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Guangzhou's CPI in 2008 Expected to Show a 6% Increase
Latest Updated at 2008-December-16 15:05:18
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When reporting to Guangzhou's NPC members on December 11, Qiu Yitong, Director of the Price Control Administration of Guangzhou Municipality, disclosed that Guangzhou's CPI in November increased by 3.4% on a year-on-year basis, the first month with CPI less than 4% since July, 2007. According to Qiu Yitong, Guangzhou's CPI increase for this December will continue to be tightened with this year's CPI up around 6%.

Qiu Yitong analyzed the data and commented that the lag effect of 2007's price surge drove the overall price level upward. In the first half this year, due to the fact that the factors affecting price hikes were not weakened or eliminated, Guangzhou's CPI continued to increase, keeping the basic tendency since the second half last year. Compared with the comparatively steady general price level of the first half last year, the increase in CPI for the first half-year appeared much more prominent than it might have otherwise.

At the same time, natural disasters affected the normal levels for production and supplies. Since July, Guangdong Province has been hit by a series of rains, waterlogging floods and typhoons, all of which again affected the supplies of the "vegetable basket" commodities, resulting in obvious price fluctuations in vegetables and aquatic products in particular. For example, Guangzhou's fresh vegetable prices in July increased 27.9% in chain index. In addition, the earthquake disaster drove up the demand for disaster relief and reconstruction materials such as steel products and cement, which also caused price hikes.

It is estimated that the overall price level for next year will remain basically steady. It is forecast that there might be a downward tendency in the first half and a slight rise in the second half.

Editor: 寮犺幑

By: Source: english website

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