Citi: Apr China Inflation Further Lifted by Commodity Prices; Raises Full-year CPI and PPI Forecasts to 1% and 2.8%
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Citi's report indicates that China's April CPI and PPI rose significantly, driven by higher energy and chemical prices, with CPI at 1.2% YoY and PPI at 2.8% YoY. The bank raised its full-year forecasts for CPI to 1% and PPI to 2.8%. Despite uncertainties from the Middle East conflict, April's PPI increase may have peaked. The report highlights ongoing structural issues in China's economy, with weak domestic demand and potential policy implications for the People's Bank of China, including a possible rate cut in 2H26 if export momentum weakens.
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