According to the website of the National Bureau of Statistics, the National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for April 2024. Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, provided an interpretation of this. 1、 The month on month CPI changed from a decrease to an increase, with a slight increase in year-on-year growth. In April, consumer demand continued to recover, and the national CPI changed from a decrease to an increase, with an expansion in year-on-year growth. The core CPI, excluding food and energy prices, increased by 0.2% month on month, compared to a decrease of 0.6% last month; The year-on-year increase was 0.7%, an increase of 0.1 percentage points from the previous month. From a month on month perspective, CPI rose by 0.1%, compared to a decrease of 1.0% last month. Among them, food prices decreased by 1.0%, narrowing the decline by 2.2 percentage points compared to the previous month, affecting the month on month decrease of CPI by about 0.19 percentage points. In terms of food, the market supply is relatively sufficient, with prices of fresh vegetables, shrimp and crabs, beef, eggs, and fresh fruits decreasing by 3.7%, 2.8%, 2.7%, 2.3%, and 2.0% respectively, totaling affecting a month on month decrease of approximately 0.16 percentage points in CPI. Non food prices decreased by 0.5% last month and increased by 0.3%, affecting a month on month increase of approximately 0.27 percentage points in CPI. In the non food sector, due to the increase in travel during small and long holidays, the prices of air tickets, transportation rental fees, hotel accommodation, and tourism have all increased from a decrease to an increase, with increases of 15.3%, 9.0%, 4.0%, and 2.7% respectively, totaling affecting a month on month increase of approximately 0.12 percentage points in CPI; Affected by the rise in international gold and oil prices, domestic gold jewelry and gasoline prices have risen by 8.7% and 3.0% respectively, collectively affecting a month on month increase of approximately 0.15 percentage points in CPI. From a year-on-year perspective, CPI increased by 0.3%, an increase of 0.2 percentage points compared to the previous month. Among them, food prices decreased by 2.7%, the same as last month, affecting a year-on-year decrease of approximately 0.49 percentage points in CPI. In terms of food, the prices of eggs, beef, fresh fruits, lamb, and poultry have decreased by 12.4%, 10.4%, 9.7%, 6.8%, and 2.6% respectively, with the decline expanding; The prices of pork and fresh vegetables have increased by 1.4% and 1.3%, respectively, from a decrease of 2.4% and 1.3% last month. Non food prices increased by 0.9%, an increase of 0.2 percentage points compared to the previous month, affecting a year-on-year increase of approximately 0.77 percentage points in CPI. In non food sectors, energy prices have increased by 3.6%, with an increase of 2.3 percentage points; The prices of industrial consumer goods, excluding energy, increased by 0.4%, with an increase of 0.3 percentage points. Among them, the prices of fuel powered cars and new energy cars decreased by 4.8% and 6.5% respectively, with the decline narrowing; The service price has increased by 0.8%, the same increase as last month. According to calculations, in the 0.3% year-on-year change in CPI in April, the tail effect is about -0.1 percentage points, and the new impact of price changes this year is about 0.4 percentage points. 2、 PPI has decreased compared to the previous month, with a narrower year-on-year decline. In April, industrial production continued to recover, and demand in some industries gradually declined. The national PPI has also decreased compared to the previous month, with a narrower year-on-year decline.