China's consumer price index inflation slowed to 1.0% year-on-year, down from 1.3%. Headline CPI came in slightly lower than expected but still leaves first-quarter inflation at 0.9% YoY, the highest since the first quarter of 2023. Looking at the CPI breakdown, the slowdown was largely due to a normal price decline following China's Lunar New Year holiday. Food prices dropped -2.7% month-on-month in March, leading to a tepid 0.3% YoY growth overall. We are still seeing a drag from pork prices, with a -7.3% MoM slide resulting in a -11.5% YoY read for pork inflation. Typically, we would expect prices to bottom out ... (full story)