China's April CPI at 3.3% · PPI at -3.1% (Complementary Data)

[Asia Economy Reporter Kwon Jae-hee] China's Consumer Price Index (CPI) inflation rate for April recorded 3.3%.

On the 12th, the National Bureau of Statistics of China announced that April's CPI rose 3.3% year-on-year, while the Producer Price Index (PPI) fell 3.1%.

The 3.3% CPI increase in April is 1.0 percentage point lower than the 4.3% announced in March. Previously, experts had forecasted an April inflation rate of 3.7%.

Meanwhile, the March PPI fell 3.1% year-on-year. This decline is greater than the experts' forecast of -2.5%, and significantly larger compared to the 1.5% drop in March. Since re-entering negative territory in February, the PPI has recorded negative growth for three consecutive months.

The PPI, which reflects prices of raw materials, intermediate goods, and product shipment prices, is considered one of the leading economic indicators showing vitality in sectors such as manufacturing. A negative PPI inflation rate is generally interpreted as a sign of deflation, indicating that the economic slowdown in China due to COVID-19 may continue to accelerate.

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