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City feels pinch as Feb inflation up 4.7%
By Wang Yanlin |
March 14, 2011, Monday
|
Online Edition
Online Edition
CONSUMER prices in Shanghai grew faster in February after a small moderation in January. It was still lower than the national average, the Shanghai Statistics Bureau said today.
Consumer Price Index, the main gauge of inflation, expanded 4.7 percent year on year last month, compared with January's 4.3 percent, December's 4.5 percent and the national average of 4.9 percent.
Food costs, whose weight was reduced slightly in the CPI basket, soared 10.2 percent in February, remaining a major force to drive up overall prices.
"Shanghai's inflationary pressure is heavy," said Wang Zehua, an analyst at the bureau. "It is a tough battle to rein in prices -- food costs in particular -- and reduce inflation expectation."
Wang had anticipated consumer prices would grow faster in February due to higher food costs amid the Spring Festival holiday and other factors including more expensive commodity prices around the world and growing production costs.
But he is also confident that the local government will finally put inflation under control.
Shanghai Mayor Han Zheng said last week that the city is able to control inflation rate under 4 percent this year.
The government has carried out a set of policies since mid-2010 to streamline distribution process to cut costs. It also provided subsidies to producers to boost supply.
Apart from temporary administrative interventions, city officials are mulling over the introduction of a price regulation fund, which may use the government fiscal fund to stabilize prices.
Consumer Price Index, the main gauge of inflation, expanded 4.7 percent year on year last month, compared with January's 4.3 percent, December's 4.5 percent and the national average of 4.9 percent.
Food costs, whose weight was reduced slightly in the CPI basket, soared 10.2 percent in February, remaining a major force to drive up overall prices.
"Shanghai's inflationary pressure is heavy," said Wang Zehua, an analyst at the bureau. "It is a tough battle to rein in prices -- food costs in particular -- and reduce inflation expectation."
Wang had anticipated consumer prices would grow faster in February due to higher food costs amid the Spring Festival holiday and other factors including more expensive commodity prices around the world and growing production costs.
But he is also confident that the local government will finally put inflation under control.
Shanghai Mayor Han Zheng said last week that the city is able to control inflation rate under 4 percent this year.
The government has carried out a set of policies since mid-2010 to streamline distribution process to cut costs. It also provided subsidies to producers to boost supply.
Apart from temporary administrative interventions, city officials are mulling over the introduction of a price regulation fund, which may use the government fiscal fund to stabilize prices.
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