In May 2023, the CPI (Consumer Price Index) increased by 0.3% year-on-year, maintaining the same growth rate as the previous month, and slightly decreased by 0.1% month-on-month, but the decline narrowed. Food prices fell by 2.0% year-on-year, while some categories such as fresh fruits and pork rose month-on-month; non-food prices decreased due to the impact of reduced travel services and energy prices. The core CPI increased by 0.6% year-on-year, indicating a moderate recovery in consumption.

During the same period, the PPI (Producer Price Index) decreased by 1.4% year-on-year but rose by 0.2% month-on-month, ending a six-month declining trend, with the rebound in prices of industrial products such as non-ferrous metals and coal being the main reasons.

Analysis indicates that the CPI reflects that domestic demand still needs to be stimulated, while the recovery in PPI may signify marginal improvements in the industrial sector. In the future, as policies to boost consumption and stabilize investment take effect, prices are expected to gradually stabilize and rise.