China: Inflation accelerated in April – UOB By pabspiovano China Inflation CPI Banks
Economist at UOB Group Ho Woei Chen, CFA, reviews the latest inflation figures in the Chinese economy.“China’s headline CPI rose at a faster than expected pace, by 2.1% y/y , to a 5-month high in Apr. Higher fresh food prices due to domestic COVID-19 disruption and increases in fuel costs more than offset the negative impact on services and consumption demand. Compared to the previous month, CPI was up 0.4% m/m after staying flat in Mar.” moderated to 8.
“Demand-side inflationary pressure has eased in Apr as seen in the moderation of China’s core CPI. The PBoC could reduce its 1-year medium-term lending facility rate this month by 5-10 bps as it increases growth support. We maintain our forecast for the benchmark 1Y loan prime rate to fall to 3.55% by the end of 2Q/3Q 2022.”
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