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High food prices foil bid to beat inflation
By Wang Yanlin |
September 1, 2011, Thursday
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Print Edition
Print Edition
Staple food prices in China rose last week, dimming prospects that inflation will ease.
The cost of 18 sample vegetables jumped 6.1 percent between August 22 and 28 from the previous week, the Ministry of Commerce reported.
Among them, lettuce prices soared 18.3 percent and eggplant rose 14.1 percent, the ministry said.
Pork prices, a principle driver of inflation in the past few months, went up 0.3 percent from a week earlier. Rice and flour prices went up by 0.3 percent and 0.4 percent respectively.
Li Maoyu, an analyst at the Changjiang Securities, said: "Food supplies moderate after summer, which boosts prices. Rising food costs are adding more uncertainties to the outlook for easing inflation."
Some economists hoped China's inflation peaked in July and consumer prices would moderate during August. Last month's Consumer Price Index was expected to range between 5.9 percent and 6.2 percent, lower than July's 6.5 percent - a 37-month high.
The forecast was based on weaker growth of food and other commodity prices in the first two weeks of the month.
Zhang Ping, head of the National Development and Reform Commission, said inflationary expectations may grow and prices are likely to remain high.
He said the government's price control targets are becoming harder to achieve as global liquidity remains high and external inflationary pressures have not eased.
Zhang said other factors keeping prices high, including higher production costs and seasonal supply shortages.
The cost of 18 sample vegetables jumped 6.1 percent between August 22 and 28 from the previous week, the Ministry of Commerce reported.
Among them, lettuce prices soared 18.3 percent and eggplant rose 14.1 percent, the ministry said.
Pork prices, a principle driver of inflation in the past few months, went up 0.3 percent from a week earlier. Rice and flour prices went up by 0.3 percent and 0.4 percent respectively.
Li Maoyu, an analyst at the Changjiang Securities, said: "Food supplies moderate after summer, which boosts prices. Rising food costs are adding more uncertainties to the outlook for easing inflation."
Some economists hoped China's inflation peaked in July and consumer prices would moderate during August. Last month's Consumer Price Index was expected to range between 5.9 percent and 6.2 percent, lower than July's 6.5 percent - a 37-month high.
The forecast was based on weaker growth of food and other commodity prices in the first two weeks of the month.
Zhang Ping, head of the National Development and Reform Commission, said inflationary expectations may grow and prices are likely to remain high.
He said the government's price control targets are becoming harder to achieve as global liquidity remains high and external inflationary pressures have not eased.
Zhang said other factors keeping prices high, including higher production costs and seasonal supply shortages.
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