Chinese inflation remained modest in March and April

12-month consumer price inflation was 2.1 % in March and 1.8 % in April. Core inflation, which excludes food and energy prices, remained at 2 %. Prices for services rose by 2.1 % y-o-y in April, clearly exceeding the rise in goods prices (1.3 % y-o-y). Healthcare-related services saw the fastest rise in prices. Inflation overall slowed a bit on low food price inflation (0.7 %), mainly a reflection of a large drop in pork prices (down 16.1 %). April producer price inflation was 3.4 %.

Price trends in China, 12-month percentage change

Source: Macrobond.