China’s CPI rose 0.1% MoM in April but was down -0.1% YoY (vs -0.1% YoY expected), marking the third straight annual decline despite modest monthly gains.

• Core CPI (ex food and energy) rose 0.2% MoM and 0.5% YoY, indicating some underlying price pressures outside of softer food inflation.
• Food prices were up 0.2% MoM but down -0.2% YoY; fresh vegetables (-1.8% MoM, -5.0% YoY) and eggs (-1.0% MoM) were key drags.
• Pork prices fell -1.6% MoM but rose 5.0% YoY; beef prices surged 3.9% MoM but were still down -4.9% YoY.
• Transport and communications prices declined -0.3% MoM and -3.9% YoY, led by fuel (-2.0% MoM, -10.2% YoY).
• Tourism prices saw a strong monthly increase of 3.1% MoM but were down -0.5% YoY.
• The biggest monthly rise was in “Other supplies and services” (+2.4% MoM, +6.6% YoY).