Group 1 - In April 2023, Guangdong's Consumer Price Index (CPI) increased by 0.3% month-on-month, reversing a previous decline of 0.4%, while the year-on-year decline narrowed to 0.4%, a decrease of 0.1 percentage points compared to the previous month [1] - The Producer Price Index (PPI) for industrial producers in Guangdong decreased by 0.3% month-on-month and 1.4% year-on-year, with the month-on-month decline narrowing by 0.1 percentage points [1] - The core CPI, excluding food and energy prices, rose by 0.1% year-on-year, contrasting with a decline of 0.1% in the previous month, indicating a change of 0.2 percentage points [1] Group 2 - Food prices increased by 0.3% month-on-month, compared to a decline of 0.9% in the previous month, resulting in a difference of 1.2 percentage points [2] - Within food prices, pork prices decreased by 1.1%, with the decline narrowing by 2.1 percentage points from the previous month [1] - Non-food prices shifted from a decline of 0.3% to an increase of 0.2%, influenced by increased travel demand during the Qingming Festival and the upcoming May Day holiday, as well as large exhibitions like the Canton Fair [2]

Group 1: CPI Trends - In April, the Consumer Price Index (CPI) shifted from a decrease of 0.4% in March to an increase of 0.1% month-on-month, while year-on-year it decreased by 0.1% [1] - The core CPI increased by 0.2% month-on-month and 0.5% year-on-year, indicating resilience despite the overall CPI decline [1][4] - Food prices rose by 0.2% month-on-month, contributing to the CPI increase, alongside significant rises in travel service prices, such as a 13.5% increase in airfare [4] Group 2: PPI Trends - The Producer Price Index (PPI) decreased by 0.4% month-on-month and year-on-year, with the decline attributed to both international and domestic factors, including seasonal drops in energy prices [5] - Some industrial sectors are showing positive signals, with demand in high-tech industries increasing and leading to price recoveries in certain areas, such as home appliances and new energy vehicles [7] Group 3: Policy Implications - Analysts expect that the government's macroeconomic policies aimed at boosting consumption will support demand and potentially lead to structural positive changes in the PPI [8] - There is an emphasis on the need for the government to expedite the implementation of existing policies, particularly in technology, consumption, and foreign trade, to stimulate domestic demand and support core CPI trends [4]

Core Insights - In April, the Consumer Price Index (CPI) shifted from a month-on-month decline of 0.4% to an increase of 0.1%, while the year-on-year CPI decreased by 0.1%, maintaining the same decline as the previous month [1][4] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, indicating stable growth [1][8] - The Producer Price Index (PPI) decreased by 0.4% month-on-month and fell by 2.7% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month [1][17] CPI Analysis - The month-on-month increase in CPI was primarily driven by a rebound in food prices, which rose by 0.2%, exceeding seasonal levels by 1.4 percentage points, and a notable recovery in travel service prices due to demand recovery and holiday effects [6] - Year-on-year, the CPI decline was influenced by a drop in energy prices, which fell by 4.8%, with gasoline prices decreasing by 10.4%, contributing approximately 0.38 percentage points to the year-on-year CPI decline [7] - The stable growth of core CPI reflects the resilience of the domestic economy, supported by a recovery in travel demand and the impact of consumption promotion policies implemented since last year [3][8] PPI Analysis - The PPI's month-on-month decline was consistent with the previous month, influenced by international input factors and seasonal declines in domestic energy prices [17] - Despite the overall decline, some industrial sectors showed signs of improvement due to enhanced demand and the implementation of consumption-boosting macro policies, leading to price increases in certain areas [17][18] - The ongoing development of high-tech industries is expected to positively impact related sector prices, contributing to a potential recovery in PPI [18] Future Outlook - Market analysts generally anticipate a moderate recovery in CPI in the upcoming period, supported by new incremental policies aimed at boosting consumption [11][13] - The focus on expanding domestic demand and enhancing consumption is expected to lead to a gradual increase in core CPI from its current low levels [14]

Group 1 - In April, the Consumer Price Index (CPI) turned from a decrease of 0.4% in the previous month to an increase of 0.1%, driven by a rebound in food and travel services [1] - Food prices increased by 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points, with significant price hikes in air tickets (13.5%), transportation rentals (7.3%), hotel accommodations (4.5%), and tourism (3.1%) [1] - The core CPI also showed improvement, rising 0.2% month-on-month and 0.5% year-on-year, indicating a steady enhancement in the overall economic environment [1] Group 2 - The Producer Price Index (PPI) decreased by 0.4% month-on-month, maintaining the same decline rate as the previous month, primarily influenced by external factors such as U.S. tariffs and falling prices of international commodities like crude oil and iron ore [2] - Domestic policies aimed at boosting consumption and investment are showing positive effects, with high-tech industries experiencing growth and some sectors witnessing price increases [2] - Prices in specific sectors such as wearable smart devices and integrated circuit packaging have risen by 3.0% and 2.7% respectively, reflecting the impact of policies promoting consumption and equipment upgrades [2]

Core CPI and Economic Resilience - In April, China's core CPI remained stable year-on-year, reflecting the resilience of the domestic economy despite external fluctuations [1][2] - The core CPI, excluding food and energy prices, increased by 0.5% year-on-year, indicating a stable inflationary environment [1][2] CPI and Price Movements - The overall CPI in April saw a month-on-month increase of 0.1%, reversing a previous decline of 0.4% [1][2] - Food prices rose by 0.2% month-on-month, influenced by seasonal factors and demand recovery, particularly in travel services [2][3] - Energy prices decreased by 4.8% year-on-year, with gasoline prices dropping by 10.4%, contributing significantly to the overall CPI decline [2][3] PPI Trends - The Producer Price Index (PPI) fell by 0.4% month-on-month and 2.7% year-on-year, indicating a consistent downward trend in industrial prices [3][4] - The gap between purchase prices and factory prices has narrowed, suggesting synchronized adjustments in upstream and downstream prices [4] Policy Measures and Economic Outlook - The Chinese government is intensifying economic stabilization policies, including a comprehensive financial policy package aimed at stabilizing the market and expectations [5][6] - Upcoming holidays and strong tourism demand are expected to drive service prices up, leading to a moderate recovery in CPI [6]

Group 1 - In April, China's Consumer Price Index (CPI) changed from a month-on-month decrease of 0.4% to an increase of 0.1%, while year-on-year it decreased by 0.1%, maintaining the same decline as the previous month [1] - The core CPI, excluding food and energy prices, increased by 0.2% month-on-month and rose by 0.5% year-on-year, with the growth rate remaining stable [1] - The increase in CPI was primarily driven by a rebound in food and travel services, with beef prices rising by 3.9% month-on-month, while fresh vegetables and pork prices fell by 1.8% and 1.6%, respectively [1] Group 2 - In April, food prices decreased by 0.2% year-on-year, with the decline narrowing by 1.2 percentage points compared to the previous month [2] - The price of gold jewelry increased by 35.8% year-on-year within the core CPI, indicating a slight expansion in the growth rate compared to the previous month [2] - Positive factors for core CPI recovery are increasing, supported by a series of policies aimed at expanding domestic demand and stabilizing the economy, including interest rate cuts and support for real estate and technology innovation [2]

Core Viewpoint - The article discusses the changes in the Consumer Price Index (CPI) and Producer Price Index (PPI) in April, highlighting a shift in CPI from a decline to an increase, while PPI remains stable in its decline. The analysis indicates that various factors, including food prices and international commodity prices, are influencing these trends. CPI Analysis - In April, the CPI changed from a decrease of 0.4% in the previous month to an increase of 0.1%, with a year-on-year decrease of 0.1% remaining unchanged from the previous month [1][2] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, maintaining stability [1][3] - Food prices rose by 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points, with beef prices increasing by 3.9% due to reduced imports [5] - Travel service prices saw significant increases, with airfares up by 13.5% and hotel prices up by 4.5%, contributing approximately 0.10 percentage points to the CPI increase [5][3] - Year-on-year, energy prices fell by 4.8%, with gasoline prices down by 10.4%, significantly impacting the CPI [5] PPI Analysis - The PPI decreased by 0.4% month-on-month, with the decline rate consistent with the previous month [6][7] - The decline in PPI is attributed to international factors affecting domestic prices, particularly in the oil and gas extraction sector, which saw a 3.1% decrease [9] - Seasonal declines in energy prices, particularly in coal mining, also contributed to the PPI decrease, with coal prices down by 3.3% [9] - Some industries are experiencing improved supply-demand relationships, leading to a narrowing of price declines, such as in the black metal smelting and non-metal mineral products sectors [10] Industry Trends - High-tech industries are driving price increases in related sectors, with wearable smart device manufacturing prices rising by 3.0% year-on-year [10][11] - Policies promoting consumption and equipment upgrades are showing effects, with prices in consumer goods and equipment manufacturing sectors experiencing reduced declines [10] - The diversification of trade is expanding markets, leading to price increases or reduced declines in certain export industries, such as integrated circuit packaging [11]

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 ...

Group 1 - The core viewpoint of the news is that the Consumer Price Index (CPI) in April turned from a decline to an increase, indicating a positive change in certain sectors due to coordinated macro policies and solid progress in high-quality development [1][3][4] - In April, the CPI increased by 0.1% month-on-month, which is 0.2 percentage points higher than the seasonal level [3] - The month-on-month increase in CPI was primarily driven by the rebound in prices of food and travel services, with seafood prices rising due to the fishing moratorium and limited supply of certain fruits affecting prices of tubers and fresh fruits [4] Group 2 - Year-on-year, the CPI showed a slight decline, mainly influenced by falling international oil prices, with gasoline prices being a significant factor in the year-on-year decrease [6] - The core CPI, excluding food and energy, rose by 0.5%, maintaining stability, with service prices increasing by 0.3% [6] - The overall price stability reflects an improvement in the relationship between total demand and total supply, with service consumption showing resilience and potential for growth [8] Group 3 - The People's Bank of China reported that the monetary policy in the first quarter showed significant counter-cyclical adjustment effects, with stable growth in financial totals and optimized credit structure [9] - The central bank plans to implement a moderately loose monetary policy, flexibly adjusting the intensity and pace of policy implementation based on domestic and international economic conditions [9]

Group 1: Consumer Price Index (CPI) Insights - In April, the CPI increased by 0.1% month-on-month and decreased by 0.1% year-on-year, indicating a shift from decline to growth in the month-on-month comparison [1][3] - Food prices rose by 0.2%, while non-food prices increased by 0.1%, with service prices up by 0.3%, driven by seasonal factors and demand recovery [3][4] - The core CPI, which excludes food and energy, rose by 0.2% month-on-month and 0.5% year-on-year, reflecting stable supply-demand dynamics [3][10] Group 2: Producer Price Index (PPI) Trends - The PPI decreased by 0.4% month-on-month and 2.7% year-on-year, with the decline attributed to international input factors and seasonal drops in energy prices [1][9] - Certain industrial sectors showed signs of price stabilization, with black metal and non-metal mineral product prices experiencing reduced year-on-year declines [5][6] - The PPI's month-on-month decline was influenced by falling prices in the petroleum and natural gas extraction sectors, as well as in the non-ferrous metal industries [9][10] Group 3: Economic Policies and Market Dynamics - The People's Bank of China noted that policies aimed at expanding domestic demand are beginning to take effect, which is expected to support a moderate recovery in price levels [1][10] - Recent macroeconomic policies, including interest rate cuts and structural tools, are designed to stimulate domestic demand and support price stability [10] - The upcoming holiday seasons are anticipated to boost service prices, contributing to a potential recovery in the core CPI [10]