China April PPI and CPI Update

China's April PPI surged to a 44-month high of 2.8% driven by energy and chemical costs, while CPI stayed mild at 1.2%.

Key Takeaways

• 1.China's PPI reached a 44-month high of 2.8% y/y in April, significantly exceeding consensus expectations.
• 2.CPI remained mild at 1.2% y/y as higher fuel and tourism costs were balanced by declining food prices, particularly pork.
• 3.Inflation pass-through from producer to consumer goods remains limited, as evidenced by negative consumer goods PPI.

Table of Contents

• China's April PPI surged further; CPI stayed mild
• PPI surged, led by oil-related and chemical products
• CPI edged up
• More pronounced PPI uptrend than CPI
• Global asset class preferences definitions
• Appendix

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