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Inflation fears tightens belts of residents
By Zhang Fengming |
March 16, 2010, Tuesday
|
Online Edition
Online Edition
CHINESE urban residents prefer to tighten their belts as inflation expectations pinched consumers, a central bank survey said today.
More than half of respondents said current prices were "too high to afford", a record high since the central bank first conducted the national survey in 1999 in 50 major cities, the People's Bank of China said on its Website today.
"Under the current pricing and interest rates, urban residents in China showed a sharp drop of spending intent and the contraction became more apparent since the second half of 2009," said the central bank.
Only 25.9 percent of respondents said they felt current prices were reasonable, down 2.3 percentage points since last quarter.
China's consumer price index, the main gauge of inflation, rose faster than expected at 2.7 percent in February, close to China's annual inflation target of within 3 percent.
January inflation sat at 1.5 percent. China's inflation excludes housing prices and is dominated by food, transport, and health care cost.
More than half of respondents said current prices were "too high to afford", a record high since the central bank first conducted the national survey in 1999 in 50 major cities, the People's Bank of China said on its Website today.
"Under the current pricing and interest rates, urban residents in China showed a sharp drop of spending intent and the contraction became more apparent since the second half of 2009," said the central bank.
Only 25.9 percent of respondents said they felt current prices were reasonable, down 2.3 percentage points since last quarter.
China's consumer price index, the main gauge of inflation, rose faster than expected at 2.7 percent in February, close to China's annual inflation target of within 3 percent.
January inflation sat at 1.5 percent. China's inflation excludes housing prices and is dominated by food, transport, and health care cost.
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