5月物价数据解读：能源价格是主要拖累

Group 1: CPI and Core CPI Trends - In May, the CPI decreased by 0.1% year-on-year, maintaining the same decline as the previous month[10] - The core CPI year-on-year growth rate recorded 0.6%, an increase of 0.1 percentage points from last month[10] - The CPI month-on-month growth rate turned negative at -0.2%, a decrease of 0.3 percentage points from the previous month[10] Group 2: Energy Prices Impact - Energy prices fell by 1.7% month-on-month and decreased by 6.1% year-on-year, contributing approximately 0.13 and 0.47 percentage points to the CPI decline, respectively[10] - The oil and gas extraction industry saw prices drop by 5.6%, while refined petroleum product manufacturing prices fell by 3.5%[28] - The coal mining industry experienced a price decline of 3.0%, with coal processing prices down by 1.1%[28] Group 3: PPI Trends - The PPI year-on-year growth rate recorded -3.3%, with a decline of 0.6 percentage points compared to last month[24] - The PPI month-on-month decline remained at -0.4%, consistent with the previous month[26] - Production material prices decreased by 4.0% year-on-year, while living material prices saw a decline of 1.4%[24] Group 4: Consumer Demand and Price Changes - Consumer demand showed marginal improvement, with seven major categories of prices rising, except for transportation and communication, which fell by 4.3%[10] - Food prices decreased by 0.4% year-on-year, with fresh vegetables and eggs contributing to the decline[17] - Hotel accommodation and tourism prices increased by 4.6% and 0.8%, respectively, exceeding seasonal levels[20]