China Inflation Decelerates in June

One month doesn't make a trend, but in light of other data showing a slowdown, it's notable that the PPI slowed from an annualized rate of 21 percent in May to an annualized rate of 3.7 percent in June. Input prices remained hotter though, second chart below. NBS: 2021年6月份工业生产者出厂价格同比上涨8.8% 环比上涨0.3%

As for consumer prices, they have decisively tipped into deflation. NBS: 2021年6月份居民消费价格同比上涨1.1% 环比下降0.4%