Shanghai's CPI may exceed 4.5% this year
By Wang Yanlin |
July 29, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI'S inflation rate may exceed 4.5 percent this year, said a senior local government official, adding the city faces tremendous pressure to control price rises.
"The growth in consumer prices may moderate in the second half of this year, but the impact of imported inflation, natural disasters and rising production costs will ensure that prices remain rather high," Zhou Bo, director at the Shanghai Development and Reform Commission, told local legislators.
Shanghai's Consumer Price Index, a main gauge of inflation, rose an annual 5 percent in the first six months. It climbed to a two-year high of 5.9 percent in June.
Zhou said that the price rises showed that inflation has now expanded to other areas and not just confined mainly to increased food costs. "It exerted influence over people's daily lives, and made it harder for the government to tame price gains," he said.
To control inflation, the commission - the city's top economic planner - said it will supervise prices closely.
"We will encourage more production to raise supply and stockpiles, and streamline links in distribution to cut costs," Zhou said.
"The growth in consumer prices may moderate in the second half of this year, but the impact of imported inflation, natural disasters and rising production costs will ensure that prices remain rather high," Zhou Bo, director at the Shanghai Development and Reform Commission, told local legislators.
Shanghai's Consumer Price Index, a main gauge of inflation, rose an annual 5 percent in the first six months. It climbed to a two-year high of 5.9 percent in June.
Zhou said that the price rises showed that inflation has now expanded to other areas and not just confined mainly to increased food costs. "It exerted influence over people's daily lives, and made it harder for the government to tame price gains," he said.
To control inflation, the commission - the city's top economic planner - said it will supervise prices closely.
"We will encourage more production to raise supply and stockpiles, and streamline links in distribution to cut costs," Zhou said.
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