JPMorgan Econ FI-China April CPI inflation rate ticked up modestly to 0.3oya...-108189984

JPMORGANAsiaPacificEconomicResearch12May2024ChinaEmergingMarketsAsia,EconomicandPolicyResearchAprilCPIinflationratetickedupmodestlyto0.3%oya;PPIdeflationlingeredonGraceNg•China’sAprilCPItickedupmodestlyto0.3%oya(or0.%m/msa).Theoverall(852)2800-7002grace.h.ng@jpmorgan.compricingenvironmentremainsrathersoft:takingthefirstfourmonthstogether,headlineCPIinflationaveragedat0.1%oya(orrising1.5%3m/3msaarbyHaibinZhuApril).(852)2800-7039•FoodpriceseasedfurtherinApril,down0.2%m/msa(ordown2.7%oya),haibin.zhu@jpmorgan.comwithstabilizationinporkprices(0.0%m/mnsa),declineinvegetablepricesTingtingGe(down3.7%m/mnsa)andfruitprices(down2.0%m/mnsa).Regardingenergyprices,vehiclefuelpricesrose2.9%m/mnsainApril.(852)2800-0143tingting.ge@jpmorgan.com•CoreCPIremainedrathersteady,rising0.7%oya(vs.0.6%oyainMarch),orJiYanup0.1%m/msa.(852)2800-7673•Overall,regardingmajorfactorsdrivingrecentCPItrends,foodpricesji.yan@jpmorgan.comJPMorganChaseBank,N.A.,HongKongBranchremainedsoft(thoughporkpricesbegantostabilize),energypricesturnedupalongwithglobalcommodityprices,whilevolatilityintravelandtransportcostsasholidayseasonscomeandgo.Asidefromthesefactors,generalpricingpowerseemstohaveremainedsoft,anddomesticdemandhasyettopickupmomentumonasustainedbasis.•PPIdeflationhaslingeredon,asheadlinePPIfell2.5%oyainApril(vs.-2.8%oyainMarch),andfallin...