National Bureau of Statistics: CPI rose year-on-year in March, while PPI reversed from a decline to an increase.

Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for March 2026. In March, after the long Spring Festival holiday, seasonal consumer demand fell, with the Consumer Price Index (CPI) decreasing by 0.7% month-on-month and rising by 1.0% year-on-year. The core CPI, which excludes food and energy prices, rose by 1.1% year-on-year. Influenced by factors such as the rapid increase in international commodity prices and the improvement in supply-demand relationships in some domestic industries, the Producer Price Index (PPI) for industrial producers rose by 1.0% month-on-month and by 0.5% year-on-year. The original text is as follows: In March 2026, the year-on-year increase in the CPI and the turnaround from a decrease to an increase in the PPI -- Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the March 2026 CPI and PPI data In March, seasonal consumer demand fell after the long Spring Festival holiday, with the Consumer Price Index (CPI) declining by 0.7% month-on-month and rising by 1.0% year-on-year. The core CPI, which excludes food and energy prices, rose by 1.1% year-on-year. Influenced by factors such as the rapid increase in international commodity prices and the improvement in supply-demand relationships in some domestic industries, the Producer Price Index (PPI) for industrial producers rose by 1.0% month-on-month and by 0.5% year-on-year. I. Year-on-year increase in CPI The national CPI continued to rise mildly year-on-year, with the growth rate slightly falling to 1.0%. Among them, the prices of industrial consumer goods rose by 2.2%, an increase of 1.1 percentage points from the previous month, affecting the year-on-year increase in the CPI by about 0.67 percentage points. In industrial consumer goods, the prices of gold jewelry rose by 65.8%, a decrease of 10.8 percentage points; the prices of household appliances and clothing rose by 2.4% and 1.7% respectively, with a decrease in growth rates; gasoline prices turned from a decrease to an increase, rising by 3.8%, affecting the year-on-year increase in the CPI by about 0.11 percentage points. Service prices rose by 0.8%, a decrease of 0.8 percentage points from the previous month, affecting the year-on-year increase in the CPI by about 0.36 percentage points. The post-holiday travel and manual service prices fell slightly, with the fees of travel agencies, hotel accommodation, airplane tickets, and transportation rental prices falling to between 0.9% and 3.3%, while pet services, vehicle repairs and maintenance, housekeeping services, and prices for dining out falling to between 1.2% and 1.6%. Food prices rose by 0.3%, a decrease of 1.4 percentage points from the previous month. Among food items, the prices of fresh vegetables, beef, lamb, and fresh fruits rose between 4.0% and 7.8%, with declines in growth rates compared to the previous month, collectively affecting the year-on-year increase in the CPI by about 0.24 percentage points; pork and egg prices fell by 11.5% and 3.3% respectively, with an increase in declines compared to the previous month, collectively affecting the year-on-year decline in the CPI by about 0.23 percentage points. The national CPI fell by 0.7% month-on-month, mainly affected by seasonal declines in food and service prices. Food prices fell by 2.7% after rising by 1.9% the previous month, affecting a decrease in the month-on-month CPI by about 0.48 percentage points. Among food items, influenced by factors such as increased supply due to warmer weather and reduced post-holiday demand, the prices of fresh vegetables and fresh fruits fell by 10.1% and 3.3% respectively, while pork, eggs, and aquatic product prices fell by 7.3%, 3.4%, and 2.6% respectively, collectively affecting a decline in the month-on-month CPI by about 0.45 percentage points. Service prices fell by 1.1% after rising by 1.1% the previous month, affecting the month-on-month CPI by about 0.51 percentage points. In service categories, post-holiday consumer demand fell significantly, and with an increase in supply from some services post-holiday, the prices of airplane tickets, transportation rentals, travel agency fees fell by 29.5%, 18.9%, and 14.2% respectively, collectively affecting a decline in the month-on-month CPI by about 0.34 percentage points; pet services, vehicle repairs and maintenance, and housekeeping services fell by 10.1%, 9.4%, 4.9%, movie tickets and dining out prices fell by 6.5% and 0.7%, collectively affecting a decline in the month-on-month CPI by about 0.14 percentage points. Influenced by international input factors and the recovery of demand for some domestic products, industrial consumer goods prices rose by 1.0%, with an increase of 0.6 percentage points from the previous month. Among them, the international crude oil price fluctuated significantly, and temporary control measures were implemented on domestic refined oil prices, leading to an 11.1% increase in gasoline prices after the control measures, affecting a rise in the month-on-month CPI by about 0.31 percentage points; influenced by the decline in international gold prices, domestic prices of gold jewelry fell for the first time after eight consecutive months of increase by 3.9%; influenced by rising raw material costs and strong demand, the prices of data storage devices rose by 5.5%.