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China Consumer & Producer Prices (May)

Producer price deflation deepened further last month to a 87-month low. Consumer price inflation edged up but remained depressed. Core inflation slipped slightly, suggesting that the immediate inflationary impact of reopening was easing last month. We still think a tightening labour market will eventually put some upward pressure on inflation later this year. But it will remain well within policymakers’ comfort zone.

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