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

Data released by the National Bureau of Statistics on May 11th shows that in April, influenced by changes in international crude oil prices and increased demand for holiday travel, 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 the core CPI, which excludes food and energy prices, rose by 1.2% year-on-year, maintaining a moderate recovery. Food prices fell by 1.6% year-on-year, while non-food prices increased by 1.8%. Prices for consumer goods rose by 1.4%, and service prices increased by 0.9%.

On a month-on-month basis, the national CPI shifted from a 0.7% decline in the previous month to a 0.3% increase, primarily driven by rising energy and travel service prices. Domestic energy prices rose by 5.7%, with the growth rate expanding by 0.9 percentage points from the previous month, including a 12.6% increase in gasoline prices. Due to demand from the Qingming Festival holiday, the May Day holiday, and spring breaks in some regions, demand for travel services increased significantly. Prices for air tickets, vehicle rentals, travel agency fees, and hotel accommodation rose by 29.2%, 8.6%, 4.5%, and 3.9% respectively, with increases surpassing typical 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 notably affected by fluctuations in international commodity prices. Gasoline price increases expanded to 19.3%, while the growth rate for gold jewelry prices moderated to 46.9%.

The national PPI year-on-year growth rate expanded by 2.3 percentage points from the previous month. Among the major industries contributing to 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 climbed by 28.6%, and petroleum, coal, and other fuel processing rose by 14.2%.