CPI Rises 1.2% Year-on-Year in April, PPI Up 2.8%

Data released by the National Bureau of Statistics on the 11th shows that in April, influenced by changes in international crude oil prices and increased holiday travel demand, the Consumer Price Index (CPI) increased by 0.3% month-on-month and 1.2% year-on-year. The Producer Price Index (PPI) rose by 1.7% month-on-month and 2.8% year-on-year, with both growth rates expanding compared to the previous month. Statistical data indicates that core CPI, which excludes food and energy prices, increased by 1.2% year-on-year, maintaining a moderate recovery. Food prices fell by 1.6% year-on-year, while non-food prices rose by 1.8%. Prices for consumer goods increased by 1.4%, and service prices rose by 0.9%. According to Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, on a month-on-month basis, the national CPI shifted from a 0.7% decline last month to a 0.3% increase, primarily driven by rising energy and travel service prices. Domestic energy prices increased by 5.7%, with the growth rate expanding by 0.9 percentage points from the previous month, including a 12.6% rise in gasoline prices. Due to the Qingming Festival holiday, the May Day holiday, and spring breaks in some regions, demand for travel services significantly increased. Prices for air tickets, vehicle rentals, travel agency fees, and hotel accommodations increased by 29.2%, 8.6%, 4.5%, and 3.9%, respectively, all exceeding seasonal levels. On a year-on-year basis, the national CPI growth rate expanded by 0.2 percentage points from the previous month. Domestic gasoline and gold jewelry prices were significantly affected by fluctuations in international commodity prices, with gasoline price growth expanding to 19.3% and gold jewelry price growth moderating to 46.9%. The national PPI year-on-year growth rate expanded by 2.3 percentage points compared to the previous month. Among the major industries with price increases, non-ferrous metal mining and dressing rose by 38.9%, non-ferrous metal smelting and rolling processing increased by 22.5%, petroleum and natural gas extraction rose by 28.6%, and petroleum, coal, and other fuel processing increased by 14.2%.