---
title: China’s consumer prices fell for a fourth consecutive month in May
description: "Beijing’s stimulus measures appear insufficient to boost domestic consumption, with price wars in the auto sector adding to downward pressure.\n\n🟥 The consumer price index fell 0.1% from a year earlier, according to data from the National Bureau of Statistics released Monday, compared with Reuters’ median estimate of a 0.2% decline.\n\n🟥 CPI slipped into negative territory in February, falling 0.7% from a year ago, and has continued to post year-on-year declines of 0.1% in March, April, and now May.\n\nCore inflation, excluding food and energy prices, however, rose 0.6% in May — highest since January this year, according to Wind Information.\n\nSeparately, deflation in the country’s factory-gate or producer prices deepened, falling 3.3% from a year earlier in May, marking the steepest decline since July 2023 and a sharper drop compared with analysts’ estimates of a 3.2% fall, according to LSEG data.\n\nSource: CNBC"
---

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# [China’s consumer prices fell for a fourth consecutive month in May](https://blog.syzgroup.com/syz-the-moment/chinas-consumer-prices-fell-for-a-fourth-consecutive-month-in-may)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Jun 9, 2025, 2:06:17 PM

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