China PPI Inflation Jumped in April

China's April 2026 inflation data showed a sharp jump in PPI to 2.8% yoy driven by energy costs, while CPI rose slightly to 1.2%.

Key Takeaways

• 1.China's headline PPI inflation surged to +2.8% yoy in April 2026 from 0.5% in March, significantly exceeding expectations.
• 2.The PPI spike was primarily driven by energy and chemical prices, with upstream sectors contributing 81% of the rebound.
• 3.Headline CPI edged up to +1.2% yoy as higher fuel and tourism costs outweighed a decline in food prices (pork -15.2%).

Table of Contents

• Bottom line
• Key numbers
• Main points
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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