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China's inflation rose 0.9% y/y in April, quickening from March's 0.4% gain as services prices rebounded amid the holiday and the improved Covid situation. The result is in line with the median forecast of 1.0%.
The Producer Price Index measuring factory gate prices jumped 6.8% y/y from March's 4.4% rise, exceeding the 6.5% forecast and registering the highest since October 2017, according to data released by the National Bureau of Statistics on Tuesday.
Here are the key takeaways:
- Non-food prices, mainly plane tickets, gasoline and diesel, rose 26.9%, 20.1% and 21.9% y/y, pulling up the CPI by 1.05 percentage points. Food prices, with a further fall in pork, dragged the CPI by 0.14 pp.
- The CPI fell 0.3% m/m compared with last month's 0.5% fall, mainly driven by declining pork and vegetable prices amid sufficient supply.
- The core CPI, excluding food and energy prices, was up 0.7% y/y in April, recovering from the previous 0.3%
- The PPI grew 0.9% m/m, decelerating from the 1.6% reported last month, as the price increase in domestic petroleum-related industries slowed due to lower international crude oil prices.