这一涨幅创近十年新高！重磅数据出炉，最新解读来了

Core Viewpoint - The article discusses the recent trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting the impact of energy prices on CPI and the structural changes in supply and demand across various industries [1][4][5]. CPI Analysis - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, marking a shift from previous increases [1][4]. - Energy prices significantly influenced the CPI, with a year-on-year decline of 6.1%, contributing approximately 0.47 percentage points to the CPI's decrease [4]. - The core CPI showed signs of recovery, indicating a gradual improvement in consumer demand due to supportive consumption policies [5][6]. PPI Analysis - The PPI fell by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points compared to the previous month [1][8]. - Factors contributing to the PPI decline include international input factors and a decrease in domestic energy and raw material prices [9]. - Certain sectors, such as high-end equipment manufacturing and new energy industries, showed signs of improved supply-demand relationships, with some prices stabilizing or recovering [10]. Market Outlook - Analysts expect the PPI to remain in a bottoming phase for an extended period, while the CPI is projected to maintain low levels [12]. - The anticipated stabilization of international oil prices may reduce the downward pressure on CPI, although fluctuations in pork prices could introduce new challenges [13].