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Soaring price still worries China

(Xinhua)

15:43, September 19, 2011


Consumers select rice at a supermarket in Qionghai City, south China's Hainan Province, Sept. 9, 2011. (Xinhua, file photo)

BEIJING, Sept. 17 (Xinhuanet) -- The August consumer price index (CPI) signals cooled inflation in China, but the surging prices remain a big concern for the country.

Premier Wen Jiabao said this week that he "cannot relax" due to high prices in China that have led to steep rises in the cost of food, vowing to step up the fight against inflation.

China's CPI rose 6.2 percent in August year-on-year, down from its 37-month high of 6.5 percent in July, but it is still one of the highest levels in the past three years and far above the government's 4-percent target for the year.

On a monthly basis, the August CPI was still 0.3 percent higher than that in July, according to the National Bureau of Statistics.

Food price, especially pork price, continues rocketing and property price is still “too high” for most urban citizens though more cities saw price declines in August, which have a direct impact on many Chinese residents.

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