The National Development and Reform Commission (NDRC) stated that, with the implementation of a series of macroeconomic policies, the supply-demand relationship in the market is expected to further improve, and consumer prices are anticipated to continue operating within a reasonable range.
The NDRC spokesperson noted that, overall, the price level in April continued the moderate upward trend observed since the second half of last year, signaling improvements in supply-demand dynamics and market order. Looking ahead, despite uncertainties in international energy prices, China's economy possesses strong resilience, with ample supply capacity in the commodity and service markets, providing a solid foundation for maintaining overall price stability.
In April, China's Consumer Price Index (CPI) rose by 1.2% year-on-year, an increase of 0.2 percentage points from the previous month, maintaining a moderate growth rate above 1% for the third consecutive month. The Producer Price Index (PPI) increased by 2.8% year-on-year, up by 2.3 percentage points from the previous month, marking the second consecutive month of growth.
The price movements in April reflect changes in demand across related sectors. For CPI, the core CPI excluding food and energy rose by 1.2% year-on-year, indicating a moderate increase. Notably, in the travel services sector, driven by holiday effects such as the Qingming Festival, Labor Day, and spring breaks in some regions, increased travel demand led to higher-than-seasonal price increases in tourism, hotel accommodation, and vehicle rental services. For PPI, accelerated green transformation and rapid development in artificial intelligence have driven demand growth in related industries, with prices in non-ferrous metal smelting and processing, as well as computer and communication equipment manufacturing, rising by 22.5% and 1.5% year-on-year, respectively.
Additionally, the effects of earlier comprehensive regulatory measures are becoming evident. The intensified efforts to address "cutthroat competition" have shown sustained results, with prices in the photovoltaic and other electrical machinery industries rising by 3.6% year-on-year. Price declines for fuel-powered and new energy vehicles have narrowed by 2.7 and 1.4 percentage points, respectively, compared to the full-year figures of the previous year. Continued efforts in capacity management and transformation of traditional industries have led to a narrowing of price declines in the ferrous metal smelting and processing industry by 6.6 percentage points compared to the previous year. The implementation of pricing behavior rules for internet platforms, which took effect on April 10, is promoting market order toward higher quality and better pricing in relevant sectors.
Ensuring stable prices for essential goods has always been a top priority in price regulation efforts. Since the beginning of the year, the NDRC, in collaboration with various departments and local governments, has continued to ensure the supply and price stability of key livelihood commodities. Food prices have generally maintained a pattern of minor fluctuations, with the cumulative year-on-year change for the first four months of the year remaining largely flat.
Earlier, significant short-term fluctuations in international crude oil prices, which affected downstream industries such as chemicals, posed imported inflationary pressures on domestic prices. In response, the government implemented temporary regulatory measures to control the extent of price increases for domestic refined oil products, effectively mitigating the impact of external factors on the production and daily lives of residents.
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