MNI BRIEF: China April Inflation Rose To 5-Mon High, PPI Eases

China's April consumer price index rose 2.1% y/y to hit a five-month high, accelerating from March and outshining a 1.8% forecast, due to Covid outbreaks and rising international commodity prices, data from the National Bureau of Statistics on Wednesday showed.

The gain, the highest level this year, was attributed to rising food prices, as well as petrol, diesel and LPG prices, which rose 29.0%, 31.7% and 26.9% y/y, respectively. Core CPI, excluding food and energy prices, rose 0.9% y/y, down 0.2 percentage points from March. On a monthly basis, CPI rose 0.4%.

The producer price index measuring factory gate prices further eased for the sixth month to 8.0% y/y from March's 8.3% y/y, but higher than the 7.8% forecast. On a monthly basis, PPI gained 0.6%, decelerating from March's 1.1% as international crude oil, non-ferrous metals prices fluctuated, the NBS said.