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Shanghai's PPI gains 2.1% in Jan
By Wang Yanlin |
February 21, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S producer prices expanded further in January and analysts feared quicker growth in the following months fueled by higher labor costs amid a shortage of migrant workers.
Producer Price Index, the factory-gate gauge of inflation, rose 2.1 percent from a year earlier last month, the Shanghai Statistics Bureau said today. The pace was 0.2 percentage point faster than in December.
"The growth was comparatively mild," said Wang Zehua, a bureau analyst. "But considering higher labor costs and the rising prices of raw materials around the world, Shanghai manufacturers may have to raise their budgets for future production."
China's PPI accelerated 6.6 percent year-on-year in January, compared with 5.9 percent in December.
The central bank last Friday lifted commercial banks' reserve ratio -- the amount of money banks must put aside from lending -- to curb inflation and asset bubbles. It was the second such move in a month and ten days after an interest rate increase.
China's Consumer Price Index, the main gauge of inflation, advanced 4.9 percent on an annual basis in January, driven by a 10.3-percent surge in food costs.
Shanghai's consumer prices gained 4.3 percent last month, lower than the national average and moderating from December's pace of 4.5 percent.
But a shortage of migrant workers has emerged as a big problem for Shanghai manufacturers and will add to their production costs.
Producer Price Index, the factory-gate gauge of inflation, rose 2.1 percent from a year earlier last month, the Shanghai Statistics Bureau said today. The pace was 0.2 percentage point faster than in December.
"The growth was comparatively mild," said Wang Zehua, a bureau analyst. "But considering higher labor costs and the rising prices of raw materials around the world, Shanghai manufacturers may have to raise their budgets for future production."
China's PPI accelerated 6.6 percent year-on-year in January, compared with 5.9 percent in December.
The central bank last Friday lifted commercial banks' reserve ratio -- the amount of money banks must put aside from lending -- to curb inflation and asset bubbles. It was the second such move in a month and ten days after an interest rate increase.
China's Consumer Price Index, the main gauge of inflation, advanced 4.9 percent on an annual basis in January, driven by a 10.3-percent surge in food costs.
Shanghai's consumer prices gained 4.3 percent last month, lower than the national average and moderating from December's pace of 4.5 percent.
But a shortage of migrant workers has emerged as a big problem for Shanghai manufacturers and will add to their production costs.
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