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April prices rebound with accelerated growth; CPI and PPI year-over-year increases both expand
[Caixin] Influenced by rising international oil prices, increased demand in certain industries and sectors, among other factors, the domestic price level accelerated its rebound in April, with both the Consumer Price Index (CPI) and Producer Price Index (PPI) performing better than expected.
Data released by the National Bureau of Statistics on May 11 shows that in April 2026, the CPI increased by 1.2% year-on-year, with the growth rate expanding by 0.2 percentage points compared to March; the PPI, which turned from decline to growth in March after 41 consecutive months of decline, further widened its year-on-year increase by 2.3 percentage points to 2.8% in April.
Both CPI and PPI performed above market expectations. Recently, Caixin conducted a survey of 11 domestic and foreign institutions, showing that economists generally expect the CPI year-on-year growth rate in April to stay flat or narrow compared to March, with an average forecast of 0.8% and a forecast range of 0.5% to 1%, but the actual CPI trend was opposite to the prediction, with the year-on-year increase expanding. Economists' average forecast for April PPI is 1.5%, with a forecast range of 1% to 2.6%, and the actual PPI increase (2.8%) exceeded the upper limit of market expectations.