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Rising CPI erodes consumer confidence
By Wang Yanlin |
November 17, 2010, Wednesday
|
Online Edition
Online Edition
CONFIDENCE among Chinese consumers fell for the first time in six quarters on rising prices, an index showed today.
Chinese Consumer Confidence Index dropped to 104 in the third quarter from 109 in the previous three months, according to a study jointly released by the Economic Monitoring and Analysis Center under the National Bureau of Statistics and the Nielsen Co.
"Inflation, triggered mostly by soaring food costs, has become a major concern among consumers, especially low-income families," said Pan Jiancheng, deputy director general of the center. "Caps on food prices are not necessary yet and the key to curbing inflation is to increase supply."
China's Consumer Price Index, a main gauge of inflation, surged to a 25-month high of 4.4 percent in October. Food costs, which account for one-third of the CPI basket, rocketed 10.1 percent year-on-year.
To contain price rise and control inflation expectation has become a top priority of policymakers.
On Tuesday, the Ministry of Commerce said China will unveil food price controls and crack down on speculation in agricultural commodities as part of administrative measures to tame inflation.
The government is also releasing stockpiles of pork and sugar into the market to tackle double-digit food price rises.
Chinese Consumer Confidence Index dropped to 104 in the third quarter from 109 in the previous three months, according to a study jointly released by the Economic Monitoring and Analysis Center under the National Bureau of Statistics and the Nielsen Co.
"Inflation, triggered mostly by soaring food costs, has become a major concern among consumers, especially low-income families," said Pan Jiancheng, deputy director general of the center. "Caps on food prices are not necessary yet and the key to curbing inflation is to increase supply."
China's Consumer Price Index, a main gauge of inflation, surged to a 25-month high of 4.4 percent in October. Food costs, which account for one-third of the CPI basket, rocketed 10.1 percent year-on-year.
To contain price rise and control inflation expectation has become a top priority of policymakers.
On Tuesday, the Ministry of Commerce said China will unveil food price controls and crack down on speculation in agricultural commodities as part of administrative measures to tame inflation.
The government is also releasing stockpiles of pork and sugar into the market to tackle double-digit food price rises.
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