核心CPI稳中有升，消费品等领域价格边际向好

Group 1 - The core objective of macroeconomic policy in the second half of the year is to promote a reasonable recovery of price levels, which will create space for fiscal measures to boost consumption and investment, as well as for further interest rate cuts by the central bank [1][2][5] - In May, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, marking the fourth consecutive month of negative growth, primarily due to falling energy prices and lower food prices [1][3][4] - The Producer Price Index (PPI) saw a year-on-year decline of 3.3% in May, with the drop in production material prices contributing significantly to this decline [1][6][10] Group 2 - The core CPI, which excludes volatile food and energy prices, rose by 0.6% year-on-year in May, indicating a slight improvement in underlying price levels [1][4][5] - The decline in food prices, particularly fresh vegetables and eggs, has been a major factor in the overall CPI decrease, with fresh vegetable prices dropping by 8.3% year-on-year [3][4][6] - The implementation of policies aimed at boosting consumption, such as the trade-in program for vehicles and appliances, has provided some support to prices in certain sectors [4][5][8] Group 3 - The analysis indicates that while the PPI is expected to show marginal improvement, it is likely to remain in negative territory for some time due to external and internal pressures [8][9][10] - The demand for high-tech products is increasing, leading to price increases in sectors such as integrated circuits and aircraft manufacturing [8] - The overall economic environment remains challenging, with low inflation levels exerting pressure on corporate operations and employment [5][6]