#China ’s #CPI may have technically popped back into the black in June, but don’t break out the confetti just yet. Month-on-month, prices still slipped, and factory-gate deflation is throwing a 33-month-long pity party. The headline 0.1% year-on-year rise looks less like a recovery and more like a statistical hiccup. Meanwhile, the PPI’s 3.6% plunge is the biggest in nearly two years—because nothing screams “strong demand” like collapsing producer prices. In short: Beijing may need to grab the stimulus paddle again, because this economic canoe isn’t going anywhere fast.