On May 12, data including the Consumer Price Index (CPI) for April was released. The figures show that influenced by factors such as policy adjustments to refined oil and medical service prices, as well as increased holiday travel demand, the year-on-year increase in the CPI expanded in April, rising by 1.0%. On a month-on-month basis, it shifted from a decline to an increase, rising by 0.5%. On average from January to April, the CPI increased by 0.6% compared to the same period last year, with the growth rate expanding by 0.1 percentage points compared to the average from January to March. The core CPI, which excludes food and energy prices, rose by 0.9% year-on-year, with the growth rate expanding by 0.1 percentage points compared to March.
From a year-on-year perspective, the CPI increased by 1.0%, with the growth rate expanding by 0.3 percentage points compared to March. Food prices shifted from a 0.1% increase in March to a 1.1% decrease year-on-year, contributing to a reduction in the CPI by approximately 0.20 percentage points. Among these, pork prices have remained in negative territory for 11 consecutive months on a year-on-year basis, declining by 9.5% in April, which contributed to a reduction in the CPI by approximately 0.21 percentage points. Non-food prices increased by 1.5% year-on-year, with the growth rate expanding by 0.6 percentage points compared to March, contributing to an increase in the CPI by approximately 1.21 percentage points. Service prices rose by 0.5%. Among these, influenced by adjustments to medical service prices, prices for traditional Chinese medicine treatment and general medical services increased by 30.3% and 14.4%, respectively. Prices for industrial consumer goods rose by 3.9%. Among these, influenced by fluctuations in international precious metal and crude oil prices, gold jewelry prices increased by 47.1%, and gasoline prices rose by 19.0%. Increased demand for storage chips, rising raw material costs, coupled with limited production capacity growth, drove up prices for downstream products, with data storage equipment and computer prices rising by 43.7% and 11.7%, respectively.
From a month-on-month perspective, the CPI shifted from a 1.1% decline in March to a 0.5% increase. Food prices decreased by 1.0% month-on-month, with the decline narrowing by 0.5 percentage points compared to March, contributing to a reduction in the CPI by approximately 0.17 percentage points. Among these, pig production capacity remains high, and the market supply of pork and related by-products is ample, leading to declines of 4.2% and 3.2% in pork and other livestock meat and by-product prices, respectively. Non-food prices shifted from a 1.0% decline in March to a 0.9% increase month-on-month, contributing to an increase in the CPI by approximately 0.71 percentage points. Prices for industrial consumer goods rose by 1.1%. Among these, influenced by domestic refined oil price increases, gasoline prices have risen month-on-month for three consecutive months, with the increase in April expanding to 12.6%. Fluctuations in international gold prices at high levels led to a 2.0% decline in gold jewelry prices. Service prices increased by 0.8%. Among these, influenced by the Qingming holiday and the approaching Labor Day holiday, increased travel demand led to price increases of 13.5% and 10.1% for vehicle rentals and long-distance bus fares, respectively. Airfare, combined with increased fuel surcharges, rose by 38.9%. The concentrated release of travel demand drove up prices for accommodation and travel agency and other tourism services by 11.9% and 4.5%, respectively.
In April, influenced by factors such as rising international energy prices and improved supply-demand dynamics in certain sectors, Guangdong's Producer Price Index (PPI) shifted from a decline to an increase, rising by 1.4% year-on-year and significantly increasing by 1.3% month-on-month. The Industrial Producer Purchase Price Index (IPI) rose by 2.8% year-on-year and increased by 1.2% month-on-month. On average from January to April, Guangdong's PPI decreased by 0.6% compared to the same period last year, while the IPI increased by 0.7%.
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