Is China really deflating deflation? It’s harder than Beijing thinks

TOKYO – China’s “deflation-is-over” narrative is getting louder, but the foundations are still shaky. Consumer prices rose 1.2% year-on-year in May, while producer prices jumped 3.9%, lifted by higher costs for energy, semiconductors and metals. To many economists, this is the clearest sign yet that the 2025 deflation scare is giving way to reflation. But
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