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Drought likely to drive up April CPI
By Wang Yanlin |
May 6, 2010, Thursday
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Online Edition
Online Edition
CHINA'S consumer prices may rise again in April after natural disasters shattered some regions, but analysts did not expect an immediate interest rate increase.
The Consumer Price Index, the main gauge of inflation, may expand between 2.6 percent and 3 percent from a year earlier in April, some analysts said. The National Bureau of Statistics is scheduled to announce the figure next Tuesday.
The expected rate is higher than the 2.4 percent increase in March and may break this year's record of a 2.7-percent rise in February.
"With several disasters hitting southwest China and elsewhere in March, April consumer prices may pick up again," said Dong Xian'an, chief economist at the Industrial Securities Co. He anticipated a gain of 2.8 percent in April.
Li Huiyong, an analyst at Shenyin & Wanguo Securities Co, estimated a CPI increase of 2.6 percent in April.
"Food costs are rising quickly, and are becoming a driving force of the growth in consumer prices," Li said.
Parts of southwest China suffered from the worst drought in more than a century in March, followed by snow in northwest China and an earthquake in Qinghai Province last month. The natural disasters left millions of people short of daily necessities and huge areas of farmland barren, which may affect the output of food and other necessities.
The National Bureau of Statistics has reported rising prices in pork, vegetables and some fruits. A note by the China Securities Co Ltd said food prices may jump 5.5 percent year on year in April, up from the gain of 5.2 percent in March.
The Consumer Price Index, the main gauge of inflation, may expand between 2.6 percent and 3 percent from a year earlier in April, some analysts said. The National Bureau of Statistics is scheduled to announce the figure next Tuesday.
The expected rate is higher than the 2.4 percent increase in March and may break this year's record of a 2.7-percent rise in February.
"With several disasters hitting southwest China and elsewhere in March, April consumer prices may pick up again," said Dong Xian'an, chief economist at the Industrial Securities Co. He anticipated a gain of 2.8 percent in April.
Li Huiyong, an analyst at Shenyin & Wanguo Securities Co, estimated a CPI increase of 2.6 percent in April.
"Food costs are rising quickly, and are becoming a driving force of the growth in consumer prices," Li said.
Parts of southwest China suffered from the worst drought in more than a century in March, followed by snow in northwest China and an earthquake in Qinghai Province last month. The natural disasters left millions of people short of daily necessities and huge areas of farmland barren, which may affect the output of food and other necessities.
The National Bureau of Statistics has reported rising prices in pork, vegetables and some fruits. A note by the China Securities Co Ltd said food prices may jump 5.5 percent year on year in April, up from the gain of 5.2 percent in March.
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