$ETH ### **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 a marginal improvement in consumer demand.

2. **Structural Differentiation**

- **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 of pork prices expanded to 6.7%.

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