Inflationary pressure could ease
From: Xinhua
China's inflationary pressure might ease for the rest of the year, as grain price hikes on the international market are unlikely to spill into the country because of ample grain reserves, economists have said.
The country s consumer price index (CPI), a major gauge of inflation, climbed 3.3 percent in July - a 21-month high - from 2.9 percent in June, as recent floods pushed up food costs, the National Bureau of Statistics (NBS) said last Wednesday.
Food prices, which account for one-third of the weighting in the CPI calculation, surged 6.8 percent in July, with costs for vegetables and grain leading the hike, up 22.3 percent and 11.8 percent respectively, the NBS said.
Policymakers have vowed to keep high food prices under control.
In a State Council executive meeting presided by Premier Wen Jiabao on Wednesday, top policymakers pledged to fight unfavorable weather conditions to reap a bumper harvest this autumn.
Growth of crops in autumn grain areas has so far been sound , which will lay the foundation for a good harvest despite natural disasters, according to the meeting.
The high CPI figure in July, in addition to surging prices on the international commodity market, has raised concerns that the country s CPI could further strengthen in the coming months and prompt the authorities to tighten monetary policies and even raise interest rates.
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