5月中国核心CPI同比涨幅扩大至0.6%

Group 1 - In May, China's Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year, primarily due to a decline in energy prices [1] - The core CPI, excluding food and energy, increased by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month [1] - Energy prices fell by 1.7% month-on-month, contributing approximately 0.13 percentage points to the overall CPI decline, accounting for nearly 70% of the total decrease [1] Group 2 - Food prices decreased by 0.2% month-on-month, with the decline being less than the seasonal average of 1.1 percentage points, impacting the CPI by about 0.04 percentage points [1] - Hotel accommodation and tourism prices increased by 4.6% and 0.8% month-on-month, respectively, both exceeding seasonal levels, with hotel prices reaching the highest increase for the same period in nearly a decade [1] - Year-on-year, energy prices dropped by 6.1%, with the decline expanding by 1.3 percentage points compared to the previous month, affecting the CPI by approximately 0.47 percentage points [1] Group 3 - Positive changes in prices are emerging in certain sectors due to effective consumer-boosting policies, with industrial consumer goods prices, excluding energy, rising by 0.6% year-on-year [2] - Prices for gold jewelry, household textiles, and durable entertainment goods increased by 40.1%, 1.9%, and 1.8% year-on-year, respectively, with all showing expanded growth [2] - The chief economist of China Minmetals Bank anticipates a mild recovery in CPI, particularly in energy, as recent production cuts by several oil-producing countries may mitigate the negative impacts of OPEC+ production increases [2]