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Shanghai October CPI rises 4.1%, fastest this year
By Wang Yanlin |
November 15, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S consumer prices rose at the fastest pace this year in October, highlighting inflationary pressure. Meanwhile, the city's trade continued to post stable growth, with exports growth easing and imports rising faster last month.
With robust industrial production and retail sales in Shanghai, analysts said the city is moving steadily to reach its goal of an 8-percent economic growth this year.
The Consumer Price Index, the main gauge of inflation, surged 4.1 percent from a year earlier in Shanghai last month, the Shanghai Statistics Bureau said today.
The pace was slower than the national average of 4.4 percent in October, which hit a record high in 25 months. But still, Shanghai's CPI was up sharply from its increase of 3.7 percent in September and 3.2 percent in August.
"The top priority for the city government now is to tame inflation," said Wang Zehua, an analyst at the bureau.
China last week announced to raise the reserve requirement ratio -- the amount of money banks must put aside -- by 50 basis points to a record 18 percent to soak up liquidity and fight inflation.
For the local government, officials will strengthen oversight on price rises, and increase supply to guarantee the market order, Wang said.
Shanghai's exports advanced 18.1 percent year on year to US$15.7 billion in October, down 4 percentage points from the previous month. Imports, however, swelled 27.6 percent to US$14.5 billion, up from the increase of 22.4 percent in September.
With robust industrial production and retail sales in Shanghai, analysts said the city is moving steadily to reach its goal of an 8-percent economic growth this year.
The Consumer Price Index, the main gauge of inflation, surged 4.1 percent from a year earlier in Shanghai last month, the Shanghai Statistics Bureau said today.
The pace was slower than the national average of 4.4 percent in October, which hit a record high in 25 months. But still, Shanghai's CPI was up sharply from its increase of 3.7 percent in September and 3.2 percent in August.
"The top priority for the city government now is to tame inflation," said Wang Zehua, an analyst at the bureau.
China last week announced to raise the reserve requirement ratio -- the amount of money banks must put aside -- by 50 basis points to a record 18 percent to soak up liquidity and fight inflation.
For the local government, officials will strengthen oversight on price rises, and increase supply to guarantee the market order, Wang said.
Shanghai's exports advanced 18.1 percent year on year to US$15.7 billion in October, down 4 percentage points from the previous month. Imports, however, swelled 27.6 percent to US$14.5 billion, up from the increase of 22.4 percent in September.
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