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China's CPI stable as external uncertainties have little effect

(People's Daily Online)    14:37, July 05, 2019

A woman chooses canned food at a supermarket in Qingdao, Shandong province, Sep 9, 2016. [File photo: China Daily]

Experts, authorities and industry insiders said China's consumer price index (CPI) would run within a reasonable scope as predicted in both the short and long term.

In May, China's CPI increased by 2.7 percent year-on-year, which came after tighter supplies of fruit, pork and vegetables which drove up food prices, experts told People's Daily.

However, sufficient supplies in June have pushed the prices of consumer products down. In June, the cost of cucumbers dropped by nearly half when compared with May in Beijing.

In May, the price of air tickets and travel service charges dropped by 6.5 percent and 1.5 percent, respectively. Together, they contributed to a drop of 0.04 percentage points in CPI.

According to statistics, the CPI in the first five months of each respective year since 2014 stood at 2.3 percent, 1.3 percent, 2.1 percent, 1.4 percent and 2 percent, which were mild compared with the years before 2014.

Globally, China's commodity price rise belongs to the middle echelon, said Zhang Qianrong of the State Information Center.

Statistics indicated that in the first quarter of 2019, the CPI of the U.S. increased by 1.7 percent, the European Union 1.6 percent, India 7.1 percent, Russia 5.2 percent, and South Africa 4.2 percent.

The experts also said that products which are closely connected with the foreign market, such as imported soybeans and bean products, could experience price fluctuations due to market uncertainties, but the impacts are controllable.

Wang Xiaosong, a professor of international trade at National Academy of Development and Strategy, Renmin University of China, predicted that the uncertainties of the global market, including trade protectionism and unilateralism, will push China's CPI up by at most 0.1 to 0.2 percentage points, which would hardly influence China's commodity prices.

The price fluctuations of some products will not influence the bigger picture, as long as China guarantees sufficient supply of industrial products and services, said Ning Jizhe, deputy head of the National Development and Reform Commission.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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