Food costs moderate in CPI
By Wang Yanlin |
April 21, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S consumer prices grew at the same pace in March as in February helped by a significant easing in food costs, while the city's inflation figure was also lower than the national average, according to official data.
The Consumer Price Index, the main gauge of inflation, rose 4.7 percent from a year earlier last month, the Shanghai Statistics Bureau said yesterday. China notched an average CPI of 5.4 percent in March, a record high in 32 months.
Food costs, a major driver of recent price jumps, gained 9.7 percent in March but they moderated from the surge of 10.2 percent in February, led by a drop of 7.9 percent in vegetable prices. It was the first single-digit growth in five months.
"It is a good sign the growth in food prices finally eased," said Wang Zehua, an analyst at the bureau. "With more government efforts to boost supply, we are confident to see stable consumer prices."
On a monthly basis, Shanghai's inflation rate edged up 0.3 percent but this was 0.9 percentage point slower than the previous month.
China has imposed three interest rate increases and four reserve requirement ratio hikes since the start of this year to rein in inflation.
Last month, Shanghai managed to deal with panic buying triggered by rumors that prices of major personal care products will be raised. The Shanghai Commission of Commerce ordered producers and sellers to stock empty shelves with shampoo, washing powder and soap.
"This incident shows inflationary expectations are still high among consumers," said Li Maoyu, an analyst at Changjiang Securities Co.
Shanghai seeks to control inflation in line with the central government's target of 4 percent for this year.
Meanwhile, Shanghai's Producer Price Index, the factory-gate measurement of inflation, grew an annual 3.2 percent in March, up from 2.5 percent in February.
Surging oil and commodity prices globally add to production costs, according to the bureau.
The Consumer Price Index, the main gauge of inflation, rose 4.7 percent from a year earlier last month, the Shanghai Statistics Bureau said yesterday. China notched an average CPI of 5.4 percent in March, a record high in 32 months.
Food costs, a major driver of recent price jumps, gained 9.7 percent in March but they moderated from the surge of 10.2 percent in February, led by a drop of 7.9 percent in vegetable prices. It was the first single-digit growth in five months.
"It is a good sign the growth in food prices finally eased," said Wang Zehua, an analyst at the bureau. "With more government efforts to boost supply, we are confident to see stable consumer prices."
On a monthly basis, Shanghai's inflation rate edged up 0.3 percent but this was 0.9 percentage point slower than the previous month.
China has imposed three interest rate increases and four reserve requirement ratio hikes since the start of this year to rein in inflation.
Last month, Shanghai managed to deal with panic buying triggered by rumors that prices of major personal care products will be raised. The Shanghai Commission of Commerce ordered producers and sellers to stock empty shelves with shampoo, washing powder and soap.
"This incident shows inflationary expectations are still high among consumers," said Li Maoyu, an analyst at Changjiang Securities Co.
Shanghai seeks to control inflation in line with the central government's target of 4 percent for this year.
Meanwhile, Shanghai's Producer Price Index, the factory-gate measurement of inflation, grew an annual 3.2 percent in March, up from 2.5 percent in February.
Surging oil and commodity prices globally add to production costs, according to the bureau.
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