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Inflation eases as commodity and consumer prices drop
By Wang Yanlin |
November 25, 2010, Thursday
|
Online Edition
Online Edition
Inflationary pressure finally showed signs of abating since mid-November with prices of commodity futures dropping and slower price expansion of daily necessity goods, according to official data released today.
A sharp price drop in domestic commodity futures has been witnessed this month, the National Development and Reform Commission, China's top economic planning agency, said on its Website today.
Commodities including copper, zinc, rubber, cotton, plastic, soybean oil and sugar all reported a 10-percent fall in futures prices on November 11 compared with a day before.
Agricultural products like wheat and corn saw their futures prices cut by an average 6 percent on that day, the commission said, adding the government's cooling steps are gaining momentum.
"China's crackdown on illegal speculation has worked to some extent to stabilize sizzling prices," the commission said. "It is also influenced by the global market price which shows a similar trend."
Meanwhile, the National Bureau of Statistics said today consumer prices of cabbage, celery, cucumber, tomato all retreated in the period from November 11 to November 20 in the country's 50 major cities, compared with the previous ten days.
Costs of cucumber reduced 0.31 yuan (0.05 US cents) from the previous ten days to 4.76 yuan each kilogram, or a 6.1-percent price drop.
A sharp price drop in domestic commodity futures has been witnessed this month, the National Development and Reform Commission, China's top economic planning agency, said on its Website today.
Commodities including copper, zinc, rubber, cotton, plastic, soybean oil and sugar all reported a 10-percent fall in futures prices on November 11 compared with a day before.
Agricultural products like wheat and corn saw their futures prices cut by an average 6 percent on that day, the commission said, adding the government's cooling steps are gaining momentum.
"China's crackdown on illegal speculation has worked to some extent to stabilize sizzling prices," the commission said. "It is also influenced by the global market price which shows a similar trend."
Meanwhile, the National Bureau of Statistics said today consumer prices of cabbage, celery, cucumber, tomato all retreated in the period from November 11 to November 20 in the country's 50 major cities, compared with the previous ten days.
Costs of cucumber reduced 0.31 yuan (0.05 US cents) from the previous ten days to 4.76 yuan each kilogram, or a 6.1-percent price drop.
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