MNI BRIEF: China April CPI Remains Negative For Third Month
China's Consumer Price Index fell 0.1% y/y in April, the same as March's 0.1% decline, meeting market expectations, mainly affected by falling global oil prices, data from the National Bureau of Statistics showed on Saturday.
CPI rose 0.1% m/m, reversing March's 0.4% decline, mainly driven by price rebounds of food and travel services, the Bureau added. Core CPI, excluding food and energy prices, rose 0.5% y/y, the same as the previous month.
Key Drivers | Month-on-month Change | Year-on-year Change | ||
| April | March | April | March | |
| Beef | 3.9% | 0.5% | -4.9% | -10.8% |
| Fruits | 2.2% | -1.6% | 5.2% | 0.9% |
| Tourism | 3.1% | -5.9% | -0.5% | -0.9% |
| Fuel | -2.0% | -3.5% | -10.2% | -5.7% |
PPI declined 2.7% y/y, extending from March's 2.5% drop and marking the 31st consecutive negative read, but better than the market consensus of -2.8%.
On a m/m basis, PPI fell 0.4%, the same as the previous month, driven by falling global oil and non-ferrous metals prices as well as a seasonal decline in coal demand.
