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Guangdong Sept CPI up 4.3%, growth rate dips
Latest Updated at 2008-October-14 17:49:22
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Driven by a relatively big fall in food prices, the growth rate of consumer price index (CPI) in the southern province of Guangdong fell to an eight-month low in September, the Guangdong Provincial Survey Office under the National Bureau of Statistics (NBS) said yesterday.

The CPI, the main gauge of inflation, rose 4.3 percent, year-on-year, but fell half of a percentage point compared with August, according to the statistics.

The CPI was also up 6.7 percent, year-on-year, in the last nine months.

The food price index, seen as a major contributor to consumer prices, reached a low of 8.7 percent last month, or 1 percentage point lower than in August.

Specifically, the prices of pork and fresh eggs in September rose only 6 and 3.9 percent, year-on-year, respectively.

"The relatively substantial drop in food prices is a major contributor to the consecutive monthly CPI drop," said Ding Li, a researcher with the Guangdong Provincial Situation Study and Research Center.

"It helps explain why the new CPI growth in the province reached its lowest level this year," he said.

And prices of telecommunications, transportation, garments, entertainment, education and cultural products all dropped in September.

Particularly, the price index of the compulsory education fees dropped 88.5 percent, year-on-year, last month, thanks to the government preferential policy to exempt school fees in both rural and urban areas.

The CPI growth rate has been sliding since May, helping illustrate local policymakers' efforts to curb the high consumer prices and maintain a steady economic growth.

As of yesterday, the national CPI level hadn't been announced.

Along with the CPI decline, the producer price index (PPI) in the province last month rose 4 percent, year-on-year, but fell 0.9 percent from August.

The purchasing price for raw materials, fuel and power was up 10.3 percent, year-on-year, in September, and down 0.2 percent from August.

The PPI, a gauge of factory gate inflation, will continue to fall later this year as the price of major raw materials, oil and metals has been greatly affected by the global financial turmoil, Ding said.

Many market watchers have predicted the CPI growth rate will rebound if the PPI rises later this year.

"However, there is no need to worry about the rebound, as the PPI has started to fall," Ding said.

Editor: Yan

By: Qiu Quanlin Source: China Daily Website

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