According to predictions from multiple institutions, the year-on-year increase in China's CPI in May 2025 may reach 2.3%-2.7%, mainly driven by the rebound in pork prices, the recovery of tail-end factors, and the boost from holiday consumption. Among them, pork prices have ended a continuous decline of 15 months and turned to increase, combined with the seasonal rise in prices of fresh fruits, eggs, and other food items, becoming the main driving force. However, the decline in international oil prices and promotional activities for automobiles may exert pressure on non-food prices, resulting in a year-on-year increase slightly lower than the expectations of some institutions. The core CPI is expected to remain moderate (around 0.5%-0.6% year-on-year), reflecting a solid foundation for domestic demand recovery. Looking ahead, strengthened policies and a warming consumer climate may support a continued moderate rise in CPI.