China's wholesale prices rise 2.6 per cent
Tuesday, 11 September 2007
SHANGHAI, Sept 10 (AFP): China's producer, or wholesale, prices rose 2.6 per cent in August compared with a year earlier, the government said today, suggesting a slight up-tick in inflation.
The monthly increase in the producer price index compared with a rise of 2.4 per cent in July, said the National Bureau of Statistics, which did not provide figures for the first eight months in its statement.
The announcement came ahead of the eagerly anticipated release of August consumer price data, scheduled for Tuesday, and which is widely expected to show inflation continued to rise following July's sharp increase of 5.6 per cent.
Policy-makers hope to contain annual consumer price inflation within the three-per cent range this year but a central bank official admitted last month that China was likely to miss the full-year target.
In the first seven months of the year, consumer inflation increased 3.5 per cent, due mainly to a surge in food prices, especially pork.
Food prices were a major factor behind the rise in August wholesale prices, which gained 8.6 per cent, the statistics bureau said.
Meanwhile, prices for large- and medium-sized steel products rose 7.0 per cent and 10.9 per cent, respectively, while those for small steel products were up 11.2 per cent.
Coal mining and washing prices increased 3.8 per cent and raw coal prices were up 3.5 per cent.
The monthly increase in the producer price index compared with a rise of 2.4 per cent in July, said the National Bureau of Statistics, which did not provide figures for the first eight months in its statement.
The announcement came ahead of the eagerly anticipated release of August consumer price data, scheduled for Tuesday, and which is widely expected to show inflation continued to rise following July's sharp increase of 5.6 per cent.
Policy-makers hope to contain annual consumer price inflation within the three-per cent range this year but a central bank official admitted last month that China was likely to miss the full-year target.
In the first seven months of the year, consumer inflation increased 3.5 per cent, due mainly to a surge in food prices, especially pork.
Food prices were a major factor behind the rise in August wholesale prices, which gained 8.6 per cent, the statistics bureau said.
Meanwhile, prices for large- and medium-sized steel products rose 7.0 per cent and 10.9 per cent, respectively, while those for small steel products were up 11.2 per cent.
Coal mining and washing prices increased 3.8 per cent and raw coal prices were up 3.5 per cent.