Oil continued to lift PPI and support energy CPI, while core and services inflation softened, pointing to limited second-round effects amid weak domestic demand. PPI gains remained concentrated in upstream, while downstream sectors may struggle to pass-through higher input costs. FICC Research Economics 10 June 2026 China Upstream-driven PPI, weak pass-through The May price data suggest oil prices continued to push up PPI inflation and energy-related components of CPI, while the impact on core and services ...