National Bureau of Statistics (NBS) announced on May 12 that April CPI were up 8.5 percent compared with the same period last year and was a 0.2 points increase from March. Food price increase was 22.1 percent, the highest of all. The increase came after 8.1 percent increase in April PPI, Producers’ Price Index, among which crude oil up by 37.9 percent, coal mining and washing up by 20.9 percent. Peng Zhilong, Deputy Director General of the Department of National Accounts at the NBS said the Inflation expectations are rising and would be hard to bring CPI down to the targeted 4.8 percent in the short run.
Zhou Xiaochuan, governor of the People’s Bank of China spoke at Shanghai Lu Jia Zhui Forum on May 10 admitting “anti-inflation is the biggest concern in China’s currency policy.”
National Bureau of Statistic of China, May 12, 2008 http://www.stats.gov.cn/tjfx/jdfx/t20080512_402479287.htm
Xinhua, May 12, 2008
Xinhua, May 10, 2008