(central Bank: currently China's economy is not experiencing deflation and prices are still rising moderately)-- the people's Bank of China said that CPI will fluctuate in a low and narrow range in the coming months due to the high base. From May to July this year, CPI will remain periodically low, mainly due to the high base CPI growth rate of about 2.5% in the same period last year. However, it should be noted that with the reduction of the base, especially the further emergence of policy effects, the market mechanism will play a full role, the endogenous driving force of the economy is also increasing, and the gap between supply and demand is expected to close. It is expected that the CPI center may rise moderately in the second half of the year, and may return to near the average level of recent years by the end of the year. At present, there is no deflation in our economy. Deflation mainly refers to sustained negative price growth and a downward trend in the money supply, which is usually accompanied by a recession. China's prices are still rising moderately, especially the core CPI is stable at around 0.7% compared with the same period last year, M2 and social integration are growing relatively fast, and the economic operation continues to improve, which is not in line with the characteristics of deflation. In the medium and long term, China's total economic supply and demand is basically balanced, monetary conditions are reasonable and moderate, residents' expectations are stable, and there is no basis for long-term deflation or inflation.