AI Data Insight
According to the latest data, China's non-food CPI growth rate for May 2026 climbed to 1.9% year-on-year (YoY), continuing its expansion from the previous value of 1.8%. However, the overall CPI rose 1.2% YoY, falling slightly below market consensus, indicating that the recovery of terminal domestic demand remains constrained. Under the dual pressure of the Producer Price Index (PPI) hitting a nearly four-year high, the "margin squeeze" effect—where production costs are difficult to pass on—will become the biggest hidden concern for the market in the short term.