China’s official consumer price index (PPI) saw year-on-year growth ease to under 2% in April, as well as decline in month-on-month terms for the second consecutive month.
Figure released by China’s National Bureau of Statistics on 10 May indicates that China’s official CPI reading for April saw a year-on-year increase of 1.8%, for easing growth of 0.3 percentage points compared to March, while also posting an on-month decline of 0.2%.
The producer price index (PPI) rose 3.4% YoY, 0.3 percentage point ahead of March, yet also posted an on-month decline of 0.2%.
Food prices were the primary reason for weak CPI growth, declining 1.9% on-month in April, and reducing CPI by 0.38 percentage points.
Pork prices saw the biggest decline in April, falling 6.6% compared to March and 16.1% compared to the same period last year.
Medical and health costs, education services and residential goods all saw robust year-on-year gains, pushing up CPI by approximately 1.67 percentage points.