Dong Lijuan, chief statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data in May 2024

On June 12, the National Bureau of Statistics today released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for May 2024. In May, the consumer market was generally stable, and the national CPI decreased seasonally month-on-month, with the same year-on-year increase as the previous month. The core CPI excluding food and energy prices rose by 0.6% year-on-year, continuing to maintain a moderate increase. It is estimated that in the 0.3% year-on-year change in CPI in May, the impact of the tail was about 0, and the new impact of this year's price changes was about 0.3 percentage points. In May, affected by factors such as the rise in some international commodity prices and the improvement of the supply and demand relationship in the domestic industrial product market, the national PPI changed from a month-on-month decline to an increase, and the year-on-year decline narrowed. It is estimated that in the year-on-year change of the PPI of 1.4% in May, the impact of the tail is about -0.9 percentage points, and the new impact of this year's price changes is about -0.5 percentage points.