May CPI fell 1.4% quarter-on-quarter decline 0.1%

May, CPI fell 1.4% Year-on-year, the chain fell 0.3%.　　Compared with April, the year-on-year decline shrank by 0.1% and the chain fell by 0.1%. From the main categories: May, the food category fell 0.6%, clothing and traffic and communication category decreased by 2.3%, residential class decreased by 4.8%, excluding food and energy price index fell 1.3%; The above data tells us: First, May, the CPI fell 0.3% in the chain. Among them, the food category drops 0.6%, the living class drops 0.3%, these two affect the CPI month-on-month decline 0.23%.　　Food, with the increasing supply of pork, pork prices into the lower channel, pork chain down 7.3%, the impact of CPI fell 0.22%. It should be noted that in January-May, grain prices rose 0.2%, 1%, 1.5%, 0.4% and 0.8%, respectively, for five consecutive months. Food is the raw material of many foods, and it also has a relationship with many agricultural products.　　Therefore, the rise of grain price trend, whether will affect the future trend of CPI, still need further observation. Second, the Year-on-year price index, excluding food and energy, fell by 1.3%. The price index of food and energy is what we normally call the core CPI.　　May's core CPI fell 1.3% Year-on-year, up 0.1% from last month. Third, the price of service items are flat, down 1.3% year-on-year. Among them, some services prices rose, clothing processing rose 3.9% year-on-year, Family Services and processing maintenance services rose 5.5%, personal services rose 4.3%, civic fees rose 1.5%.