每经记者｜张宏 每经编辑｜陈星 5月10日，国家统计局公布4月份居民消费价格指数（CPI）和工业生产者出厂价格指数（PPI）。 4月份，全国居民消费价格同比下降0.1%，环比上涨0.1%。全国工业生产者出厂价格同比下降2.7%，环比下降0.4%。 记者注意到，4月CPI环比由降转涨，同比略有下降，核心CPI涨幅稳定；PPI环比降幅与上月相同。 民生银行首席经济学家温彬在接受《每日经济新闻》记者微信采访时表示，更能反映供求关系的核心CPI涨幅保持稳定，体现了经济的内在韧性。4月PPI同 比-2.7%，主要因为在关税政策影响下，国际大宗商品价格迅速下行，导致国内相关行业价格下降。 东方金诚研究发展部总监冯琳在接受《每日经济新闻》记者微信采访时表示，CPI同比连续两个月保持-0.1%，基本符合市场预期。主要是受关税政策影响， 国际原油价格下跌向国内能源价格传导，抵消了当月食品价格同比降幅的收窄。当月扣除波动较大的能源和食品价格后，更能反映基本物价水平的核心CPI 同比为0.5%，保持稳定。 分项来看，食品价格同比下降0.2%，降幅比上月收窄1.2个百分点。能源价格同比下降4.8%，降幅比上月扩大2.2个百分点。 温 ...

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].

5月7日，《证券日报》记者采访了多位业内人士，前瞻4月份居民消费价格指数(CPI)与工业生产者出厂 价格指数(PPI)走势。受访专家普遍认为，基于已公布的4月份各项商品的高频数据来看，4月份CPI同比 有望温和波动；受外部不确定因素影响，大宗商品价格承压，4月份PPI同比跌幅或有所扩大。 在CPI方面，中信证券首席经济学家明明对《证券日报》记者表示，预计4月份CPI同比增长0.25%，环 比涨幅为0.46%。中金研报显示，4月份CPI同比或从-0.1%温和回升至0.1%。但西部证券（002673）首 席宏观分析师边泉水与民生银行首席经济学家温彬持相对谨慎态度，前者预计4月份CPI同比下降 0.2%，跌幅较3月份扩大0.1个百分点，后者则预测4月份CPI环比下降0.2%，同比下降0.3%。 能源与耐用品价格承压，服务消费成亮点。中金研报认为，以旧换新政策持续发力或将支撑非食品消费 品价格，服务价格或持续温和复苏。 温彬表示，综合影响下，能源价格跌幅扩大。受国际因素影响，国内成品油价格呈现"大起大落"走势。 其他能源方面，煤炭价格持续走低，天然气价格微降。4月份耐用消费品价格承压。一方面，新车集中 上市带动技术升 ...

Core Insights - In March, the Consumer Price Index (CPI) in Guangdong showed a year-on-year decline of 0.5%, with the decrease narrowing by 0.6 percentage points compared to February [2] - The Industrial Producer Price Index (PPI) in Guangdong decreased by 1.3% year-on-year, with the decline expanding by 0.6 percentage points from February [3] CPI Analysis - The CPI for March indicated a year-on-year drop of 0.5%, with food prices down by 0.9% and non-food prices down by 0.4%. The prices of consumer goods fell by 0.6%, while service prices decreased by 0.3% [2] - On a month-on-month basis, the CPI fell by 0.4%, with food prices decreasing by 0.9% and non-food prices by 0.3%. The prices of consumer goods and services both declined by 0.4% [2] - Among the eight categories of goods and services, four saw price increases, including other goods and services (up 3.4%) and clothing (up 0.9%), while transportation and communication prices fell by 3.0% [2] PPI Analysis - The PPI for March recorded a year-on-year decline of 1.3%, with a month-on-month decrease of 0.4%. The producer price for raw materials fell by 2.0%, contributing significantly to the overall index decline [3] - The prices of production materials decreased by 2.0%, with mining industry prices down by 4.5% and processing industry prices down by 1.9% [3] - In terms of purchasing prices, the index for industrial producers showed a year-on-year decline of 2.2%, with notable increases in prices for non-ferrous metals and electrical wires (up 9.6%) [3]

Group 1 - The global box office of "Ne Zha" has surpassed "Avengers: Infinity War," ranking it sixth in the global box office chart [3] - The U.S. government is facing scrutiny over potentially fraudulent contracts worth hundreds of billions, as highlighted by Elon Musk [5] - President Trump emphasized the need for significant government layoffs, suggesting a reduction of 50% to 70% in certain areas, while also addressing fraud in social security and healthcare [6] Group 2 - The Ministry of Housing and Urban-Rural Development plans to raise residential ceiling height standards to no less than 3 meters to meet high-quality living needs [9] - The ministry will focus on three main areas: establishing standards, promoting technology, and driving project implementation for better housing [10][11] - In February, the Consumer Price Index (CPI) decreased by 0.7% year-on-year, influenced by various factors including the timing of the Spring Festival and fluctuations in international commodity prices [12][13]

Core Viewpoint - The article discusses the decline in consumer prices (CPI) and producer prices (PPI) in February 2025, highlighting the impact of seasonal factors and international commodity price fluctuations on these indices [9][10][11]. Group 1: Consumer Price Index (CPI) Analysis - In February 2025, the national CPI decreased by 0.7% year-on-year, with urban and rural areas both experiencing a decline of 0.7% [1] - The average CPI for January-February 2025 showed a slight decrease of 0.1% compared to the same period last year [1] - Food prices fell by 3.3%, significantly impacting the CPI, while non-food prices saw a minor decline of 0.1% [1][10] - The decline in fresh vegetable prices by 12.6% was a major contributor to the CPI drop, affecting it by approximately 0.31 percentage points [4][10] - Seasonal factors, such as the timing of the Spring Festival, contributed to the CPI's year-on-year decline, with a calculated impact of -1.2 percentage points from last year's price changes [10] Group 2: Producer Price Index (PPI) Analysis - The PPI for February 2025 decreased by 2.2% year-on-year and by 0.1% month-on-month, with the decline in producer prices showing a slight narrowing compared to the previous month [2][9] - The drop in industrial producer prices was primarily driven by a 2.5% decrease in production material prices, which affected the overall PPI by approximately 1.86 percentage points [6] - The construction sector faced reduced demand due to seasonal factors, leading to a 10.6% decline in black metal smelting and rolling prices [11] - International commodity price fluctuations, particularly in coal and oil, also contributed to the PPI decline, with coal processing prices down by 24.7% year-on-year [11] Group 3: Price Changes in Specific Categories - In February, the prices of food, tobacco, and alcohol categories decreased by 1.9% year-on-year, impacting the CPI by about 0.54 percentage points [4] - The prices of other categories showed mixed results, with clothing prices increasing by 1.2% while transportation and communication prices fell by 2.5% [4] - The industrial producer prices for food decreased by 1.6%, while durable consumer goods prices fell by 2.5% [6][8] - Some sectors, such as energy and certain consumer goods, experienced price increases, indicating a mixed recovery in demand [12]