Asia's economic calendar is relatively light in the week ahead, with China's inflation readings on Monday among the key releases to watch.

On Tuesday, markets will turn to Australia's federal budget for clues on the fiscal outlook and potential implications for the Reserve Bank of Australia's rate path, while Wednesday brings South Korea's latest unemployment figures.

On Thursday, Australia will report consumer inflation expectations, while India is set to release wholesale price inflation data.

On Friday, markets will look to GDP growth figures from Hong Kong, Malaysia and Macao, alongside India's April trade data.

Here's what to watch in the week ahead.

MONDAY, May 11

The week kicked off with the release of China's closely-watched inflation figures.

China's consumer price index climbed 1.2% year on year in April, higher than 1% in the prior month and against economists' 0.9% growth estimate.

China's producer price index also exceeded expectations as it grew 2.8% year on year in April, accelerating from the 0.5% increase in the previous month.

The PPI, which was the highest in 45 months, surpassed the 1.6% growth predicted by analysts surveyed by Reuters.

Among industries, the mining industry's prices rose the highest with a 10.6% jump from a year earlier.

Indonesia released its latest consumer confidence survey. The country's Consumer Confidence Index stood at 123 in April, up from 122.9 in the previous month.

Bank Indonesia said consumer confidence remained strong, supported mainly by improved perceptions of current economic conditions.

Wholesale and retail trade data coming in from Malaysia showed a robust 9.8% year-on-year increase in sales value for March, reaching 169 billion ringgit.

The growth was driven by a 15.7% increase in wholesale trade and a 7.5% rise in retail trade.

TUESDAY, May 12

Australia's federal government budget will capture headlines Tuesday as markets will be on the lookout for clues on whether and when the Reserve Bank of Australia will increase its cash rate.

Economists at CommBank said they expect the government to announce a fairly ambitious budget with three big aims: substantive tax reform, spending cuts to fight inflation, and boosting national resilience.

The bank said it expects the government's deficit for 2025-28 to clock in at A$29 billion, lower than its mid-year forecast of A$36.8 billion. The deficit is expected to shrink further to A$22 billion in 2026-27, according to the bank.

Despite the improved fiscal outlook, CommBank warned the situation remains "fragile."

"The announced [National Disability Insurance Scheme] savings will be hard to deliver, the [Capital Gains Tax] savings could undercut higher inflation, and significant structural pressures remain in health, aged care and defense," CommBank said in a preview.

A pair of confidence reports capturing consumer and business sentiment in Australia are also scheduled for the day.

India's April inflation figures will also be in the news.

According to a consensus compiled by Trading Economics, the consumer price index could rise to 3.8% year on year from the 3.4% recorded in March.

Economists at ING said the expected modest increase in inflation will reflect knock-on effects of higher oil prices on food inflation.

Indonesia's March retail sales, and Malaysia's unemployment stats for the month will be on display.

WEDNESDAY, May 13

Wednesday will be relatively light on releases, with South Korea's unemployment stats for April among the handful of macro readouts scheduled for the day.

Trading Economics expects South Korea's seasonally adjusted unemployment rate to rise marginally to 2.8% from the 2.7% recorded in March.

The Reserve Bank of New Zealand's second-quarter business inflation expectations report will also be in focus.

Economists at CommBank said they expect inflation expectations to push higher, reflecting rising fuel prices amid the ongoing conflict in the Middle East.

The bank expects one-year inflation expectations to move closer to 3% from the 2.59% surveyed in the first quarter, and the two-year inflation expectation to rise above 2.5% from the 2.37% surveyed in the previous period.

"The higher ... inflation expectations are, the harder it can be for CPI inflation to settle closer to 2%," CommBank said, referring to the New Zealand central bank's inflation target.

THURSDAY, May 14

Australia will report its consumer inflation expectations for May.

As in New Zealand, inflation expectations in Australia are also expected to move higher. Trading Economics forecasts the monthly reading at 6.3%, citing higher oil prices fueled by Middle East tensions.

The consumer inflation expectations reading rose to 5.9% last month, its highest level since November 2022.

India is scheduled to release April wholesale price inflation data, with wholesale prices expected to rise 4.4% year over year, up from 3.9% in the previous month, according to a consensus compiled by Trading Economics.

Thailand will release its April consumer confidence report the same day.

FRIDAY, May 15

Markets will be on the lookout for gross domestic product (GDP) growth figures from Hong Kong, Malaysia, and Macao.

Malaysia's economy is likely to show a growth of 5.3% for the quarter, according to a consensus compiled by Trading Economics.

Analysts at Capital Economics said they expect the reading to reflect generous government subsidies to help contain inflation and dent the impact of the Middle East conflict on consumer spending, the Wall Street Journal reported.

Meanwhile, Hong Kong's economy is expected to grow by 2.9% -- faster than the 1% growth witnessed in the previous quarter, according to a consensus estimate from Trading Economics.

In Macao, GDP growth rate is expected to taper to a rate of 7.1% from the 7.6% recorded in the prior quarter, Trading Economics forecasted.

Markets will also be awaiting April trade figures from India.

According to Trading Economics, India's trade deficit could widen to $30 billion in April from the $20.7 billion recorded in March.

South Korea will similarly report its April import and export prices data.

On the activity front, New Zealand is set to release the BusinessNZ Performance of Manufacturing Index, a gauge of manufacturing activity.

CommBank said it expects April manufacturing PMI to decline after remaining "relatively buoyant" in March despite the outbreak of conflict in the Middle East.

"The manufacturing sector is relatively energy-intensive and freight-reliant and rising costs are likely to erode profitability," CommBank said in a preview.

The effects of the Middle East crisis are also expected to show up in New Zealand's April selected price indexes due the same day, according to CommBank.

The bank said it will watch in the coming months whether oil-related increases filter through into broader consumer inflation and lead to more generalized pressures that could prompt the Reserve Bank of New Zealand to raise interest rates.

Finally, Japan will report producer price inflation and machine tool orders for April.