MNI BRIEF: China April CPI Edges Up To 0.3% Y/y
China's Consumer Price Index rose by 0.3% y/y in April, higher than the previous 0.1% increase and outperforming the market consensus of 0.2%, data from the National Bureau of Statistics showed Saturday.
Non-food prices fuelled by increased traveling during the Qingming Festival contributed 0.77 pp to the CPI rise, while food prices fell 2.7% as the previous month dragged down the headline figure by 0.49 pp, according to the NBS. CPI rose 0.1% on a monthly basis, reversing the previous 1.0% decline.
The PPI declined for the 19th straight month by 2.5% y/y, underperforming the market consensus of a 2.3% fall but narrowing from March's 2.8% decline. PPI fell 0.2% from a month earlier, dipping further from the previous 0.1% decrease, as demand in some industries such as thermal coal saw seasonal declines, according to the NBS.