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Inflation manageable after June, says top planner
By Wang Yanlin |
June 22, 2011, Wednesday
|
Online Edition
Online Edition
CHINA'S inflation will be manageable for the rest of the year although June's consumer prices may rose even further due to a lower comparative base and higher food costs amid recent droughts and floods, the country's top economic planner said today.
"This month's consumer prices are expected to grow faster than in May due to an even lower comparative base. And the recent natural disasters may push up the costs of rice and other agricultural products," the National Development and Reform Commission said in a statement, quoting officials of its pricing bureau.
The commission said although China's inflation exhibited an upward trend, the actual retail price increase was easing thanks to various government measures and a tight monetary policy.
Consumer Price Index, the main gauge of inflation, rose 5.5 percent from a year earlier in May, the fastest pace in 34 months. It prompted the central bank to raise the reserve requirement ratio again hours after the release of the data, signaling an urgent need to contain the inflation.
China's consumer price growth has surpassed the government target of 4 percent each of the past five months. Some economists anticipated a 6 percent jump in June. The mounting inflationary pressure forced the People's Bank of China to raise the required reserve ratio six times and interest rates twice so far this year.
"This month's consumer prices are expected to grow faster than in May due to an even lower comparative base. And the recent natural disasters may push up the costs of rice and other agricultural products," the National Development and Reform Commission said in a statement, quoting officials of its pricing bureau.
The commission said although China's inflation exhibited an upward trend, the actual retail price increase was easing thanks to various government measures and a tight monetary policy.
Consumer Price Index, the main gauge of inflation, rose 5.5 percent from a year earlier in May, the fastest pace in 34 months. It prompted the central bank to raise the reserve requirement ratio again hours after the release of the data, signaling an urgent need to contain the inflation.
China's consumer price growth has surpassed the government target of 4 percent each of the past five months. Some economists anticipated a 6 percent jump in June. The mounting inflationary pressure forced the People's Bank of China to raise the required reserve ratio six times and interest rates twice so far this year.
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