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].

Group 1: Consumer Price Index (CPI) Analysis - In May, China's Consumer Price Index (CPI) decreased by 0.1% year-on-year, with the decline remaining consistent compared to April [1] - The main factor contributing to the CPI decline was a 6.1% year-on-year drop in energy prices, which impacted the CPI by approximately 0.47 percentage points [1] - Food prices fell by 0.4% year-on-year, with significant declines in fresh vegetable prices (down 8.3%) and a smaller increase in pork prices (up 3.1%) [1] Group 2: Core CPI and Future Outlook - The core CPI increased by 0.6% year-on-year in May, reflecting a slight improvement compared to the previous month [3] - Future price trends may be supported by consumption-boosting policies, although potential negative impacts from the US-China tariff situation and "export to domestic" pressures should be monitored [3] - There is a possibility that the CPI may remain in negative territory in June, with macroeconomic policies aimed at stabilizing price levels in the second half of the year [3] Group 3: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) saw a year-on-year decline of 3.3%, with the drop widening by 0.6 percentage points compared to April [1] - Some industries are experiencing improved supply-demand relationships, leading to price recoveries in certain sectors, particularly in consumer goods [4] - The future trajectory of industrial prices will largely depend on the effectiveness of counter-cyclical policies, especially those supporting the real estate sector [4]

格隆汇6月9日｜中国5月CPI同比-0.1%，预期-0.2%，前值-0.1%。环比-0.2%，预期-0.2%，前值0.1%。 5月份，食品烟酒类价格环比下降0.2%，其他七大类价格环比四涨一平两降。其中，其他用品及服务、 衣着价格分别上涨0.7%和0.6%，教育文化娱乐、医疗保健价格均上涨0.1%；居住价格持平；交通通 信、生活用品及服务价格分别下降1.2%和0.8%。 5月份，食品烟酒类价格同比上涨0.1%，其他七大类价格同比六涨一降。其中，其他用品及服务、衣 着、教育文化娱乐价格分别上涨7.3%、1.5%和0.9%，医疗保健、居住、生活用品及服务价格分别上涨 0.3%、0.1%和0.1%；交通通信价格下降4.3%。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1: CPI Analysis - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.6%, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2][3] - The month-on-month decline in CPI was primarily driven by a 1.7% decrease in energy prices, which accounted for approximately 70% of the total decline in CPI [2] - Food prices fell by 0.2%, with seasonal vegetables seeing a 5.9% price drop, while prices for eggs, pork, and poultry slightly decreased by 0.3% to 1.0% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and by 3.3% year-on-year, with the year-on-year decline expanding by 0.6 percentage points compared to the previous month [1][4][5] - The month-on-month PPI decline was influenced by international factors, including a 5.6% drop in oil and gas extraction prices and a 3.5% decrease in refined oil product manufacturing prices [4] - Some sectors showed marginal price improvements, with consumer demand policies positively impacting prices in certain industries, such as a 12.8% increase in the price of arts and crafts and a 0.8% rise in footwear manufacturing [5]

Core Insights - The main factor for the year-on-year decline in CPI is the drop in energy prices, which decreased by 6.1%, widening the decline by 1.3 percentage points compared to the previous month, contributing approximately 0.47 percentage points to the overall CPI decrease [1] Group 1: CPI and Energy Prices - CPI year-on-year showed a slight decline, with the drop rate remaining the same as the previous month [1] - Energy prices are the primary driver of the CPI decline, with a significant impact on overall inflation metrics [1] Group 2: Core CPI and Consumer Goods - Core CPI increased by 0.6%, with the growth rate expanding by 0.1 percentage points compared to the previous month [1] - Prices of industrial consumer goods, excluding energy, rose by 0.6%, with an increase of 0.2 percentage points from the previous month [1] - Notable price increases were observed in gold jewelry (up 40.1%), household textiles (up 1.9%), and durable entertainment goods (up 1.8%) [1] Group 3: Automotive and Service Prices - Prices for fuel vehicles and new energy vehicles decreased by 4.2% and 2.8%, respectively, although the rate of decline has narrowed [1] - Service prices rose by 0.5%, with an increase of 0.2 percentage points from the previous month [1] - Specific service categories such as vehicle rental, airfare, and tourism prices shifted from decline to increase, rising by 3.6%, 1.2%, and 0.9% respectively [1]

能源价格环比下降1.7%，影响CPI环比下降约0.13个百分点，占CPI总降幅近七成。其中，汽油价格下降 3.8%，降幅比上月扩大1.8个百分点。 ...

Group 1: CPI Analysis - The Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year in May, with the core CPI (excluding food and energy) increasing by 0.6% year-on-year, an expansion of 0.1 percentage points from the previous month [1][2][3] - The month-on-month decline in CPI was primarily driven by a 1.7% decrease in energy prices, which accounted for approximately 70% of the total decline [2][3] - Food prices fell by 0.2%, with seasonal vegetables seeing a 5.9% price drop, while hotel accommodation and tourism prices rose by 4.6% and 0.8%, respectively, indicating a recovery in consumer demand [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline expanding by 0.6 percentage points compared to the previous month [1][4][5] - The month-on-month PPI decline was influenced by international factors, including a 5.6% drop in oil and gas extraction prices, which contributed significantly to the overall decline [4][5] - Despite the overall decline, some sectors showed positive price movements, with consumer goods prices stabilizing and certain industries, such as high-end equipment manufacturing, experiencing price increases due to improved demand [5]

Core Viewpoint - The Consumer Price Index (CPI) has shifted from an increase to a decrease primarily due to a decline in energy prices [1] Group 1: Energy Prices - Energy prices decreased by 1.7% month-on-month, contributing approximately 0.13 percentage points to the CPI decline, accounting for nearly 70% of the total drop in CPI [1] - Gasoline prices fell by 3.8%, with the decline expanding by 1.8 percentage points compared to the previous month [1] Group 2: Food Prices - Food prices decreased by 0.2%, which is less than the seasonal level decline of 1.1 percentage points, contributing about 0.04 percentage points to the CPI decline [1] - Seasonal vegetables saw an increase in supply, leading to a price drop of 5.9%; prices for eggs, pork, and poultry slightly decreased, with declines ranging from 0.3% to 1.0% [1] - Prices for fresh fruits, freshwater fish, and seawater fish increased by 3.3%, 3.1%, and 1.5% respectively, due to supply reductions caused by heavy rainfall and fishing moratoriums in certain regions [1] Group 3: Other Price Changes - Consumer demand continues to recover, with hotel accommodation and tourism prices rising by 4.6% and 0.8% respectively, both exceeding seasonal levels; hotel accommodation price increase marks the highest in nearly a decade for the same period [1] - Clothing prices increased by 0.6% due to the seasonal transition to summer apparel [1]

Group 1 - China's CPI and PPI data for May 2025 will be released on June 9 [1] - China has implemented a visa exemption policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, effective from June 9, 2025, to June 8, 2026, allowing stays of up to 30 days without a visa [2] - A total of 4.19 billion shares worth 17.922 billion yuan will be unlocked today from 13 companies, with significant unlocks from Zeyu Intelligent, Yueneng Technology, and Huahai Qingke [3] - Three companies have disclosed stock repurchase progress, with two companies completing repurchases exceeding 10 million yuan [4] - Upcoming data releases include the U.S. wholesale inventory month-on-month rate and Singapore's May foreign exchange reserves [5]

Economic Growth Indicators - The Guosen High-Frequency Macro Diffusion Index A remains negative, while Index B continues to decline, indicating weak economic growth momentum[1] - The standardized Index B decreased by 0.43, underperforming historical averages, suggesting a weak domestic economic growth rate[1] - Investment and real estate sectors show signs of decline, while consumer sector stability is maintained[12] Price Trends - Food prices have slightly increased, while non-food prices have slightly decreased; May CPI is expected to decline to -0.4% year-on-year[2] - The PPI is projected to decrease by approximately 0.3% month-on-month, with a year-on-year drop to -3.2%[2] Asset Price Predictions - Current domestic interest rates are low, and the Shanghai Composite Index is high; predictions indicate a rise in the ten-year government bond yield and a decline in the Shanghai Composite Index for the week of June 13, 2025[1][18] - The predicted ten-year government bond yield for the week of June 13, 2025, is 2.21%, while the Shanghai Composite Index is expected to be 3,094.40[19]