AI Data Insight
In April 2026, the YoY growth rate of China's food, tobacco and liquor CPI fell to -1.7%, widening further from the previous value of -1.6%, indicating intensified food deflationary pressure. Although energy costs pushed the overall CPI to a better-than-expected 1.2%, livelihood prices remain weak due to the oversupply of pork and fresh fruits and vegetables. Going forward, attention should be paid to the pace of capacity reduction and the actual implementation effects of domestic demand stimulus policies.