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PPI remains high in April
By Wang Yanlin |
May 20, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S growth in producer prices remained at the same high level last month compared with March, suggesting more inflationary pressure. The Producer Price Index, the factory-gate gauge of inflation and a harbinger of future consumer prices, rose 3.3 percent from a year earlier in April, the same as the increase in March, the Shanghai Statistics said today.
The growth was bolstered by price jumps in industries including non-ferrous metal, oil refining and chemical manufacturing, the bureau said.
"Although the price increase seems mild in Shanghai compared with the national figure, the inflationary pressure is no less here in the city," said Yan Jun, an analyst with the bureau. "It is because Shanghai has a big base, so a small rise in the index points to a big cost increase."
The country's producer prices soared 6.8 percent on an annual basis last month, up 0.9 percentage point from the increase in March.
The PPI increase may not only batter the growth of industrial production because of higher manufacturing costs, but also heralds faster growth in consumer prices as the cost jump will be eventually transferred to everyday consumption.
Shanghai's Consumer Price Index, a main gauge of inflation, rose 2.6 percent year on year in April, up 0.5 percentage point from a month earlier. Meanwhile, the city's industrial production moderated to an advance of 26.2 percent, 2 percentage points less than the growth in March.
The growth was bolstered by price jumps in industries including non-ferrous metal, oil refining and chemical manufacturing, the bureau said.
"Although the price increase seems mild in Shanghai compared with the national figure, the inflationary pressure is no less here in the city," said Yan Jun, an analyst with the bureau. "It is because Shanghai has a big base, so a small rise in the index points to a big cost increase."
The country's producer prices soared 6.8 percent on an annual basis last month, up 0.9 percentage point from the increase in March.
The PPI increase may not only batter the growth of industrial production because of higher manufacturing costs, but also heralds faster growth in consumer prices as the cost jump will be eventually transferred to everyday consumption.
Shanghai's Consumer Price Index, a main gauge of inflation, rose 2.6 percent year on year in April, up 0.5 percentage point from a month earlier. Meanwhile, the city's industrial production moderated to an advance of 26.2 percent, 2 percentage points less than the growth in March.
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