CPI、PPI点评报告：CPI增速不变，基数效应PPI降幅收窄

Group 1: CPI Analysis - In May 2024, the CPI increased by 0.3% year-on-year, remaining unchanged from the previous month, with a month-on-month decrease of 0.1%[7] - The core CPI, excluding food and energy, grew by 0.6% year-on-year, down 0.1 percentage points from the previous month[7] - Food prices saw a narrowing decline of 2.0%, improving by 0.7 percentage points compared to the previous month, driven by extreme weather and reduced pork production[11] Group 2: PPI Analysis - In May 2024, the PPI fell by 1.4% year-on-year, a decrease of 1.1 percentage points from the previous month, with a month-on-month increase of 0.2%[3] - The decline in PPI was primarily due to weak industrial demand, with the real estate market recovering slowly and external uncertainties persisting[3] - The narrowing decline in PPI was influenced by base effects and rising international commodity prices[3] Group 3: Food and Non-Food Price Trends - Food prices showed mixed trends, with fresh vegetables decreasing by 2.5% month-on-month, while egg prices increased by 2.2%[28] - Non-food prices decreased by 0.2% month-on-month, with significant declines in transportation and communication costs, impacting the overall CPI[42] - Among non-food categories, other goods and services saw the highest year-on-year increase of 3.6%[14] Group 4: Future Outlook - For 2024, CPI is expected to rise to around 0.6% year-on-year, driven by improved consumption demand and low base effects[56] - PPI is projected to improve to approximately -0.4% year-on-year, influenced by stabilizing international commodity prices and domestic economic recovery[52]