to a demand-driven growth model is highlighted as essential, with a call for coordinated fiscal, monetary, and social policies to expand effective demand, particularly in consumption [9][8].