China’s PPI fell -0.4% MoM and -2.5% YoY in March, marking continued deflation in industrial producer prices despite US tariffs being put in place.

• Purchasing prices of industrial producers declined -0.2% MoM and -2.4% YoY.
• Prices of production materials dropped -0.4% MoM and -2.8% YoY; mining prices saw the steepest monthly decline at -2.9% MoM.
• Consumer durables prices fell -1.0% MoM and -3.4% YoY, and food prices decreased -0.2% MoM and -1.4% YoY.
• Notable YoY industry-level declines include coal mining (-14.9%), oil and gas extraction (-8.5%), and ferrous metal smelting (-10.0%).
• In contrast, non-ferrous metal materials and wires rose 0.5% MoM and 10.8% YoY.