Chinese PPI and CPI Fall In March

PPI deflated in March. Almost all of the 12-month inflation occurred between August and December 2017.
NBS: 2018年3月份工业生产者出厂价格同比上涨3.1%

CPI deflation was almost 4 times larger. What's notable about this drop is it almost completely wipes out the Spring Festival inflation. Without the Spring Festival bump in 2017 inflation, the CPI would have been running sub-1 percent all year. There was higher inflation over the past 12 months which will keep the 12-month CPI elevated, but if there's a deflationary trend, we could see sub-1 percent CPI by the end of summer.
NBS: 2018年3月份居民消费价格同比上涨2.1%

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