April inflation came in at 0.2% MoM and 4.5% YoY, just below Bloomberg consensus expectations and market pricing of 0.28% (see our chart pack for details). The disinflation was driven largely by a well-contained food and non-alcoholic beverage category and lower gasoline and domestic airfare prices (volatiles). Ex-volatiles printed at 0.43% MoM (3.55% YoY), with the annual figure falling 11bp versus March.
For more, including market takeaways, please see full note.