As prices fall, how real is the risk of deflation?

The consumer price index growth rate for January was 0.8 percent, the lowest since 2009; and the latest data from the Ministry of Commerce shows the sales of 5,000 key retail enterprises fell by 4.7 percent in January. Is there a danger of deflation for the Chinese economy? Comments:

Commodity prices rise and fall; we cannot equate every drop in prices to deflation. Deflation refers to generally falling commodity prices that affect consumption and in turn curb economic growth. Currently the CPI shows commodity prices are low, but that's a result of the lower oil prices, which have not curbed consumption; therefore it is too early to predict that deflation is coming.

Niu Li, a macroeconomic researcher at the State Information Center, Feb 2