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Core Viewpoint - The article discusses the recent trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting a slight decline in CPI and a continued low level of PPI, while noting improvements in certain sectors due to policy measures aimed at boosting consumption [1][5]. CPI Analysis - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI (excluding food and energy) rose by 0.6%, an increase of 0.1 percentage points from the previous month [1][4]. - The decline in CPI was primarily driven by a 1.7% drop in energy prices, which accounted for approximately 70% of the total decrease [3]. - Food prices fell by 0.2%, with seasonal vegetable supply increasing, leading to a 5.9% drop in fresh vegetable prices [3][4]. - Accommodation and tourism prices rose by 4.6% and 0.8%, respectively, indicating a recovery in consumer demand [3]. PPI Analysis - The PPI decreased by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points [1][5]. - The decline in PPI was influenced by international factors, including a 5.6% drop in prices in the oil and gas extraction industry, which contributed significantly to the overall decrease [6][7]. - Despite the overall decline, some sectors showed positive price movements, particularly in consumer goods, driven by effective consumption-boosting policies [7][8]. - High-end manufacturing and technology sectors experienced price increases, with integrated circuit packaging and aircraft manufacturing prices rising by 3.6% [8].