China’s consumer inflation accelerated to 1.2% in April, surpassing expectations and marking the highest reading since September 2023.
China’s Consumer Price Index increased 1.2% year-over-year in April, above the 0.8% consensus estimate and up from March’s 1.0% rise. The data, released by the National Bureau of Statistics, also showed a 0.3% month-over-month gain, reversing a 0.7% decline in March and beating forecasts of a 0.1% drop.
Producer prices rose 2.8% year-over-year, accelerating from March’s 0.5% increase and exceeding the 1.5% estimate. The stronger-than-expected prints suggest improving domestic demand, though inflation remains below the government’s annual target.
The Australian Dollar, often seen as a China proxy, showed minimal reaction. AUD/USD traded 0.14% lower at 0.7235, with the currency weakening against most major peers.