Public concern lingers over inflation

16:10, December 10, 2010      

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With prices soaring for everything from cotton to ginger, many Chinese consumers are feeling the pinch of inflation. The central government has taken measures to rein in housing and vegetable prices, however the public remains concerned about next year's uncertain future.

Official data from the Ministry of Commerce shows that vegetable prices have dropped.

Average wholesale prices of 18 vegetables around the nation have seen a 5.4 percent fall week-on-week.

In Beijing, prices of many vegetables have fallen by nearly 20 percent compared with the beginning of November.

While it's welcome news for consumers, they remain concerned that the prices could rise again next year.

One Beijing Shopper said "Vegetable prices have dropped. The price of garlic has been slashed 50 percent. But the costs of rice, flour and cooking oil haven't fallen."

One Beijing shopper said "The prices will rise."

The consumer price index, a main gauge of inflation, climbed 4.4 percent in October year-on-year. Facing the rising CPI, the public is worried that their savings will depreciate.

One Beijing Shopper said "Vegetable prices have decreased following government measures. But we are worried the prices will rebound next year."

Liu Fuyuan, Researcher of Academy of Macroeconomic Research, NDRC said "Since the government is determined to curb rising product prices, the CPI next year won't rise more than 4 percent."

Although November's CPI is expected to rise further, hopes are high that next year may still deliver some comfort to the market.



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