5月物价数据解读：核心CPI延续改善，PPI同比降幅走阔

Group 1: CPI Analysis - In May, the CPI decreased by 0.2% month-on-month, compared to a previous increase of 0.1%[1] - Year-on-year, the CPI fell by 0.1%, slightly better than the previous value of -0.1%[1] - Core CPI remained flat month-on-month, with a year-on-year increase of 0.6%, up by 0.1 percentage points from the previous month[1] Group 2: PPI Trends - The PPI decreased by 0.4% month-on-month and by 3.3% year-on-year, widening from a previous decline of 2.7%[2] - Energy prices, particularly crude oil, significantly impacted the PPI, with oil extraction prices down by 5.6% and refined oil product prices down by 3.5%[3] - The manufacturing sector's capacity utilization rate was 74.1%, indicating weak demand and limited PPI improvement potential[2] Group 3: Food and Non-Food Prices - Food prices fell by 0.2% month-on-month, with fresh vegetables and pork prices decreasing by 5.9% and 0.7%, respectively[6] - Non-food prices also decreased by 0.2%, influenced by a 3.8% drop in gasoline prices[7] - Hotel accommodation and travel prices rose by 4.6% and 0.8%, respectively, with hotel prices reaching a ten-year high for this period[6] Group 4: Market Outlook - The overall supply of pork is expected to remain sufficient in June, with demand still in a seasonal lull[10] - The global grain production forecast for 2025/2026 is expected to reach a record high, stabilizing food prices[27] - Consumer confidence remains cautious, impacting spending and limiting core CPI recovery potential[25]