China's May CPI Rises 1.2% YoY, PPI Hits Near 4-Year High at 3.9% YoY
According to data from China's National Bureau of Statistics on June 10, the Consumer Price Index (CPI) for May rose by 1.2% year-on-year, unchanged from the previous month. However, the Producer Price Index (PPI) increased by 3.9% year-on-year, marking a three-month consecutive rise and hitting a new high since July 2022. Official analysis attributes the monthly CPI decline primarily to falling energy and service prices.
📋 Article Processing Timeline
- 📰 Published: June 10, 2026 at 13:06
- 🔍 Collected: June 10, 2026 at 13:12 (6 min after Published)
- 🤖 AI Analyzed: June 10, 2026 at 13:37 (24 min after Collected)
(CNA, Shanghai, by reporter Liao Wen-chi, June 10) The latest data from China's National Bureau of Statistics (NBS) shows that in May, China's Consumer Price Index (CPI) increased by 1.2% year-on-year, the same rate as the previous month. The Producer Price Index (PPI) rose by 3.9% year-on-year, marking a third consecutive month of increase and a new high in nearly four years.
According to the NBS release on the 10th, the May CPI decreased by 0.1% month-on-month, compared to a 0.3% increase in April. The May CPI's year-on-year increase of 1.2% was level with April's growth.
The May PPI rose by 0.5% month-on-month, a slowdown of 1.2 percentage points from April's increase. The year-on-year increase was 3.9%, an expansion of 1.1 percentage points from April and higher than the 3.8% forecasted by a Reuters poll, setting a new high since July 2022.
Dong Lijuan, Chief Statistician of the Urban Division at the NBS, pointed out that the 0.1% month-on-month decrease in May's CPI was mainly due to a pullback in energy and service prices. Affected by the pass-through effect of international oil prices, domestic gasoline prices shifted from a 12.6% increase in April to a 0.3% decrease, leading energy prices to turn from a 5.7% rise last month to a 0.1% decline.
Furthermore, due to the seasonal decline in travel demand after the May Day holiday, service prices switched from a 0.5% increase in April to a 0.1% decrease in May. This changed their impact on the monthly CPI growth from a 0.22 percentage point push to a 0.03 percentage point drag.
Regarding the 0.5% month-on-month increase in the May PPI, a smaller gain than in April, Dong Lijuan analyzed that while growing demand for computing power drove up prices in non-ferrous metals, electrical machinery, and computer-related industries, the impact of international crude oil price fluctuations caused related domestic industry prices to shift from an increase to a decrease, offsetting some of the gains. (Editor: Chen Kai-yu) 1150610
According to the NBS release on the 10th, the May CPI decreased by 0.1% month-on-month, compared to a 0.3% increase in April. The May CPI's year-on-year increase of 1.2% was level with April's growth.
The May PPI rose by 0.5% month-on-month, a slowdown of 1.2 percentage points from April's increase. The year-on-year increase was 3.9%, an expansion of 1.1 percentage points from April and higher than the 3.8% forecasted by a Reuters poll, setting a new high since July 2022.
Dong Lijuan, Chief Statistician of the Urban Division at the NBS, pointed out that the 0.1% month-on-month decrease in May's CPI was mainly due to a pullback in energy and service prices. Affected by the pass-through effect of international oil prices, domestic gasoline prices shifted from a 12.6% increase in April to a 0.3% decrease, leading energy prices to turn from a 5.7% rise last month to a 0.1% decline.
Furthermore, due to the seasonal decline in travel demand after the May Day holiday, service prices switched from a 0.5% increase in April to a 0.1% decrease in May. This changed their impact on the monthly CPI growth from a 0.22 percentage point push to a 0.03 percentage point drag.
Regarding the 0.5% month-on-month increase in the May PPI, a smaller gain than in April, Dong Lijuan analyzed that while growing demand for computing power drove up prices in non-ferrous metals, electrical machinery, and computer-related industries, the impact of international crude oil price fluctuations caused related domestic industry prices to shift from an increase to a decrease, offsetting some of the gains. (Editor: Chen Kai-yu) 1150610
FAQ
中國5月的消費者物價指數（CPI）年增率是多少？
根據中國國家統計局數據，5月CPI年增率為1.2%，與4月的漲幅持平。
中國5月的生產者物價指數（PPI）表現如何？
5月PPI年增3.9%，漲幅比4月擴大1.1個百分點，創下自2022年7月以來的近4年新高。
造成5月CPI月減0.1%的主要原因是什麼？
主要受到能源與服務價格回落的影響。國內汽油價格由漲轉降，且五一連假後出行需求季節性回落，導致服務價格下跌。
哪些因素影響了5月的PPI月增幅？
雖然算力需求增長帶動有色金屬、電氣機械和計算機相關行業價格上漲，但國際原油價格波動使國內相關行業價格由漲轉降，抵銷了部分漲勢，導致月增幅縮小至0.5%。
此數據是由哪個機構發布的？
此數據由中國國家統計局發布，並由該局城市司首席統計師董莉娟進行解讀。