Group 1: Inflation Data Overview - In May, the CPI decreased by 0.1% year-on-year, matching the previous value and slightly better than the expected decrease of 0.2%[1] - The PPI fell by 3.3% year-on-year, a decline from the previous value of 2.7% and worse than the expected 3.2%[1] Group 2: Core CPI Stabilization Features - Core commodity PPI rebounded by 0.3 percentage points to -1.4%, driven by improved demand and a moderation in tariff impacts[2] - The core commodity CPI increased by 0.1 percentage points to 0.2%, supported by consumption policies and rising gold prices, which boosted jewelry prices by 40.1%[3] - Service CPI rose by 0.2 percentage points to 0.5%, aided by increased holiday days in May, enhancing service demand[4] Group 3: Future Outlook - Continued policy support and recovery in domestic demand are expected to alleviate inflationary pressures, but supply-side constraints remain a concern[5] - The ongoing "trade-in" policy may provide significant support to core commodity CPI and PPI, while abundant supply of bulk commodities and food could exert downward pressure on prices[5]