National Bureau of Statistics (NBS): CPI rose MoM in April after falling in the previous month, while the increase in core CPI remained stable. PPI fell MoM by the same margin as the previous month.

According to data from the National Bureau of Statistics (NBS), in April 2025, China's consumer price index (CPI) decreased by 0.1% YoY. Specifically, it remained flat in urban areas and decreased by 0.3% in rural areas. Food prices decreased by 0.2%, while non-food prices remained flat. Consumer goods prices decreased by 0.3%, and service prices increased by 0.3%. On average from January to April, China's CPI decreased by 0.1% compared to the same period last year. NBS data also showed that in April 2025, China's producer price index (PPI) decreased by 2.7% YoY and 0.4% MoM. The prices that industrial producers paid for raw materials decreased by 2.7% YoY and 0.6% MoM. On average from January to April, both the ex-factory prices and the prices that industrial producers paid for raw materials decreased by 2.4% compared to the same period last year. Dong Lijuan, the chief statistician of the NBS's Urban Department, interpreted the CPI and PPI data for April 2025: In April, the CPI increased by 0.1% MoM, reversing the 0.4% decrease in the previous month, and decreased by 0.1% YoY, with the same rate of decrease as the previous month. The core CPI increased by 0.2% MoM, reversing the flat trend in the previous month, and increased by 0.5% YoY, with the rate of increase remaining stable. The PPI decreased by 0.4% MoM, with the same rate of decrease as the previous month, and decreased by 2.7% YoY, with the rate of decrease expanding by 0.2 percentage points from the previous month. Although international imported factors have had a certain downward impact on prices in some industries, China's economic foundation is stable and resilient, various macro policies are working in synergy, high-quality development is advancing steadily, and prices in some areas are showing positive changes.

In April 2025, the CPI increased MoM after decreasing, with the core CPI's rate of increase remaining stable

——Dong Lijuan, the chief statistician of the NBS's Urban Department, interprets the CPI and PPI data for April 2025

In April, the CPI increased by 0.1% MoM, reversing the 0.4% decrease in the previous month, and decreased by 0.1% YoY, with the same rate of decrease as the previous month. The core CPI increased by 0.2% MoM, reversing the flat trend in the previous month, and increased by 0.5% YoY, with the rate of increase remaining stable. The PPI decreased by 0.4% MoM, with the same rate of decrease as the previous month, and decreased by 2.7% YoY, with the rate of decrease expanding by 0.2 percentage points from the previous month. Although international imported factors have had a certain downward impact on prices in some industries, China's economic foundation is stable and resilient, various macro policies are working in synergy, high-quality development is advancing steadily, and prices in some areas are showing positive changes.

I. The CPI increased MoM after decreasing, with a slight decrease YoY, and the core CPI's rate of increase remained stable

From a MoM perspective, the CPI increased after decreasing, with the rate of increase being 0.2 percentage points higher than the seasonal level, mainly driven by the rebound in food and travel service prices.Food prices rose 0.2% MoM, 1.4 percentage points higher than the seasonal level. Among them, beef prices increased by 3.9% due to factors such as reduced imports. As some regions entered the marine fishing moratorium period, the prices of marine fish rose by 2.6%. During the initial stage of new fruit availability, the seasonal supply of potatoes and fresh fruits decreased, leading to price increases of 4.7% and 2.2%, respectively. The prices of fresh vegetables and pork fell by 1.8% and 1.6%, respectively, with declines smaller than the seasonal trend. Affected by the combined impact of recovering demand and holiday factors, the prices of travel services rebounded significantly. Airline tickets, vehicle rental fees, hotel accommodation, and tourism prices rose by 13.5%, 7.3%, 4.5%, and 3.1%, respectively, with increases all higher than the seasonal level, collectively contributing to an approximate 0.10 percentage point increase in CPI MoM. Due to changes in international gold prices, the prices of domestic gold jewelry increased by 10.1%, contributing to an approximate 0.06 percentage point increase in CPI MoM.

On a YoY basis, CPI declined slightly, mainly influenced by the decline in international oil prices. Energy prices fell 4.8% YoY, with the decline expanding by 2.2 percentage points from the previous month. Among them, gasoline prices fell by 10.4%, contributing to an approximate 0.38 percentage point decline in CPI YoY, which was the main factor driving the YoY decline in CPI. Food prices fell by 0.2%, with the decline narrowing by 1.2 percentage points from the previous month, contributing to an approximate 0.03 percentage point decline in CPI. Core CPI, excluding food and energy prices, rose by 0.5%, with the increase remaining stable. Among them, service prices rose by 0.3%, with the increase remaining the same as the previous month. Within services, the prices of domestic services, elderly care services, and education services rose by 2.5%, 1.4%, and 1.2%, respectively, with overall stable increases. The prices of industrial consumer goods excluding energy rose by 0.4%, contributing to an approximate 0.10 percentage point increase in CPI YoY. Among them, the prices of gold jewelry rose by 35.8%, with the increase slightly expanding from the previous month. The prices of clothing and communication tools rose by 1.5% and 1.0%, respectively, with increases remaining basically stable. The prices of gasoline-powered passenger cars and new energy passenger cars fell by 4.6% and 3.4%, respectively, with declines both narrowing.

II. The MoM decline in PPI was the same as the previous month, with prices in some industrial sectors continuing to show a stable and improving trend.

PPI fell by 0.4% MoM, with the decline remaining the same as the previous month. The main reasons for the decline in PPI this month are as follows: First, international imported factors influenced the downward trend in domestic related industry prices. Changes in the international trade environment led to a rapid decline in the prices of some international commodities, affecting the decline in domestic related industry prices. Among them, the decline in international crude oil prices influenced the MoM decline in domestic oil-related industry prices. The prices of the oil and natural gas extraction industry fell by 3.1%, the prices of refined petroleum product manufacturing fell by 2.5%, and the prices of the chemical raw materials and chemical products manufacturing industry fell by 0.6%. The decline in international prices of non-ferrous metals such as aluminum, zinc, and copper influenced the respective declines of 2.4%, 1.6%, and 0.8% in the prices of domestic aluminum smelting, zinc smelting, and copper smelting.Prices in some export-oriented industries declined on a MoM basis. The automobile manufacturing industry saw a 0.5% decrease, while the computer, communication, and other electronic equipment manufacturing, furniture manufacturing, and fabricated metal product industries each experienced a 0.2% decline. Collectively, these ten industries contributed to an approximate 0.24 percentage point MoM decrease in the Producer Price Index (PPI). Second, domestic energy prices declined seasonally. With the complete conclusion of the northern heating season, coal demand entered the traditional off-season, leading to a 3.3% MoM decrease in both coal mining and washing, and coal processing prices. The low cost and strong substitution effect of new energy power generation, coupled with increased wind power output, resulted in a 0.3% MoM decrease in prices for the electricity and heat production and supply industry. Collectively, these three industries contributed to an approximate 0.10 percentage point MoM decrease in PPI.

  China has intensified and expanded its macro policies to promote consumption, accelerating the growth of high-tech industries, increasing demand in some sectors, and leading to positive price changes in certain fields. First, the supply-demand relationship in some industries has improved, narrowing the price decline. With the steady progress of infrastructure construction projects across the country and the effective implementation of staggered production schedules by cement enterprises, the YoY decline in prices for the ferrous metal smelting and rolling processing industry, and the non-metallic mineral products industry narrowed by 1.4 and 1.0 percentage points, respectively, compared to the previous month. Policies promoting consumption and equipment renewal continued to show effects, with the release of demand for some consumer goods and equipment manufacturing products driving price rebounds in related industries. The YoY decline in prices for household washing machines narrowed by 0.3 percentage points compared to the previous month, while the YoY decline in prices for the food manufacturing industry and passenger NEVs narrowed by 0.2 percentage points each. The YoY decline in prices for electrical machinery and equipment manufacturing narrowed by 0.7 percentage points, and the YoY decline in prices for agriculture, forestry, animal husbandry, and fishery machinery manufacturing, as well as metal processing machinery manufacturing, narrowed by 0.2 percentage points each. Second, the development of high-tech industries has driven price increases in related sectors. The continuous cultivation and growth of new quality productive forces, along with the deep integration of technological innovation and industrial innovation, have led to YoY price increases in related industries driven by the development of industries such as intelligent manufacturing and high-end equipment manufacturing. Prices for wearable smart device manufacturing increased by 3.0%, aircraft manufacturing by 1.3%, micro and special motor and component manufacturing by 1.2%, server manufacturing by 1.0%, and ship and related equipment manufacturing by 0.8%. In addition, China has continued to promote trade diversification, with market expansion driving YoY price increases or narrowing price declines in some export-oriented industries. Prices for integrated circuit packaging and testing series increased by 2.7%, and prices for semiconductor device manufacturing equipment increased by 1.0%. The YoY decline in prices for tractor manufacturing, electronic device manufacturing, and the textile, clothing, and apparel industry narrowed by 1.2, 0.7, and 0.3 percentage points, respectively, compared to the previous month.