Reflation Dead? Second Month of Price Deflation in China

The CPI rose from 1.2 percent to 1.5 percent yoy in May thanks to the year-ago drop of 0.5 percent falling out of the calculation. The Spring Festival price spike is still the only thing keeping the CPI above 1 percent.
The PPI was in contraction for the second consecutive month. These numbers are consistent with the price deflation seen prior to 2016.
NBS: 2017年5月份居民消费价格同比上涨1.5%
NBS: 2017年5月份工业生产者出厂价格同比上涨5.5%

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