#CPI数据来袭 ### **1. CPI: Year-on-Year Decline Narrowed, Core CPI Rebounded**

1. **Overall Performance**

- **March CPI decreased by 0.1% year-on-year**, significantly narrowing from last month (-0.7%), and decreased by 0.4% month-on-month.

- **Core CPI (excluding food and energy) increased by 0.5% year-on-year**, ending the previous six-month downward trend, reflecting marginal improvement in consumer demand.

2. **Structural Divergence**

- **Weakening Impact of Food Prices**: In March, food prices decreased by 1.4% year-on-year (narrowing the decline by 1.9 percentage points), and decreased by 1.4% month-on-month. Among them, prices of fresh vegetables, pork, and eggs decreased month-on-month by 5.1%, 4.4%, and 3.1%, respectively, but the year-on-year increase in pork prices widened to 6.7%.

- **Recovery in Service Prices**: Year-on-year service prices turned from negative to positive at 0.3%, with significant increases in prices for domestic services, education, and cultural entertainment, driving the rebound in core CPI.